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Registration number: 04601109

AGB Properties (Woking) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

AGB Properties (Woking) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

AGB Properties (Woking) Limited

Company Information

Directors

AS Franks

R Bloom

AG Bloom

Company secretary

R Bloom

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

AGB Properties (Woking) Limited

(Registration number: 04601109)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,091

25,455

Investment property

5

98,383,052

21,757,418

 

98,402,143

21,782,873

Current assets

 

Debtors

6

5,728,569

5,802,103

Cash at bank and in hand

 

3,397,107

3,617,740

 

9,125,676

9,419,843

Creditors: Amounts falling due within one year

7

(88,130,166)

(9,537,784)

Net current liabilities

 

(79,004,490)

(117,941)

Total assets less current liabilities

 

19,397,653

21,664,932

Creditors: Amounts falling due after more than one year

7

-

(4,675,000)

Provisions for liabilities

(1,071,371)

(814,242)

Net assets

 

18,326,282

16,175,690

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

3,695,803

3,952,932

Retained earnings

14,630,379

12,222,658

Shareholders' funds

 

18,326,282

16,175,690

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

 

AGB Properties (Woking) Limited

(Registration number: 04601109)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:



 

.........................................

R Bloom

Company secretary and director

 

AGB Properties (Woking) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

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.

Going concern

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 sale of goods and 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.

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.

 

AGB Properties (Woking) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and Machinery

25% Reducing Balance

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Non Distributable Reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to the profit and loss reserves and the deferred tax provision is transferred to the current tax liabilities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

AGB Properties (Woking) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

121,046

121,046

At 30 November 2023

121,046

121,046

Depreciation

At 1 December 2022

95,591

95,591

Charge for the year

6,364

6,364

At 30 November 2023

101,955

101,955

Carrying amount

At 30 November 2023

19,091

19,091

At 30 November 2022

25,455

25,455

5

Investment properties

2023
£

At 1 December

21,757,418

Acquired through business combinations

79,473,786

Disposals

(2,848,152)

At 30 November

98,383,052

Investment property is carried at fair value.Gains are recognised in profit or loss.Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

6

Debtors

Current

2023
£

2022
£

Trade debtors

136,302

25,596

Prepayments

52,725

257,367

Other debtors

5,539,542

5,519,140

 

5,728,569

5,802,103

 

AGB Properties (Woking) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

400,000

Trade creditors

 

12,090

45,381

Taxation and social security

 

842,398

212,936

Accruals and deferred income

 

332,315

388,759

Other creditors

 

86,943,363

8,490,708

 

88,130,166

9,537,784

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

4,675,000

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

4,675,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

400,000

9

Related party transactions

 

AGB Properties (Woking) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

106,651

103,842

Summary of transactions with entities with joint control or significant interest



Mr R Bloom and Mrs W Bloom trading as Deanway Properties
A partnership in which Mr R Bloom, the director has a 50% interest. The amount due to the related party at the balance sheet date was £45,000 (2022: £74,000).

 





 

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100