REGISTERED NUMBER: |
AGI Holdings Ltd |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
AGI Holdings Ltd |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
AGI Holdings Ltd (Registered number: 10656276) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AGI Holdings Ltd |
Company Information |
for the year ended 29 February 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
AGI Holdings Ltd (Registered number: 10656276) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings | 12 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AGI Holdings Ltd (Registered number: 10656276) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AGI Holdings Ltd (Registered number: 10656276) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | Statutory information |
AGI Holdings Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover comprises revenue recognised by the company in respect of rents receivable. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
AGI Holdings Ltd (Registered number: 10656276) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
4. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 March 2023 |
and 29 February 2024 |
Depreciation |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 March 2023 |
Additions |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Investment property is stated at an original cost being the fair value as determined by the directors. This was on the basis of open market value for current use. The fair value represent the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation, in accordance with FRS102. In determining the fair value of investment property, the directors make use of historical and current market data as well as existing lease agreements. |
As a result of the level of judgement used in arriving at the market valuations, the amount which may ultimately be realised in respect of any given property may differ from the valuations shown in the statement of financial position. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
AGI Holdings Ltd (Registered number: 10656276) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 231,472 | 270,268 |
The bank loan is secured by way of a fixed and floating charge which covers all property or undertaking of the company. |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Barclays Bank UK PLC holds two fixed and floating charges over the assets of the company. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Other timing differences | 231,074 | 175,616 |
Deferred tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary-A-Shares | 1 | 75 | 75 |
Ordinary-B-Shares | 1 | 25 | 25 |
100 | 100 |
AGI Holdings Ltd (Registered number: 10656276) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
12. | Reserves |
Retained |
earnings |
£ |
At 1 March 2023 |
Deficit for the year | ( |
) |
At 29 February 2024 |
Included in the retained earnings, the amount of £924,296 (2023: £924,296) relates to the revaluation of |
investment property after making provision for deferred tax. This balance is not distributable until the properties are sold. |
13. | Related party disclosures |
Included within other creditors is £557,033 (2023: £557,033) owed to the company directors, £2,517,181 (2023: £1,357,023) owed to a connected company and £203,750 (2023: £NIL) owed to a connected person. |