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Registration number: 06745159

AGC Solutions Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 10 November 2023

 

AGC Solutions Limited

Company Information

Director

Mr A G Crocker

Registered office

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Accountants

Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AGC Solutions Limited
for the Year Ended 10 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AGC Solutions Limited for the year ended 10 November 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of AGC Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 4 August 2015. Our work has been undertaken solely to prepare for your approval the accounts of AGC Solutions Limited and state those matters that we have agreed to state to the Board of Directors of AGC Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGC Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AGC Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AGC Solutions Limited. You consider that AGC Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AGC Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

image-name


Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

6 August 2024

 

AGC Solutions Limited

(Registration number: 06745159)
Statement of Financial Position as at 10 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13

1,686

Current assets

 

Debtors

5

42,999

41,561

Cash at bank and in hand

 

27,345

19

 

70,344

41,580

Creditors: Amounts falling due within one year

6

(63,077)

(32,131)

Net current assets

 

7,267

9,449

Total assets less current liabilities

 

7,280

11,135

Creditors: Amounts falling due after more than one year

6

(6,333)

(10,332)

Provisions for liabilities

-

(320)

Net assets

 

947

483

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

847

383

Shareholders' funds

 

947

483

For the financial year ending 10 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 6 August 2024
 

 

AGC Solutions Limited

(Registration number: 06745159)
Statement of Financial Position as at 10 November 2023

.........................................
Mr A G Crocker
Director

 

AGC Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 10 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

AGC Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 10 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Computer equipment

25% straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

AGC Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 10 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 11 November 2022

2,371

9,778

12,149

Disposals

-

(2,583)

(2,583)

At 10 November 2023

2,371

7,195

9,566

Depreciation

At 11 November 2022

2,366

8,097

10,463

Charge for the year

-

1,672

1,672

Eliminated on disposal

-

(2,582)

(2,582)

At 10 November 2023

2,366

7,187

9,553

Carrying amount

At 10 November 2023

5

8

13

At 10 November 2022

5

1,681

1,686

 

AGC Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 10 November 2023

5

Debtors

2023
£

2022
£

Prepayments

-

61

Other debtors

42,999

41,500

42,999

41,561

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

4,000

8,361

Trade creditors

 

1,916

2,459

Taxation and social security

 

25,686

19,399

Accruals and deferred income

 

11,782

1,912

Other creditors

 

19,693

-

 

63,077

32,131

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

6,333

10,332

 

AGC Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 10 November 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

6,333

10,332

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,000

4,000

Bank overdrafts

-

4,361

4,000

8,361

8

Related party transactions

The following amounts were advanced to the director during the year. Interest was charged on the overdrawn balance at the beneficial loan interest rate at an average of 2.10% (2022: 2.00%) resulting in an interest charge of £859 (2022: £675). The balance is unsecured and repayable on demand.

Transactions with the director

2023

At 11 November 2022
£

Advances to director
£

Repayments by director
£

At 10 November 2023
£

Mr A G Crocker

Amounts advanced

37,161

28,886

(27,348)

38,699

 

37,161

28,886

(27,348)

38,699

       

 

2022

At 11 November 2021
£

Advances to director
£

Repayments by director
£

At 10 November 2022
£

Mr A G Crocker

Amounts advanced

22,746

32,424

(18,009)

37,161

 

22,746

32,424

(18,009)

37,161