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Registration number: 10512138

AGM Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

AGM Electrical Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

AGM Electrical Limited

(Registration number: 10512138)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

51,982

69,215

Current assets

 

Stocks

5

12,502

13,892

Debtors

6

197,007

202,578

Cash at bank and in hand

 

33,414

64,365

 

242,923

280,835

Creditors: Amounts falling due within one year

7

(207,217)

(237,147)

Net current assets

 

35,706

43,688

Total assets less current liabilities

 

87,688

112,903

Creditors: Amounts falling due after more than one year

7

(55,438)

(30,550)

Provisions for liabilities

(12,996)

(13,151)

Net assets

 

19,254

69,202

Capital and reserves

 

Called up share capital

100

100

Retained earnings

19,154

69,102

Shareholders' funds

 

19,254

69,202

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 June 2024 and signed on its behalf by:
 

.........................................
Mr A Reed
Director

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

AGM Electrical Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
201A Heneage Road
Grimsby
North East Lincolnshire
DN32 9JW

These financial statements were authorised for issue by the Board on 6 June 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.

These financial statements have been prepared for the individual entity and are presented in Pound Sterling and rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

AGM Electrical Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% reducing balance

Plant and machinery

20 - 33% straight line

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.

Stocks

The cost of work in progress comprises of direct materials and, where applicable, direct labour costs and a relevant proportion of overheads according to the stage of completion.

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.

 

AGM Electrical Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 11 (2022 - 11).

 

AGM Electrical Limited

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

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

10,753

111,429

122,182

Additions

549

-

549

At 31 December 2023

11,302

111,429

122,731

Depreciation

At 1 January 2023

6,575

46,392

52,967

Charge for the year

1,523

16,259

17,782

At 31 December 2023

8,098

62,651

70,749

Carrying amount

At 31 December 2023

3,204

48,778

51,982

At 31 December 2022

4,178

65,037

69,215

5

Stocks

2023
£

2022
£

Work in progress

5,165

5,848

Other inventories

7,337

8,044

12,502

13,892

6

Debtors

Current

2023
£

2022
£

Trade debtors

192,992

196,615

Prepayments

-

5,409

Other debtors

4,015

554

 

197,007

202,578

 

AGM Electrical Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

57,974

124,573

Trade creditors

 

107,495

34,332

Taxation and social security

 

22,503

36,098

Accruals and deferred income

 

8,690

37,948

Other creditors

 

10,555

4,196

 

207,217

237,147

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

55,438

30,550

2023
£

2022
£

Due after more than five years

-

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

19,348

30,550

Other borrowings

36,090

-

55,438

30,550

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

12,219

12,219

Other borrowings

45,755

112,354

57,974

124,573

Included in total loans and borrowings are secured liabilities totalling £12,219 (2022: £12,219).