IRIS Accounts Production v24.2.0.383 07006709 director 1.1.23 31.12.23 31.12.23 true false true true false false false true false Ordinary 0.010 0.010 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070067092022-12-31070067092023-12-31070067092023-01-012023-12-31070067092021-12-31070067092022-01-012022-12-31070067092022-12-3107006709ns15:EnglandWales2023-01-012023-12-3107006709ns14:PoundSterling2023-01-012023-12-3107006709ns10:Director12023-01-012023-12-3107006709ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107006709ns10:FRS1022023-01-012023-12-3107006709ns10:Audited2023-01-012023-12-3107006709ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3107006709ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3107006709ns10:FullAccounts2023-01-012023-12-310700670912023-01-012023-12-3107006709ns10:OrdinaryShareClass12023-01-012023-12-3107006709ns10:OrdinaryShareClass112023-01-012023-12-3107006709ns10:RegisteredOffice2023-01-012023-12-3107006709ns5:RetainedEarningsAccumulatedLosses2022-12-3107006709ns5:RetainedEarningsAccumulatedLosses2021-12-3107006709ns5:RetainedEarningsAccumulatedLosses2023-12-3107006709ns5:RetainedEarningsAccumulatedLosses2022-12-3107006709ns5:CurrentFinancialInstruments2023-12-3107006709ns5:CurrentFinancialInstruments2022-12-3107006709ns5:Non-currentFinancialInstruments2023-12-3107006709ns5:Non-currentFinancialInstruments2022-12-3107006709ns5:ShareCapital2023-12-3107006709ns5:ShareCapital2022-12-3107006709ns5:NetGoodwill2023-01-012023-12-3107006709ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107006709ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3107006709ns5:PlantMachinery2023-01-012023-12-3107006709ns5:FurnitureFittings2023-01-012023-12-3107006709ns5:MotorVehicles2023-01-012023-12-3107006709ns5:OwnedAssets2023-01-012023-12-3107006709ns5:OwnedAssets2022-01-012022-12-3107006709ns5:LeasedAssets2023-01-012023-12-3107006709ns5:LeasedAssets2022-01-012022-12-310700670922023-01-012023-12-310700670922022-01-012022-12-3107006709ns5:NetGoodwill2022-12-3107006709ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3107006709ns5:NetGoodwill2023-12-3107006709ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3107006709ns5:NetGoodwill2022-12-3107006709ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3107006709ns5:LeaseholdImprovements2022-12-3107006709ns5:PlantMachinery2022-12-3107006709ns5:FurnitureFittings2022-12-3107006709ns5:MotorVehicles2022-12-3107006709ns5:LeaseholdImprovements2023-01-012023-12-3107006709ns5:LeaseholdImprovements2023-12-3107006709ns5:PlantMachinery2023-12-3107006709ns5:FurnitureFittings2023-12-3107006709ns5:MotorVehicles2023-12-3107006709ns5:LeaseholdImprovements2022-12-3107006709ns5:PlantMachinery2022-12-3107006709ns5:FurnitureFittings2022-12-3107006709ns5:MotorVehicles2022-12-3107006709ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3107006709ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107006709ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107006709ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3107006709ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3107006709ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107006709ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3107006709ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107006709ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107006709ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3107006709ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3107006709ns5:HirePurchaseContracts2023-12-3107006709ns5:HirePurchaseContracts2022-12-3107006709ns5:DeferredTaxation2022-12-3107006709ns5:DeferredTaxation2023-01-012023-12-3107006709ns5:DeferredTaxation2023-12-3107006709ns10:OrdinaryShareClass12023-12-3107006709ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 07006709 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AEGG LTD

AEGG LTD (REGISTERED NUMBER: 07006709)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


AEGG LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: A N B Coats



REGISTERED OFFICE: Oaksmere Business Park
Eye Airfield Industrial Estate
Yaxley
Eye
Suffolk
IP23 8BW



REGISTERED NUMBER: 07006709 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicholas Jones FCCA



AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

AEGG LTD (REGISTERED NUMBER: 07006709)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The financial results of Aegg (the "Company") show revenue growth of 18.2% compared to the twelve months ended 31 December 2022.

Our purpose is to provide food and beverage sector partners the ultimate solution to their glass and plastic packaging requirements. The Company outsources the manufacturing of its glass products to accredited producers and continues to invest in plastic manufacturing capability at our Suffolk site.

The year-on-year decreases in energy and shipping costs contributed to an increase in gross margin %. Both gross profit and operating profit increased significantly. The Company has mitigation processes in place to protect against the impact of exchange rates and cost of inflation.

The Company has continued to invest in its operating site in Suffolk so at to provide enhanced distribution infrastructure for future growth.

PRINCIPAL RISKS AND UNCERTAINTIES
Operation in the packaging industry presents a number of risks. Those that are regularly reviewed and mitigated by the Senior Management Team are:
Costs of manufacture including energy
The Company has employees and advisors dedicated to supply chain who work closely with the Company's manufacturing partners.
Availability of sea freight
A significant amount of time is invested in relationship management with shipping lines and in securing fixed ocean freight rates.
Infrastructure to minimise disruption and transport inflation
The Company owns and operates its own fleet of tractor units, skeletal and curtain-sided trailers, employing its own drivers.
Currency risk
Rolling working capital forecasts are regularly prepared allowing appropriate foreign currency forward contracts to be placed.

