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COMPANY REGISTRATION NUMBER: 08512724
AGP Accountancy & Tax Solutions Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
AGP Accountancy & Tax Solutions Limited
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
130,000
Tangible assets
6
16,107
11,032
--------
---------
16,107
141,032
Current assets
Stocks
232,875
216,900
Debtors
263,541
303,884
Cash at bank and in hand
277,696
262,818
---------
---------
774,112
783,602
Creditors: amounts falling due within one year
416,779
437,966
---------
---------
Net current assets
357,333
345,636
---------
---------
Total assets less current liabilities
373,440
486,668
Provisions
Taxation including deferred tax
( 3,979)
( 4,073)
---------
---------
Net assets
377,419
490,741
---------
---------
Capital and reserves
Called up share capital
400
400
Profit and loss account
377,019
490,341
---------
---------
Shareholders funds
377,419
490,741
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
AGP Accountancy & Tax Solutions Limited
Abridged Statement of Financial Position (continued)
30 June 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mr S A McLean
Director
Company registration number: 08512724
AGP Accountancy & Tax Solutions Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sycamore House, Sutton Quays Business Park, Sutton Weaver, Runcorn, WA7 3EH.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is the total amount estimated to be services rendered and out of pocket expenses and disbursements charged to clients during the year, excluding VAT. Turnover is recognised when a right to consideration has been obtained through the performance under each engagement and reflects the activity during the year having regard to the stage of completion of each assignment and the relative uncertainty of predicting ultimate profitability on long term assignments. The stage of completion is measured by comparing actual costs to date and estimated total costs to complete with the overall fee agreed.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture & Fittings
-
10% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 25 ).
5. Intangible assets
£
Cost
At 1 July 2022 and 30 June 2023
1,300,000
------------
Amortisation
At 1 July 2022
1,170,000
Charge for the year
130,000
------------
At 30 June 2023
1,300,000
------------
Carrying amount
At 30 June 2023
------------
At 30 June 2022
130,000
------------
6. Tangible assets
£
Cost
At 1 July 2022
114,207
Additions
11,695
Disposals
( 44,865)
---------
At 30 June 2023
81,037
---------
Depreciation
At 1 July 2022
103,175
Charge for the year
6,619
Disposals
( 44,864)
---------
At 30 June 2023
64,930
---------
Carrying amount
At 30 June 2023
16,107
---------
At 30 June 2022
11,032
---------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,263
Later than 1 year and not later than 5 years
2,421
-------
----
3,684
-------
----
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S A McLean
( 341)
( 16,174)
10,459
( 6,056)
Mr I A Black
( 575)
( 16,517)
9,484
( 7,608)
Mrs R K Palombella
( 2,016)
( 16,174)
9,267
( 8,923)
Mr L C Thomas
( 83)
( 16,174)
15,596
( 661)
-------
--------
--------
--------
( 3,015)
( 65,039)
44,806
( 23,248)
-------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S A McLean
( 1,600)
( 16,360)
17,621
(339)
Mr I A Black
( 764)
( 16,361)
16,549
(576)
Mrs R K Palombella
( 670)
( 17,361)
16,015
( 2,016)
Mr L C Thomas
( 401)
( 23,861)
24,178
(84)
-------
--------
--------
-------
( 3,435)
( 73,943)
74,363
( 3,015)
-------
--------
--------
-------
9. Related party transactions
The company was under the control of the directors throughout the current period. No single person has more than 50% of the issued share capital therefore there is no controlling party. There are no related party transactions required to be disclosed.