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Registration number: 08031226

AG Distributions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

AG Distributions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

AG Distributions Limited

Company Information

Director

Mr A Greenaway

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

AG Distributions Limited

(Registration number: 08031226)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

30,986

31,035

Current assets

 

Debtors

4

2,426

20,593

Cash at bank and in hand

 

10,626

16,302

 

13,052

36,895

Creditors: Amounts falling due within one year

5

(27,734)

(29,143)

Net current (liabilities)/assets

 

(14,682)

7,752

Total assets less current liabilities

 

16,304

38,787

Creditors: Amounts falling due after more than one year

5

(16,228)

(19,337)

Net assets

 

76

19,450

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

75

19,449

Shareholders' funds

 

76

19,450

For the financial year ending 31 August 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.

 

AG Distributions Limited

(Registration number: 08031226)
Balance Sheet as at 31 August 2024

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

.........................................
Mr A Greenaway
Director

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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:

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Motor Vehicles

25% straight line

Computer Equipment

over 3 years

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.

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.

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

5,558

33,329

38,887

Additions

2,205

-

2,205

At 31 August 2024

7,763

33,329

41,092

Depreciation

At 1 September 2023

5,186

2,666

7,852

Charge for the year

921

1,333

2,254

At 31 August 2024

6,107

3,999

10,106

Carrying amount

At 31 August 2024

1,656

29,330

30,986

At 31 August 2023

372

30,663

31,035

4

Debtors

Current

2024
£

2023
£

Other debtors

2,426

20,593

 

2,426

20,593

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

4,083

3,333

Trade creditors

 

96

638

Taxation and social security

 

20,662

22,830

Accruals and deferred income

 

2,714

2,342

Other creditors

 

179

-

 

27,734

29,143

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

16,228

19,337

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,228

19,337

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,334

3,333

Hire purchase contracts

749

-

4,083

3,333

8

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

19,292

19,292

Advanced

7,778

7,778

Repaid

(24,644)

(24,644)

At end of period

2,426

2,426

 

AG Distributions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2023

Key management
£

Total
£

Advanced

20,654

20,654

Repaid

(1,362)

(1,362)

At end of period

19,292

19,292

Loans from related parties

2023

Key management
£

Total
£

At start of period

677

677

Repaid

(677)

(677)

At end of period

-

-