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REGISTERED NUMBER: 08778135 (England and Wales)














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: Mr Andrea Cesarini
Mr Kevin Alexander Valdez





REGISTERED OFFICE: C/O Michael Filiou Ltd
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS





REGISTERED NUMBER: 08778135 (England and Wales)





ACCOUNTANTS: Michael Filiou Ltd
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 61,126 68,443
Tangible assets 5 38,357 49,469
Investments 6 323,633 323,633
423,116 441,545

CURRENT ASSETS
Stocks - 11,412
Debtors 7 148,840 673,838
Cash at bank 2,617 105
151,457 685,355
CREDITORS
Amounts falling due within one year 445,245 998,592
NET CURRENT LIABILITIES (293,788 ) (313,237 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,328

128,308

CREDITORS
Amounts falling due after more than one year (16,641 ) (25,833 )

PROVISIONS FOR LIABILITIES 9 (212 ) (1,582 )
NET ASSETS 112,475 100,893

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 10,000 10,000
Retained earnings 102,475 90,893
SHAREHOLDERS' FUNDS 112,475 100,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the PROFIT AND LOSS ACCOUNT has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by:




Mr Kevin Alexander Valdez - Director Mr Andrea Cesarini - Director




Mr Erich Battagin - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Website development are being amortised evenly over their estimated useful life of ten years.

Incorporation costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance

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 2 (2022 - NIL ) .

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 85,554
Additions 1,547
At 28 December 2023 87,101
AMORTISATION
At 29 December 2022 17,111
Amortisation for year 8,864
At 28 December 2023 25,975
NET BOOK VALUE

At 28 December 2023 61,126
At 28 December 2022 68,443

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 29 December 2022 123,463
Additions 1,395
At 28 December 2023 124,858
DEPRECIATION
At 29 December 2022 73,994
Charge for year 12,507
At 28 December 2023 86,501
NET BOOK VALUE
At 28 December 2023 38,357
At 28 December 2022 49,469

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:


Avio Global Service SRL
Registered office: Via Dei Cardi 1, Ariccia, Roma 00072, Italy.
Nature of business: Airport equipment repairs and maintenance
%
Class of shares: holding
Ordinary 72.66

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 28,088 -

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 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,641 25,833

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 1,582
Credit to PROFIT AND LOSS ACCOUNT during year (1,370 )
Balance at 28 December 2023 212

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 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.