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Registration number: 10806938

Agasco Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

Agasco Limited

(Registration number: 10806938)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 155,627 | 37,634
Investments | 5 | 37,840 | 37,840
|  | 193,467 | 75,474
Current assets |  |  |
Debtors | 6 | 1,496,919 | 693,831
Cash at bank and in hand |  | 1,447,975 | 1,408,586
|  | 2,944,894 | 2,102,417
Creditors: Amounts falling due within one year | 7 | (137,456) | (636,799)
Net current assets |  | 2,807,438 | 1,465,618
Total assets less current liabilities |  | 3,000,905 | 1,541,092
Deferred tax liabilities | 9 | (32,988) | (9,346)
Net assets |  | 2,967,917 | 1,531,746
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 2,967,817 | 1,531,646
Shareholders' funds |  | 2,967,917 | 1,531,746

For the financial year ending 30 June 2025 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 5 February 2026

B Atkinson
Director

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
122 Bath Road
Cheltenham
GL53 7JX

| 2 | 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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.
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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible fixed assets are measured at cost, less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

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:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line
Motor vehicles | 15% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

| 3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2024 - 4).

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 4 | Tangible assets

| Plant and machinery £ | Motor vehicles £ | Total £
Cost
At 1 July 2024 | 28,535 | 56,490 | 85,025
Additions | 64,422 | 90,922 | 155,344
Disposals | - | (56,490) | (56,490)
At 30 June 2025 | 92,957 | 90,922 | 183,879
Depreciation
At 1 July 2024 | 15,967 | 31,425 | 47,392
Charge for the year | 8,875 | 6,856 | 15,731
Eliminated on disposal | - | (34,871) | (34,871)
At 30 June 2025 | 24,842 | 3,410 | 28,252
Carrying amount
At 30 June 2025 | 68,115 | 87,512 | 155,627
At 30 June 2024 | 8,146 | 29,488 | 37,634

| 5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 37,840 | 37,840

Subsidiaries | £
Cost
At 1 July 2024 | 37,840
Carrying amount
At 30 June 2025 | 37,840
At 30 June 2024 | 37,840

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
AES Engineering (Vietnam) LLC | Vietnam | Ordinary | 100% | 100%
PT Agasco Indonesia | Indonesia | Ordinary | 100% | 100%
Agasco Household Devices Africa Limited | England & Wales | Ordinary | 90% | 90%

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 149,432 | -
Receivables from related parties | 1,280,335 | 649,540
Prepayments | 8,558 | 6,853
Other debtors | 58,594 | 37,438
| 1,496,919 | 693,831

| 7 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | - | 37
Trade creditors |  | 4,015 | 6,571
Corporation tax liability |  | 119,937 | 536,570
Accruals |  | 5,056 | 93,169
Other creditors |  | 8,448 | 452
|  | 137,456 | 636,799

| 8 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank overdrafts | - | 37

Agasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 9 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Fixed asset timing differences | 34,519
Short term timing differences | (1,531)
| 32,988

2024 | Liability £
Fixed asset timing differences | 9,409
Short term timing differences | (63)
| 9,346

| 10 | Related party transactions

Other transactions with the director

At 30 June 2025, the company was owed £658,793 by the director (2024: £101,532) in the form of a directors loan account. The loan is unsecured and repayable on demand. Interest is charged on the loan at the official rate of interest.

Summary of transactions with subsidiaries

At 30 June 2025, the company was owed £592,752 (2024: £527,453) by Agasco Household Devices Africa Limited, a subsidiary of Agasco Limited. The loan is unsecured, interest free and repayable on demand.

At 30 June 2025, the company was owed £28,790 (2024: £20,555) by G13Plus Limited, an associated company of Agasco Limited. The loan is unsecured, interest free and repayable on demand.

| 11 | Parent and ultimate parent undertaking

The company's immediate parent is Glocken Holdings Limited, incorporated in England.

| 12 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 10,750 | -
Later than one year and not later than five years | 16,125 | -
| 26,875 | -

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,271 (2024 - £Nil).