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Registration number: 07223773

AGP Somerset Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

AGP Somerset Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

AGP Somerset Limited

(Registration number: 07223773)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

5,437

3,782

Cash at bank and in hand

 

4

-

 

5,441

3,782

Creditors: Amounts falling due within one year

6

(84,445)

(101,887)

Total assets less current liabilities

 

(79,004)

(98,105)

Creditors: Amounts falling due after more than one year

6

(4,800)

(6,933)

Net liabilities

 

(83,804)

(105,038)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(83,805)

(105,039)

Shareholders' deficit

 

(83,804)

(105,038)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 6 September 2024
 

.........................................
Mr R J Paull
Director

 

AGP Somerset Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

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.

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

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

AGP Somerset Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 3).

 

AGP Somerset Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

-

5,519

 

AGP Somerset Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

21,422

26,533

47,955

At 30 April 2024

21,422

26,533

47,955

Depreciation

At 1 May 2023

21,422

26,533

47,955

At 30 April 2024

21,422

26,533

47,955

Carrying amount

At 30 April 2024

-

-

-

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,138

3,782

Other debtors

1,299

-

 

5,437

3,782

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

3,200

6,119

Trade creditors

 

1,498

-

Amounts owed to related parties

77,799

83,118

Taxation and social security

 

688

11,449

Other creditors

 

1,260

1,201

 

84,445

101,887

Due after one year

 

Loans and borrowings

8

4,800

6,933

Creditors: amounts falling due after more than one year

 

AGP Somerset Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,800

6,933

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,800

6,933

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,200

3,200

Bank overdrafts

-

2,919

3,200

6,119