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COMPANY REGISTRATION NUMBER: 10039873
ACG Holdings Limited
Filleted Unaudited Financial Statements
31 July 2024
ACG Holdings Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
ACG Holdings Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,203,420
1,625,470
Investments
6
1,686,746
160,000
------------
------------
3,890,166
1,785,470
Current assets
Debtors
7
4,792,158
6,496,142
Cash at bank and in hand
36,916
63,599
------------
------------
4,829,074
6,559,741
Creditors: amounts falling due within one year
8
4,363,346
4,646,853
------------
------------
Net current assets
465,728
1,912,888
------------
------------
Total assets less current liabilities
4,355,894
3,698,358
Provisions
Taxation including deferred tax
86,166
86,166
------------
------------
Net assets
4,269,728
3,612,192
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,269,628
3,612,092
------------
------------
Shareholders funds
4,269,728
3,612,192
------------
------------
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 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ACG Holdings Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 8 May 2025 , and are signed on behalf of the board by:
A P Howarth
Director
Company registration number: 10039873
ACG Holdings Limited
Notes to the Financial Statements
Year ended 31 July 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 Chevron House, 346 Long Lane, Hillingdon, Middlesex, UB10 9PF, England.
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.
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 and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
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:
Plant and machinery
-
25% reducing balance
Other equipment
-
5% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowing 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
Plant and machinery
Other equipment
Total
£
£
£
£
Cost
At 1 August 2023
1,620,000
15,526
1,635,526
Additions
844,169
844,169
Disposals
( 260,000)
( 260,000)
------------
--------
---------
------------
At 31 July 2024
1,620,000
15,526
584,169
2,219,695
------------
--------
---------
------------
Depreciation
At 1 August 2023
10,056
10,056
Charge for the year
1,367
4,852
6,219
------------
--------
---------
------------
At 31 July 2024
11,423
4,852
16,275
------------
--------
---------
------------
Carrying amount
At 31 July 2024
1,620,000
4,103
579,317
2,203,420
------------
--------
---------
------------
At 31 July 2023
1,620,000
5,470
1,625,470
------------
--------
---------
------------
Investment properties were purchased at cost for £1,275,335. Investment properties were valued on the basis of the open market of similar properties in a comparable area on 31 July 2024 by A P Howarth (Director).
6. Investments
Other investments other than loans
£
Cost
At 1 August 2023
160,000
Additions
1,526,746
------------
At 31 July 2024
1,686,746
------------
Impairment
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
1,686,746
------------
At 31 July 2023
160,000
------------
7. Debtors
2024
2023
£
£
Trade debtors
1,150
Amounts owed by group undertakings and undertakings in which the company has a participating interest
246,000
Other debtors
4,792,158
6,248,992
------------
------------
4,792,158
6,496,142
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
607,394
491
Corporation tax
26,650
40,898
Social security and other taxes
5,567
Other creditors
3,723,735
4,605,464
------------
------------
4,363,346
4,646,853
------------
------------
9. Related party transactions
At the year end the company owed £8,817 to a director (2023: director owed the company £201,662). At the year end a company associated by common control owed £4,109,315 (2023: the company owed £553,585 to a company associated by common control) to the company.