KEY PERFORMANCE INDICATORS (KPI’S)
The Company measures certain KPI's weekly and periodically; quality, customer service levels, category growth, sales pipeline, working capital (stock, days of sales and purchases outstanding), profitability and cash available for short and long requirements.

ON BEHALF OF THE BOARD:





A N B Coats - Director


16 September 2024

AEGG LTD (REGISTERED NUMBER: 07006709)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and trade of food and drink packaging.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
A N B Coats held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A N B Coats - Director


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AEGG LTD


Opinion
We have audited the financial statements of Aegg Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AEGG LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AEGG LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

- the nature of the industry/sector, control environment and financial performance;

-
results of our enquiries of management about their own identification and assessment of the risk of
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;.
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risk identified
As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- performing substantive procedures to ascertain the completeness, existence, valuation and, rights and
obligations of stocks as at the year-end;
- understanding the entity's revenue recognition policies and how they are applied, including the relevant
controls and processes and performing a walk-through to validate our understanding;
- performing analytical procedures to compare revenue recognised against expectations, past results, and
management forecasts, and investigated material divergences by obtaining corroborative evidence;
- reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC;
and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AEGG LTD

- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Jones FCCA (Senior Statutory Auditor)
for and on behalf of Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

17 September 2024

AEGG LTD (REGISTERED NUMBER: 07006709)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 24,493,488 20,725,701

Cost of sales 19,284,634 17,549,965
GROSS PROFIT 5,208,854 3,175,736

Administrative expenses 2,829,251 2,567,685
2,379,603 608,051

Other operating income 59,164 21,365
OPERATING PROFIT 4 2,438,767 629,416

Interest receivable and similar income - 79,843
2,438,767 709,259

Interest payable and similar expenses 5 142,405 102,208
PROFIT BEFORE TAXATION 2,296,362 607,051

Tax on profit 6 545,337 (51,386 )
PROFIT FOR THE FINANCIAL YEAR 1,751,025 658,437

Retained earnings at beginning of year 1,960,818 1,302,381

RETAINED EARNINGS AT END OF YEAR 3,711,843 1,960,818

AEGG LTD (REGISTERED NUMBER: 07006709)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 3,797 3,797
Tangible assets 8 3,876,698 4,058,252
3,880,495 4,062,049

CURRENT ASSETS
Stocks 9 2,677,980 2,278,765
Debtors 10 6,148,272 7,397,528
Cash at bank and in hand 68,044 1,551,787
8,894,296 11,228,080
CREDITORS
Amounts falling due within one year 11 5,926,822 9,705,945
NET CURRENT ASSETS 2,967,474 1,522,135
TOTAL ASSETS LESS CURRENT LIABILITIES 6,847,969 5,584,184

CREDITORS
Amounts falling due after more than one
year

12

(2,739,116

)

(3,319,629

)

PROVISIONS FOR LIABILITIES 15 (396,910 ) (303,736 )
NET ASSETS 3,711,943 1,960,819

CAPITAL AND RESERVES
Called up share capital 16 100 1
Retained earnings 17 3,711,843 1,960,818
SHAREHOLDERS' FUNDS 3,711,943 1,960,819

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





A N B Coats - Director


AEGG LTD (REGISTERED NUMBER: 07006709)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,512,256 ) 3,859,588
Interest paid (142,405 ) (102,208 )
Tax paid (144,878 ) 197,285
Net cash from operating activities (1,799,539 ) 3,954,665

Cash flows from investing activities
Purchase of tangible fixed assets (252,353 ) (373,153 )
Sale of tangible fixed assets 38,583 9,001
Interest received - 79,843
Net cash from investing activities (213,770 ) (284,309 )

Cash flows from financing activities
Loan repayments in year (300,000 ) (300,000 )
Capital repayments in year (173,419 ) 2,189
Amount introduced by directors 263,864 363,180
Amount withdrawn by directors (363,279 ) (104,930 )
Share issue 99 -
Net cash from financing activities (572,735 ) (39,561 )

(Decrease)/increase in cash and cash equivalents (2,586,044 ) 3,630,795
Cash and cash equivalents at beginning of
year

2

1,551,787

(2,079,008

)

Cash and cash equivalents at end of year 2 (1,034,257 ) 1,551,787

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,296,362 607,051
Depreciation charges 424,722 385,651
Profit on disposal of fixed assets (29,397 ) (259 )
Finance costs 142,405 102,208
Finance income - (79,843 )
2,834,092 1,014,808
Increase in stocks (399,215 ) (435,194 )
Decrease/(increase) in trade and other debtors 1,240,952 (1,324,559 )
(Decrease)/increase in trade and other creditors (5,188,085 ) 4,604,533
Cash generated from operations (1,512,256 ) 3,859,588

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 68,044 1,551,787
Bank overdrafts (1,102,301 ) -
(1,034,257 ) 1,551,787
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,551,787 197,582
Bank overdrafts - (2,276,590 )
1,551,787 (2,079,008 )


AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,551,787 (1,483,743 ) 68,044
Bank overdrafts - (1,102,301 ) (1,102,301 )
1,551,787 (2,586,044 ) (1,034,257 )
Debt
Finance leases (506,290 ) 173,419 (332,871 )
Debts falling due within 1 year (300,000 ) - (300,000 )
Debts falling due after 1 year (727,273 ) 300,000 (427,273 )
(1,533,563 ) 473,419 (1,060,144 )
Total 18,224 (2,112,625 ) (2,094,401 )

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Aegg Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of six years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 50% on cost and 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

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 year 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,375,251 1,025,945
Other pension costs 27,677 20,947
1,402,928 1,046,892

The average number of employees during the year was as follows:
2023 2022

Directors 1 1
Staff 32 31
33 32

2023 2022
£    £   
Director's remuneration 2,988 1,706

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases - 832
Depreciation - owned assets 313,017 256,581
Depreciation - assets on hire purchase contracts 111,704 129,070
Profit on disposal of fixed assets (29,397 ) (259 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 63,162 39,466
Bank loan interest 62,513 44,543
Hire purchase interest 16,730 18,199
142,405 102,208

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 452,163 15,170

Deferred tax 93,174 (66,556 )
Tax on profit 545,337 (51,386 )

7. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,800,000 3,797 1,803,797
AMORTISATION
At 1 January 2023
and 31 December 2023 1,800,000 - 1,800,000
NET BOOK VALUE
At 31 December 2023 - 3,797 3,797
At 31 December 2022 - 3,797 3,797

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 2,281,840 3,590,794 83,835 1,000,621 6,957,090
Additions 2,867 187,056 3,940 58,490 252,353
Disposals - (6,850 ) - (73,578 ) (80,428 )
At 31 December 2023 2,284,707 3,771,000 87,775 985,533 7,129,015
DEPRECIATION
At 1 January 2023 - 2,231,074 73,352 594,412 2,898,838
Charge for year - 225,167 6,481 193,073 424,721
Eliminated on disposal - (4,993 ) - (66,249 ) (71,242 )
At 31 December 2023 - 2,451,248 79,833 721,236 3,252,317
NET BOOK VALUE
At 31 December 2023 2,284,707 1,319,752 7,942 264,297 3,876,698
At 31 December 2022 2,281,840 1,359,720 10,483 406,209 4,058,252

The net book value of tangible fixed assets includes £144,876 (2022: £368,616) in respect of assets under hire purchase contracts.

9. STOCKS
2023 2022
£    £   
Stocks 2,677,980 2,278,765

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 4,274,267 3,896,669
Other debtors 362,181 272,589
Corporation tax recoverable - 8,304
Prepayments 399,897 2,167,322
5,036,345 6,344,884

Amounts falling due after more than one year:
Other debtors 1,111,927 1,052,644

Aggregate amounts 6,148,272 7,397,528

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 1,402,301 300,000
Hire purchase contracts (see note 14) 162,754 155,075
Trade creditors 2,642,944 2,775,685
Corporation tax 452,163 15,170
Plastic tax 59,273 197,285
Social security and other taxes 41,700 38,270
VAT 716,487 1,141,586
Other creditors 148,122 4,585,047
Accrued expenses 301,078 497,827
5,926,822 9,705,945

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 13) 427,273 727,273
Hire purchase contracts (see note 14) 170,117 351,215
Other creditors 1,158,033 1,158,033
Directors' loan accounts 983,693 1,083,108
2,739,116 3,319,629

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,102,301 -
Bank loan 300,000 300,000
1,402,301 300,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 300,000 300,001

Amounts falling due between two and five years:
Bank loans - 2-5 years 127,273 427,272

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 162,754 155,075
Between one and five years 170,117 351,215
332,871 506,290

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 396,910 303,736

Deferred
tax
£   
Balance at 1 January 2023 303,736
Provided during year 93,174
Balance at 31 December 2023 396,910

16. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Share capital 1 £0.0001 100 1

999,999 Ordinary shares of £0.0001 each were allotted at par during the year.

17. RESERVES
Retained
earnings
£   

At 1 January 2023 1,960,818
Profit for the year 1,751,025
At 31 December 2023 3,711,843

AEGG LTD (REGISTERED NUMBER: 07006709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. RELATED PARTY DISCLOSURES

Creditors due after more than one year include £983,694 (2022: £1,083,108) which is owed to a director of the company.

A Coats is the sole director of the company and is also a director and/or major shareholder of the following companies that have transacted with the company during 2023:

Debtor Creditor Rent paid
£    £    £   
Royce Investments Limited (UK Reg No. 11475373) 195,482 - 50,417
Oaksmere Investments Limited (UK Reg No. 11295188) 1,111,927 - 158,667
Westfield One Limited (UK Reg No. 12776364) - - -
Coats Industries OOD (Registered in Bulgaria) - 824,318 -

Coats Industries OOD are a supplier of finished goods and the total trade during 2023 amounted to £824,318.