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Registered number: 09385338
AGS Vintners Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09385338
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,912 8,785
Investment Properties 5 116,164 115,581
Investments 6 7,000 7,529
130,076 131,895
CURRENT ASSETS
Stocks 7 598,000 460,000
Debtors 8 59,647 33,407
Cash at bank and in hand 57,697 64,308
715,344 557,715
Creditors: Amounts Falling Due Within One Year 9 (298,066 ) (115,040 )
NET CURRENT ASSETS (LIABILITIES) 417,278 442,675
TOTAL ASSETS LESS CURRENT LIABILITIES 547,354 574,570
NET ASSETS 547,354 574,570
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 (5,712 ) (6,029 )
Profit and Loss Account 552,966 580,499
SHAREHOLDERS' FUNDS 547,354 574,570
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Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Saimir Haxhijani
Director
16 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
AGS Vintners Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09385338 . The registered office is 122 Faulkner House Tierney Lane, Hammersmith, London, W6 9AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 May 2023 5,207 15,028 20,235
Additions 803 - 803
As at 30 April 2024 6,010 15,028 21,038
Depreciation
As at 1 May 2023 2,278 9,172 11,450
Provided during the period 933 1,743 2,676
As at 30 April 2024 3,211 10,915 14,126
Net Book Value
As at 30 April 2024 2,799 4,113 6,912
As at 1 May 2023 2,929 5,856 8,785
5. Investment Property
2024
£
Fair Value
As at 1 May 2023 115,581
Additions 12,813
Disposals (12,874 )
Revaluations 644
As at 30 April 2024 116,164
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6. Investments
Unlisted
£
Cost
As at 1 May 2023 7,529
Revaluations (327 )
Fair value adjustments (202 )
As at 30 April 2024 7,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 7,000
As at 1 May 2023 7,529
7. Stocks
2024 2023
£ £
Stock 598,000 460,000
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,340 30,353
Other debtors 56,307 3,054
59,647 33,407
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 270,863 37,394
Other creditors 21,495 34,245
Taxation and social security 5,708 43,401
298,066 115,040
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Reserves
Revaluation Reserve
£
As at 1 May 2023 (6,029 )
Deficit on revaluation 317
As at 30 April 2024 (5,712 )
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