REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
FOR |
AGS CORPORATION LTD |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
FOR |
AGS CORPORATION LTD |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
AGS CORPORATION LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
28 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
28 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
AGS Corporation Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 28 December 2023 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with IFRS, the date of transition to FRS 102 Section 1A is 29 December 2021. |
Preparation of consolidated financial statements |
The financial statements contain information about AGS Corporation Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the PROFIT AND LOSS ACCOUNT, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 29 December 2022 |
Additions |
At 28 December 2023 |
AMORTISATION |
At 29 December 2022 |
Amortisation for year |
At 28 December 2023 |
NET BOOK VALUE |
At 28 December 2023 |
At 28 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 29 December 2022 |
Additions |
At 28 December 2023 |
DEPRECIATION |
At 29 December 2022 |
Charge for year |
At 28 December 2023 |
NET BOOK VALUE |
At 28 December 2023 |
At 28 December 2022 |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 29 December 2022 |
and 28 December 2023 | 323,633 |
NET BOOK VALUE |
At 28 December 2023 | 323,633 |
At 28 December 2022 | 323,633 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Via Dei Cardi 1, Ariccia, Roma 00072, Italy. |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 212 | 1,582 |
Deferred |
tax |
£ |
Balance at 29 December 2022 |
Credit to PROFIT AND LOSS ACCOUNT during year | ( |
) |
Balance at 28 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
11. | RELATED PARTY DISCLOSURES |
AGS United Inc |
AGS United Inc is a company incorporated in the USA and is a 100% subsidiary of Avio Global Services SRL which was a 72.66% subsidiary of AGS Corporation Ltd. |
At the reporting date, the company owed to AGS United Inc £55,483 (2022 - 27,118 payable) by the company, which is included in the balance owed to trade creditors. |
Avio Global Services SRL |
Avio Global Services SRL is a subsidiary company incorporated in Italy in which the company owns 72.66% of issued share capital. |
At the reporting date, Avio Global Services SRL was owed £254,814 (2022 - £933,223) by the company. A part of the balance owed, £173,245 (2022 - £97,860), is included in the balance owed to trade creditors. |
During the year Avio Global Services Srl provided goods and services totalling £115,131 of which £164,544 was repaid. |
Iron Blue Ltd (Formerly Kiwi Five Ltd) |
Iron Blue Ltd is a company incorporated in England and Wales in which the director, Mr Andrea Cesarini, also owns 100% of the issued share capital. |
At the reporting date, Iron Blue Ltd owed £58,914 (2022 - £48,524) to the company. |
AGS CORPORATION LTD (REGISTERED NUMBER: 08778135) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 DECEMBER 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr Andrea Cesarini. |
The director, Mr Andrea Cesarini, holds 100% of the issued share capital of the company, together with members of his close family. |