Registered number
04755074
AG ACQUISITIONS LIMITED
Unaudited Filleted Accounts
31 May 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
AG ACQUISITIONS LIMITED
Registered number: 04755074
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,566,310 4,877,790
Investments 4 50 50
5,566,360 4,877,840
Current assets
Debtors 5 29,367 -
Cash at bank and in hand 272,954 2,792
302,321 2,792
Creditors: amounts falling due within one year 6 (235,606) (534,484)
Net current assets/(liabilities) 66,715 (531,692)
Total assets less current liabilities 5,633,075 4,346,148
Creditors: amounts falling due after more than one year 7 (486,964) (535,363)
Provisions for liabilities (507,553) (386,163)
Net assets 4,638,558 3,424,622
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 9 2,158,375 1,640,873
Profit and loss account 2,479,183 1,782,749
Shareholders' funds 4,638,558 3,424,622
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Andre C M Grant
Director
Approved by the board on 30 December 2024
AG ACQUISITIONS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes revenue earned from the rental of Investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Investment Properties are revalued at the year end by the company's Directors based on open market values.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost/ Valuation (Valuation)
At 1 June 2023 4,871,000 37,391 4,908,391
Additions 50,108 878 50,986
Surplus on revaluation 638,892 - 638,892
At 31 May 2024 5,560,000 38,269 5,598,269
Depreciation
At 1 June 2023 - 30,601 30,601
Charge for the year - 1,358 1,358
At 31 May 2024 - 31,959 31,959
Net book value
At 31 May 2024 5,560,000 6,310 5,566,310
At 31 May 2023 4,871,000 6,790 4,877,790
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,706,614 1,213,312
Cumulative depreciation based on historical cost - -
2,706,614 1,213,312
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2023 50
At 31 May 2024 50
AG Acquisitions Limited also holds a 50% shares in Howgran (UK) Properties Limited, a company incorporated in the UK
5 Debtors 2024 2023
£ £
Other debtors 29,367 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans - ( see note 8 below) 35,125 21,878
Amount owed to associated company ( see note 11 below ) 147,547 147,547
Corporation tax 15,601 2,527
Other taxes and social security costs - 64
Other creditors 37,333 362,468
235,606 534,484
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans- (see note 8 below) 486,964 535,363
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 538,314 538,314
Bank Loans include an unsecured Bounce Back Loan of £13,307 -(2023 - £18,927)
The remaining bank loan is secured by a mortgage over the company's investment properties, and the maturity date is 22 August 2031.
9 Revaluation reserve 2024 2023
£ £
At 1 June 2023 1,640,873 1,562,803
Gain on revaluation of land and buildings 638,892 96,382
Deferred taxation arising on the revaluation of land and buildings (121,390) (18,312)
At 31 May 2024 2,158,375 1,640,873
This related to the gain arising on the revaluation of the company's investment properties as at
31 May 2024, based on a valuation conducted by the directors of the company based on market
values. The directors are not aware of any material change in value since the date of valuation.
10 Loan to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Andre C M Grant
Overdrawn (327,779) - 356,711 28,932
(327,779) - 356,711 28,932
At the year end the Director's loan account was overdrawn by £28,932 (2023 - £ 327,779 in credit) and are disclosed under other debtors and other creditors in notes 5 and 6 above respectively. Interest on the loan is 3% per annum and the loan has been refunded within 9 months of the year end.
11 Related party transactions
At the year end, the company owed £147,547 (2023- £147,547) to Howgran (UK) Properties Limited and is disclosed in notes 6 above Howgran (UK) Properties Limited is an associate company in which AG Acquisitions Limited holds 50% shareholdings.
During the year an amount of £27,480 (2023 : £23,267 ) was paid to Andre Grant, a director of the company , for consultancy services.
12 Controlling party
The company was under the control of Mr Andre C M Grant, a Director throughout the year.
13 Other information
AG ACQUISITIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
56 High Road
London
N15 6JU
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