Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312024-01-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11923614 2024-01-01 2024-12-31 11923614 2023-01-01 2023-12-31 11923614 2024-12-31 11923614 2023-12-31 11923614 c:Director3 2024-01-01 2024-12-31 11923614 d:FreeholdInvestmentProperty 2024-12-31 11923614 d:FreeholdInvestmentProperty 2023-12-31 11923614 d:CurrentFinancialInstruments 2024-12-31 11923614 d:CurrentFinancialInstruments 2023-12-31 11923614 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11923614 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11923614 d:ShareCapital 2024-12-31 11923614 d:ShareCapital 2023-12-31 11923614 d:CapitalRedemptionReserve 2024-12-31 11923614 d:CapitalRedemptionReserve 2023-12-31 11923614 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11923614 d:RetainedEarningsAccumulatedLosses 2024-12-31 11923614 d:RetainedEarningsAccumulatedLosses 2023-12-31 11923614 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 11923614 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 11923614 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11923614 c:OrdinaryShareClass1 2024-12-31 11923614 c:OrdinaryShareClass1 2023-12-31 11923614 c:FRS102 2024-01-01 2024-12-31 11923614 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 11923614 c:FullAccounts 2024-01-01 2024-12-31 11923614 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11923614









AGB DEVELOPMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
AGB DEVELOPMENT LIMITED
REGISTERED NUMBER: 11923614

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,100,000
5,100,000

  
5,100,000
5,100,000

Current assets
  

Debtors: amounts falling due within one year
 5 
2,845
1,357

Cash at bank and in hand
 6 
123,399
104,109

  
126,244
105,466

Creditors: amounts falling due within one year
 7 
(5,726,551)
(5,403,799)

Net current liabilities
  
 
 
(5,600,307)
 
 
(5,298,333)

Total assets less current liabilities
  
(500,307)
(198,333)

Provisions for liabilities
  

Other provisions
 8 
(11,000)
-

  
 
 
(11,000)
 
 
-

Net liabilities
  
(511,307)
(198,333)


Capital and reserves
  

Called up share capital 
 9 
100
100

Capital redemption reserve
 10 
182,310
182,310

Profit and loss account
 10 
(693,717)
(380,743)

  
(511,307)
(198,333)

Page 1

 
AGB DEVELOPMENT LIMITED
REGISTERED NUMBER: 11923614
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




Ulla Anne-Charlotte Henningsson
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
AGB DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

AGB Development Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The address of its registered office is Mazars, 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity is that of an agent specialising in the sale of other particular products and the renting and operation of Housing Association real estate.
The functional currency of the Company is Pounds Sterling as this is the currency of the primary economic
environment in which the Company operates. Monetary amounts in these financial statements are
rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have confirmed that they will continue to finance the Company's working capital, through the Intercompany Loan Account, to enable the Company to meet its obligations as and when they fall due. Therefore, the financial statements have been prepared under the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
AGB DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
AGB DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
AGB DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
5,100,000



At 31 December 2024
5,100,000

The 2022 valuations were made by Circa London, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Trade debtors
438
607

Prepayments and accrued income
2,407
750

2,845
1,357



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
123,399
104,109



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
5,718,752
5,392,048

Accruals and deferred income
7,799
11,751

5,726,551
5,403,799


Page 6

 
AGB DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Provisions





Provision

£





Charged to profit or loss
11,000



At 31 December 2024
11,000


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses of the company after the payment of dividends.


11.


Related party transactions

As at 31 December 2024, the Company owed Borrby Pharmacy AB, parent company, £5,718,752 (2023 - £5,392,048). This amount includes an interest amount of £326,704 (2023 - £242,148), accrued at a rate per annum of 2% plus STIBOR 3 month. The loan is repayable in full upon request and is therefore included in creditors due within one year in note 7 of these financial statements. In the year ending 31 December 2024, a payment was made of £nil against the interest incurred in the previous year. 


12.


Ultimate parent undertaking and controlling party

The ultimate parent company is ACCM Development AB, a company incorporated in Sweden.
 
Page 7