Company Registration No. 13427326 (England and Wales)
AG RETAIL NUM (5) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
31 January 2024
PAGES FOR FILING WITH REGISTRAR
AG RETAIL NUM (5) LTD
COMPANY INFORMATION
Director
Mr M Patel
Company number
13427326
Registered office
Ground Floor
52a Preston New Road
Blackburn
Lancashire
BB2 6AH
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Business address
Ground Floor
52a Preston New Road
Blackburn
Lancashire
BB2 6AH
AG RETAIL NUM (5) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AG RETAIL NUM (5) LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
50,000,000
50,000,000
Current assets
Debtors falling due after more than one year
4
2,032,822
1,573,322
Debtors falling due within one year
4
1,283,244
1,245,379
Cash at bank and in hand
1,625,409
680,271
4,941,475
3,498,972
Creditors: amounts falling due within one year
5
(7,584,949)
(6,144,115)
Net current liabilities
(2,643,474)
(2,645,143)
Total assets less current liabilities
47,356,526
47,354,857
Creditors: amounts falling due after more than one year
6
(36,162,888)
(37,714,292)
Net assets
11,193,638
9,640,565
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
7
8,010,500
8,010,500
Distributable profit and loss reserves
3,183,137
1,630,064
Total equity
11,193,638
9,640,565
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AG RETAIL NUM (5) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr M Patel
Director
Company registration number 13427326 (England and Wales)
AG RETAIL NUM (5) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
AG Retail Num (5) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 52a Preston New Road, Blackburn, Lancashire, BB2 6AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is financed by a bank loan and is reliant on support from a connected company in order to meet its obligations as they fall due. The director has indicated that the support will continue for the foreseeable future and therefore the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover represents rents and service charges received.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
AG RETAIL NUM (5) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
In a departure from FRS102 the director has not provided for deferred tax which may arise based on the carrying value of properties when compared to their historical cost.
If certain properties were sold at their carrying values a corporation tax liability would arise on the difference between the carrying value and indexed historical cost calculated at the corporation tax prevailing at the date of disposal. The Director does not intend to sell the properties and therefore chooses not to provide for a tax liability they do not think will arise.
AG RETAIL NUM (5) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
50,000,000
The investment property is included at the director's valuation as at 31 January 2024. The historical cost of the property is £41,989,500.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,283,243
1,245,378
Other debtors
1
1
1,283,244
1,245,379
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
2,032,822
1,573,322
Total debtors
3,316,066
2,818,701
Included in other debtors are amounts due from companies controlled by the director, £1,010,000 (2023 - £650,000), and amounts due from a company controlled by the director's brother, £1,022,822 (2023 - £923,322).
AG RETAIL NUM (5) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,417,879
1,800,000
Trade creditors
2,352,868
1,665,424
Corporation tax
954,040
382,361
Other taxation and social security
592,421
428,270
Other creditors
1,267,741
1,868,060
7,584,949
6,144,115
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,984,290
21,455,045
Other creditors
17,178,598
16,259,247
36,162,888
37,714,292
The bank loan is secured by a legal charge over the company's investment property, by a debenture over all of the company's assets, and by personal guarantees from the director and the director's brother.
Included in other creditors are amounts due to companies controlled by the director, £3,139,168 (2023 - £2,282,095) and amounts due to companies controlled by the director's brother £14,039,431 (2023 - £13,977,152).
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
7,799,548
14,255,045
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
8,010,500
8,010,500
The non-distributable profits reserve relates to the revaluation of the company's investment property.