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COMPANY REGISTRATION NUMBER: 07477316
AGEMCO LTD
Filleted Unaudited Financial Statements
30 June 2024
AGEMCO LTD
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
AGEMCO LTD
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,394,541
2,412,197
Current assets
Debtors
6
177,177
201,560
Cash at bank and in hand
192,447
174,167
---------
---------
369,624
375,727
Creditors: amounts falling due within one year
7
1,157,955
1,180,766
------------
------------
Net current liabilities
788,331
805,039
------------
------------
Total assets less current liabilities
1,606,210
1,607,158
Creditors: amounts falling due after more than one year
8
696,027
727,489
Provisions
Taxation including deferred tax
318,082
186,572
------------
------------
Net assets
592,101
693,097
------------
------------
Capital and reserves
Called up share capital
40
40
Revaluation reserve
1,004,692
1,004,692
Profit and loss account
( 412,631)
( 311,635)
------------
------------
Shareholders funds
592,101
693,097
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AGEMCO LTD
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Ms B A Cottrell
Director
Company registration number: 07477316
AGEMCO LTD
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Land and buildings - 50 years straight line Plant and machinery - 25% reducing balance Fixtures and fittings - 25% reducing balance Motor vehicles - 33% reducing balance Equipment - 25% reducing balance An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 110 (2023: 73 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
2,733,856
10,474
174,436
2,600
43,130
2,964,496
Additions
11,483
519
29,771
700
18,811
61,284
------------
--------
---------
-------
--------
------------
At 30 Jun 2024
2,745,339
10,993
204,207
3,300
61,941
3,025,780
------------
--------
---------
-------
--------
------------
Depreciation
At 1 Jul 2023
364,206
9,575
135,052
1,427
42,039
552,299
Charge for the year
54,734
1,199
14,428
618
7,961
78,940
------------
--------
---------
-------
--------
------------
At 30 Jun 2024
418,940
10,774
149,480
2,045
50,000
631,239
------------
--------
---------
-------
--------
------------
Carrying amount
At 30 Jun 2024
2,326,399
219
54,727
1,255
11,941
2,394,541
------------
--------
---------
-------
--------
------------
At 30 Jun 2023
2,369,650
899
39,384
1,173
1,091
2,412,197
------------
--------
---------
-------
--------
------------
The revaluation was undertaken in December 2020 by an independent valuation firm namely Knight Frank as RICS registered Valuers to reflect the market value of the property. Had the valuation not been undertaken the property would have been held at a value of £1,289,639. The valuation has been performed on an adjusted profits multiple for the business which operates out of the property.
6. Debtors
2024
2023
£
£
Trade debtors
45,116
151,828
Other debtors
132,061
49,732
---------
---------
177,177
201,560
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,638
37,379
Trade creditors
78,289
40,476
Social security and other taxes
66,098
181,797
Other creditors
978,930
921,114
------------
------------
1,157,955
1,180,766
------------
------------
At the balance sheet date, Barclays Bank PLC hold fixed and floating charges over the property or undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
696,027
727,489
---------
---------
9. Related party transactions
At the year end the company owed the Directors £116,510 (2023: £160,616).