Company Registration No. SC743813 (Scotland)
AGBAGS PACKAGING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
AGBAGS PACKAGING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Stocks
378,775
Debtors
3
252,886
Cash at bank and in hand
105,016
736,677
Creditors: amounts falling due within one year
4
(722,308)
Net current assets
14,369
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
14,269
Total equity
14,369
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
Mr H J Lumsden
Director
Company Registration No. SC743813
AGBAGS PACKAGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
14,269
14,269
Issue of share capital
5
100
-
100
Balance at 31 December 2023
100
14,269
14,369
AGBAGS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Agbags Packaging Limited is a private company limited by shares incorporated in Scotland. The registered office is Rosebank Nursery, Muir of Lownie, FORFAR, DD8 2LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements are presented for a period of 15 months from 1 October 2022 to 31 December 2023 as this is the first period of trading and as such, no comparative figures are available.
1.3
Turnover
Turnover comprises the invoiced value of potato bags provided by the company, net of Value Added Tax and trade discounts.
1.4
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AGBAGS PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
252,086
Other debtors
800
252,886
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
692,160
Corporation tax
3,347
Other taxation and social security
25,551
Other creditors
1,250
722,308
5
Called up share capital
2023
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
During the year, 100 ordinary shares of £1 each were allotted and issued at par value, but were not paid for as of the year end.