AGS Oilfield Services Limited - Filleted accounts

Registered number

03567166

AGS Oilfield Services Limited

Unaudited Filleted Accounts

28 February 2025

AGS Oilfield Services Limited
Registered number:		03567166
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		17,419			19,758

Current assets
Stocks		497,199			205,762
Debtors	4	460,071			646,693
Cash at bank and in hand		108,720			73,651
		1,065,990			926,106

Creditors: amounts falling due within one year	5	(328,658)			(130,933)

Net current assets			737,332			795,173

Total assets less current liabilities			754,751			814,931

Creditors: amounts falling due after more than one year	6		-			(32,558)

Provisions for liabilities			-			(2,882)


Net assets			754,751			779,491

Capital and reserves
Called up share capital			20,000			20,000
Profit and loss account			734,751			759,491

Shareholders' funds			754,751			779,491

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 members have 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.




M A Roberts
Director
Approved by the board on 20 November 2025

AGS Oilfield Services Limited
Notes to the Accounts
for the year ended 28 February 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold improvements			10% reducing balance
	Fixtures, fittings and equipment			10% reducing balance
	Motor vehicles			20% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					2		2


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 March 2024	21,118		30,266		28,047		79,431
	At 28 February 2025	21,118		30,266		28,047		79,431

	Depreciation
	At 1 March 2024	16,530		18,198		24,945		59,673
	Charge for the year	459		1,260		620		2,339
	At 28 February 2025	16,989		19,458		25,565		62,012

	Net book value
	At 28 February 2025	4,129		10,808		2,482		17,419
	At 29 February 2024	4,588		12,068		3,102		19,758


4	Debtors					2025		2024
£							£

	Trade debtors					300,980		366,104
	Other debtors					159,091		280,589
						460,071		646,693


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					-		15,542
	Trade creditors					320,263		94,423
	Taxation and social security costs					307		3,788
	Other creditors					8,088		17,180
						328,658		130,933


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Other creditors					-		32,558


7	Other information

	AGS Oilfield Services Limited is a private company limited by shares and incorporated in England. Its registered office is:

	Suite 4A Elmhurst
	98-106 High Road
	South Woodford
	E18 2QH