Company registration number 11679144 (England and Wales)
AGP SUSTAINABLE REAL ASSETS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AGP SUSTAINABLE REAL ASSETS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AGP SUSTAINABLE REAL ASSETS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
93,729
2,256
Cash at bank and in hand
69,727
163,456
2,256
Creditors: amounts falling due within one year
4
(445,975)
(216,409)
Net current liabilities
(282,519)
(214,153)
Creditors: amounts falling due after more than one year
5
(198,149)
Net liabilities
(480,668)
(214,153)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(480,768)
(214,253)
Total equity
(480,668)
(214,153)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on
20 March 2025 and are signed on its behalf by:
2025-03-20
M Holland
Director
Company registration number 11679144 (England and Wales)
AGP SUSTAINABLE REAL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
AGP Sustainable Real Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 501, The Nexus Building, Broadway, Letchworth Garden City, Herts, SG6 9BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the date of approving the financial statements, the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future, and for at least a period of at least 12 months from the date of the approval. In making this assessment, the director has acknowledged the ongoing reliance on funding from its parent company and other group companies, and has obtained confirmation of this ongoing support. The director has also considered the parent company and wider group’s financial performance and position so that he could obtain comfort that the parent company has the capacity as well as the intent to provide the support that may be required.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
AGP SUSTAINABLE REAL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AGP SUSTAINABLE REAL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
93,729
2,156
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15
155
Trade creditors
15,771
Taxation and social security
6,401
Other creditors
423,788
216,254
445,975
216,409
Included in Other Creditors are amounts due to the parent company and fellow group undertakings totalling £304,906 (2023: £207,534).
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
198,149
AGP SUSTAINABLE REAL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
James Price FCA
Statutory Auditor:
TC Audit Limited
Date of audit report:
27 March 2025
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Under one year
7,788
7,335
8
Controlling party
The director considers that there was no single entity controlling the company throughout the period.
9
Parent and ultimate parent undertaking
The company’s immediate parent company is AGP Capital Management Pte Ltd, a company incorporated in Singapore. Registered office – 61 Robinson Road, #10-01, Singapore 068893.
The company’s ultimate parent undertaking is AGP Founders Holdings Limited, a company incorporated in Singapore.
The financial statements of AGP Founders Holdings Limited, are the largest and the smallest group in which the results of the company are consolidated. These financial statements are publicly available and may be obtained from 61 Robinson Road, #10-01, Singapore 068893.