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COMPANY REGISTRATION NUMBER: 05085121
AG Fast Limited
Filleted Unaudited Financial Statements
31 December 2023
AG Fast Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 9
AG Fast Limited
Officers and Professional Advisers
The board of directors
Mr M Gibbons
Mrs S J Powell
Company secretary
Mrs S J Powell
Registered office
Bellhurst Grange
Bellhurst Lane
Stafford
ST19 9QS
Accountants
BSN Associates Limited
Chartered Accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
AG Fast Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of AG Fast Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AG Fast Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of AG Fast Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of AG Fast Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AG Fast Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that AG Fast Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of AG Fast Limited. You consider that AG Fast 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 financial statements of AG Fast 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 financial statements.
BSN Associates Limited Chartered Accountants
3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG
15 August 2024
AG Fast Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
176,090
217,409
Investments
6
562,580
562,580
---------
---------
738,670
779,989
Current assets
Debtors
7
14,228
16,987
Cash at bank and in hand
4,583
16,067
--------
--------
18,811
33,054
Creditors: amounts falling due within one year
8
284,931
266,468
---------
---------
Net current liabilities
266,120
233,414
---------
---------
Total assets less current liabilities
472,550
546,575
Creditors: amounts falling due after more than one year
9
10,000
27,347
Provisions
Taxation including deferred tax
10
5,322
16,092
---------
---------
Net assets
457,228
503,136
---------
---------
AG Fast Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
12
4
4
Profit and loss account
457,224
503,132
---------
---------
Shareholders funds
457,228
503,136
---------
---------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mrs S J Powell
Director
Company registration number: 05085121
AG Fast Limited
Notes to the Financial Statements
Year ended 31 December 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 Bellhurst Grange, Bellhurst Lane, Stafford, ST19 9QS.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
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 measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Plant and machinery
-
10% to 25% straight line
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
33% straight line
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 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.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
244,972
13,831
64,993
323,796
Additions
7,485
7,485
Disposals
( 11,299)
( 11,299)
---------
--------
--------
---------
At 31 December 2023
244,972
13,831
61,179
319,982
---------
--------
--------
---------
Depreciation
At 1 January 2023
90,962
12,938
2,487
106,387
Charge for the year
21,356
299
20,511
42,166
Disposals
( 4,661)
( 4,661)
---------
--------
--------
---------
At 31 December 2023
112,318
13,237
18,337
143,892
---------
--------
--------
---------
Carrying amount
At 31 December 2023
132,654
594
42,842
176,090
---------
--------
--------
---------
At 31 December 2022
154,010
893
62,506
217,409
---------
--------
--------
---------
6. Investments
Investment properties
£
Cost
At 1 January 2023 and 31 December 2023
562,580
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
562,580
---------
At 31 December 2022
562,580
---------
Investments held at valuation
Investment properties are held at fair value, there has been no revaluation in the year as the directors consider that the property market values are not dissimilar to those shown in the accounts
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31 December 2023
Aggregate cost
562,580
Aggregate depreciation
---------
Carrying value
562,580
---------
At 31 December 2022
Aggregate cost
562,580
Aggregate depreciation
---------
Carrying value
562,580
---------
7. Debtors
2023
2022
£
£
Trade debtors
4,937
Prepayments and accrued income
816
504
Other debtors
8,475
16,483
--------
--------
14,228
16,987
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,554
Accruals and deferred income
9,137
7,204
Obligations under finance leases and hire purchase contracts
17,346
26,689
Director loan accounts
92,819
68,500
Other creditors
164,075
164,075
---------
---------
284,931
266,468
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
10,000
27,347
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
16,092
Additions
( 10,770)
--------
At 31 December 2023
5,322
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
5,322
16,092
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
33,457
41,308
Unused tax losses
( 28,135)
( 25,216)
--------
--------
5,322
16,092
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
2
2
2
2
----
----
----
----
4
4
4
4
----
----
----
----
The 'A' shares and 'B' shares rank pari passu in all respects save that they constitute separate classes of shares in relation to which different dividends may be declared, and the Class B shares carry no voting rights.