AG Fast Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05085121

AG Fast Limited

Filleted Unaudited Financial Statements

31 December 2024

AG Fast Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 9

AG Fast Limited

Officers and Professional Advisers

Director	Mr M Gibbons

Company secretary	Mr S R Powell

Registered office	Bellhurst Grange
	Bellhurst Lane
	Wheaton Aston
	Stafford
	England
	ST19 9QS

Accountants	BSN Associates Limited
	Chartered Accountants
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

AG Fast Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of AG Fast Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AG Fast Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of AG Fast Limited. Our work has been undertaken solely to prepare for your approval the financial statements of AG Fast Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AG Fast Limited and its director for our work or for this report.

It is your duty to ensure that AG Fast Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of AG Fast Limited. You consider that AG Fast Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of AG Fast Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BSN Associates Limited Chartered Accountants

3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG

16 September 2025

AG Fast Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	803,629	176,090
Investments	6	–	562,580
		---------	---------
		803,629	738,670

Current assets

Debtors	7	11,875	14,228
Cash at bank and in hand		1,549	4,583
		--------	--------
		13,424	18,811

Creditors: amounts falling due within one year	8	332,957		284,931
		---------		---------
Net current liabilities			319,533	266,120
			---------	---------
Total assets less current liabilities			484,096	472,550

Creditors: amounts falling due after more than one year	9		64,066	10,000

Provisions

Taxation including deferred tax	10	( 2,624)	5,322
		---------	---------
Net assets		422,654	457,228
		---------	---------

AG Fast Limited

Statement of Financial Position (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	12	4	4
Profit and loss account		422,650	457,224
		---------	---------
Shareholders funds		422,654	457,228
		---------	---------

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 December 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 .

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

Mr M Gibbons
Director

Company registration number: 05085121

AG Fast Limited

Notes to the Financial Statements

Year ended 31 December 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 Bellhurst Grange, Bellhurst Lane, Wheaton Aston, Stafford, ST19 9QS, 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.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

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 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

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. 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	10% to 25% straight line
Fixtures and fittings	-	20% straight line
Motor Vehicles	-	33% straight line

Investments

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	–	244,972	13,831	61,179	319,982
Additions	–	193,621	–	–	193,621
Disposals	–	( 132,351)	–	–	( 132,351)
Transfers	562,580	–	–	–	562,580
	---------	---------	--------	--------	---------
At 31 December 2024	562,580	306,242	13,831	61,179	943,832
	---------	---------	--------	--------	---------
Depreciation
At 1 January 2024	–	112,318	13,237	18,337	143,892
Charge for the year	–	24,456	195	20,189	44,840
Disposals	–	( 48,529)	–	–	( 48,529)
	---------	---------	--------	--------	---------
At 31 December 2024	–	88,245	13,432	38,526	140,203
	---------	---------	--------	--------	---------
Carrying amount
At 31 December 2024	562,580	217,997	399	22,653	803,629
	---------	---------	--------	--------	---------
At 31 December 2023	–	132,654	594	42,842	176,090
	---------	---------	--------	--------	---------

On 31 December 2024, property previously classified as an investment property was reclassified as tangible assets due to a change in use. The property is now being used as part of the day to day running of the business and has been transferred at cost.

6. Investments

	Investment properties
	£
Cost
At 1 January 2024	562,580
Transfers	(562,580)
	---------
At 31 December 2024	–
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	562,580
	---------

On 31 December 2024, property previously classified as an investment property was reclassified as tangible assets due to a change in use. The property is now being used as part of the day to day running of the business and has been transferred at cost.

7. Debtors

	2024	2023
	£	£
Trade debtors	6,101	4,937
Prepayments and accrued income	407	816
Directors loan account	367	367
Other debtors	5,000	8,108
	--------	--------
	11,875	14,228
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	1,414	1,554
Accruals and deferred income	11,346	9,137
Social security and other taxes	751	–
Obligations under finance leases and hire purchase contracts	27,951	17,346
Director loan accounts	53,485	92,819
Other creditors	238,010	164,075
	---------	---------
	332,957	284,931
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	64,066	10,000
	--------	--------

10. Provisions

	Deferred tax (note 11)
	£
At 1 January 2024	5,322
Additions	( 7,946)
	-------
At 31 December 2024	( 2,624)
	-------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 10)	( 2,624)	5,322
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	45,799	33,457
Unused tax losses	( 48,423)	( 28,135)
	--------	--------
	(2,624)	5,322
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary A shares of £ 1 each	2	2	2	2
Ordinary B shares of £ 1 each	2	2	2	2
	----	----	----	----
	4	4	4	4
	----	----	----	----

The 'A' shares and 'B' shares rank pari passu in all respects save that they constitute separate classes of shares in relation to which different dividends may be declared, and the Class B shares carry no voting rights.

13. Director's advances, credits and guarantees

At the year there was a balance owed by Mr M Gibbons of £367 (2023: £367) to the company, and a balance owed to Mrs S Powell of £53,485 (2023: £92,819) from the company.

14. Related party transactions

At the year end there is a balance of £238,010 (2023: £164,075) shown within other creditors owed to Mr S R Powell , a family member of Mrs S J Powell who served as a director during the financial year.