REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
AGI GLOBAL LOGISTICS (MAN) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
AGI GLOBAL LOGISTICS (MAN) LIMITED |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AGI GLOBAL LOGISTICS (MAN) LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Freshford House |
Redcliffe Way |
Bristol |
BS1 6NL |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
AGI Global Logistics (MAN) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The company’s functional and presentation currency is the pound sterling and these financial statements are rounded to the nearest £. |
The accounting reference date has been changed to 31 March, so these financial statements cover an extended period. This change has been enacted to bring the company's accounting reference date into line with the usual financial and taxation year of the United Kingdom. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company derives turnover from three sources, import services and export services of goods, and customs clearance administration. The company, a freight forwarder, works with customers and suppliers directly to send freight via road, sea and air. |
For imports, the turnover recognition point is upon delivery to the final destination of the shipment. For exports, the recognition point is upon the departure of the goods to the destination. Customs clearance administration services are recognised in turnover in the accounting period when the services are rendered when the outcome of contract can be estimated reliably. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Share capital |
Called-up share capital represents the nominal value of ordinary shares that have been issued. |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
Finance income and costs |
Finance income and costs are recognised within interest income or expense in the profit or loss report within the period in which they are incurred and are calculated using the effective interest method. |
Going concern |
The financial statements have been prepared on a going concern basis despite the loss for the period of £207,087. |
Included in trade debtors is £112,725 which the directors believe these amounts to be fully recoverable. |
The Company's ability to continue to trade is dependent on continued support from its ultimate controlling parent, Atlantic Group International Limited, which has confirmed that it is willing and able to provide such support. |
The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements. |
The financial statements have therefore been prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 20 |
VAT |
Deferred tax asset |
Other timing differences | 518 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
8. | DEFERRED TAX |
£ |
Other timing differences | (518 | ) |
Balance at 31 March 2024 | ( |
) |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
A Ordinary | £1.00 | 80 |
B Ordinary | £1.00 | 20 |
100 |
The following shares were allotted and fully paid for cash at par during the period: |
80 A Ordinary shares of £1.00 each |
20 B Ordinary shares of £1.00 each |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | PENSION COMMITMENTS |
Included in other creditors are pension commitments paid after the balance sheet date of £732. |
12. | RELATED PARTY DISCLOSURES |
The company trades with other group members to provide and acquire goods and services, as required by the group. The company maintains loan balances with other group members, which are repayable on demand. |
Entities over which the directors have significant influence or control |
Revenue |
Purchases and overheads |
Amounts owed from entities |
Amounts owed to entities |
£ | £ | £ | £ |
Parent companies |
2024 | - | 233,168 | 40,483 | 183,224 |
Other group members |
2024 | 22,497 | 8,105 | 21,383 | 7,195 |
AGI GLOBAL LOGISTICS (MAN) LIMITED (REGISTERED NUMBER: 14407985) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 10 OCTOBER 2022 TO 31 MARCH 2024 |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
14. | ULTIMATE PARENT COMPANY |
The company's immediate parent company is AGI Global Logistics Limited. The ultimate parent company is Atlantic Group International Limited, which prepares group financial statements. The registered office of both parent companies is Boyce's Building, 40-42 Regent Street, Clifton, Bristol, United Kingdom, BS8 4HU. |