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Registration number: 11654931

AG UK 2018 Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

AG UK 2018 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

AG UK 2018 Limited

Company Information

Director

Mr Christian Paolo Brigliadoro

Registered office

Bst 1st Floor
12 Fouberts Place
London
United Kingdom
W1F 7PG

Auditors

DTL Auditors Ltd
5th floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

AG UK 2018 Limited

(Registration number: 11654931)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

82,001

171,205

Current assets

 

Stocks

5

205,852

427,103

Debtors

6

421,894

285,123

Cash at bank and in hand

 

1,808,325

1,873,841

 

2,436,071

2,586,067

Creditors: Amounts falling due within one year

7

(2,179,360)

(1,839,228)

Net current assets

 

256,711

746,839

Net assets

 

338,712

918,044

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

337,712

917,044

Shareholders' funds

 

338,712

918,044

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 May 2024
 

.........................................
Mr Christian Paolo Brigliadoro
Director

   
     
 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Bst 1st Floor
12 Fouberts Place
London
United Kingdom
W1F 7PG

These financial statements were authorised for issue by the director on 31 May 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was qualified. on the following basis:

Basis for qualified opinion
Last year the company did not perform adequate stocktaking procedures at 31/12/2022 and we were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which were included in the balance sheet at £ 427,103 , by using other audit procedures.Therefore, we are unable to determine whether any adjustment to the opening stock balance at 1 January 2023 was required and consequently we are unable to determine whether any adjustment to the reported profits for the year ended 31 December 2023 are required.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
As described in note 2 - Stocks - the Director has made various estimates to reflect the stock values at the lower of cost or net realisable value. The audit report is not qualified regarding this policy.

The name of the Senior Statutory Auditor who signed the audit report on 15 August 2024 was John Tiltman, who signed for and on behalf of DTL Auditors Ltd.

.........................................

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts.

Revenue for the sale of goods is recognised upon delivery.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Over 5 years

Furniture and fittings

20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The Director has made various estimates to ensure that stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. These estimates were made using the industry experience of the Director and the management of the company. At the 31 December 2023 these estimates reduced the carrying value of stocks by £ 150,807.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 38 (2022 - 31).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

28,273

421,562

-

449,835

Additions

-

-

358

358

At 31 December 2023

28,273

421,562

358

450,193

Depreciation

At 1 January 2023

16,065

262,565

-

278,630

Charge for the year

5,625

83,913

24

89,562

At 31 December 2023

21,690

346,478

24

368,192

Carrying amount

At 31 December 2023

6,583

75,084

334

82,001

At 31 December 2022

12,208

158,997

-

171,205

Included within the net book value of land and buildings above is £6,583 (2022 - £12,208) in respect of long leasehold land and buildings.
 

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

205,852

427,103

6

Debtors

Current

2023
£

2022
£

Trade debtors

99,924

74,050

Prepayments

56,271

41,319

Other debtors

265,699

169,754

 

421,894

285,123

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

19,219

40,316

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,588,390

1,179,588

Taxation and social security

 

508,781

367,524

Accruals and deferred income

 

34,203

194,435

Other creditors

 

28,767

57,365

 

2,179,360

1,839,228

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

570,250

489,038

Later than one year and not later than five years

750,309

621,813

1,320,559

1,110,851

The amount of non-cancellable operating lease payments recognised as an expense during the year was £502,030 (2022 - £444,608).

 

AG UK 2018 Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is OSIT IMPRESA S.P.A., incorporated in Italy.