Registered number
06135913
AGS QUALITY CONSTRUCTION LTD
Filleted Accounts
31 March 2025
AGS QUALITY CONSTRUCTION LTD
Registered number: 06135913
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 17,587 23,450
Current assets
Debtors 4 1,792 5,288
Cash at bank and in hand 7,236 2,432
9,028 7,720
Creditors: amounts falling due within one year 5 (11,126) (10,706)
Net current liabilities (2,098) (2,986)
Total assets less current liabilities 15,489 20,464
Creditors: amounts falling due after more than one year 6 (7,564) (14,547)
Provisions for liabilities (3,212) (4,283)
Net assets 4,713 1,634
Capital and reserves
Called up share capital 5 5
Profit and loss account 4,708 1,629
Shareholder's funds 4,713 1,634
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Stephen
Director
Approved by the board on 23 May 2025
AGS QUALITY CONSTRUCTION LTD
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life on a reducing balance basis, as follows:
Plant and machinery 25% on net book value
Motor vehicles 25% on net book value
Going concern
The company is reliant upon the continuing support of Mr A Stephen who is the company's sole director and only shareholder. Mr Stephen has indicated that he intends to support the company on an ongoing basis. The going concern basis of accounting has therefore been adopted.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2024 1,617 40,071 41,688
At 31 March 2025 1,617 40,071 41,688
Depreciation
At 1 April 2024 707 17,531 18,238
Charge for the year 228 5,635 5,863
At 31 March 2025 935 23,166 24,101
Net book value
At 31 March 2025 682 16,905 17,587
At 31 March 2024 910 22,540 23,450
4 Debtors 2025 2024
£ £
Trade debtors - 2,380
Other debtors 1,792 2,908
1,792 5,288
5 Creditors: amounts falling due within one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 6,982 6,982
Taxation and social security costs 4,001 3,263
Other creditors 143 461
11,126 10,706
6 Creditors: amounts falling due after one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 7,564 14,547
7 Other information
AGS QUALITY CONSTRUCTION LTD is a private company limited by shares and incorporated in England. Its registered office is:
113 Havant Road
Emsworth
Hampshire
PO10 7LG
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