The Advertising Gift Works Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02622953 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THE ADVERTISING GIFT WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr R C Yale

SECRETARY:

Mrs M L Yale

REGISTERED OFFICE:

39 New Road

Fair Oak

Eastleigh

Hampshire

SO50 8EN

REGISTERED NUMBER:

02622953 (England and Wales)

FIXED ASSETS

Tangible assets

5

1,470

1,534

CURRENT ASSETS

Stocks

4,269

4,671

Debtors

6

29,460

20,005

Cash at bank

-

1,270

33,729

25,946

CREDITORS

Amounts falling due within one year

7

34,828

27,088

NET CURRENT LIABILITIES

(1,099

)

(1,142

)

TOTAL ASSETS LESS CURRENT LIABILITIES

371

392

PROVISIONS FOR LIABILITIES

279

291

NET ASSETS

92

101

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

90

99

SHAREHOLDERS' FUNDS

92

101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 February 2019 and were signed by:

Mr R C Yale - Director

1.	STATUTORY INFORMATION

The Advertising Gift Works Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done

in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

20% on reducing balance

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 January 2018

43,797

Additions

247

At 31 December 2018

44,044

DEPRECIATION

At 1 January 2018

42,263

Charge for year

311

At 31 December 2018

42,574

NET BOOK VALUE

At 31 December 2018

1,470

At 31 December 2017

1,534

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

15,273

14,333

Other debtors

14,187

5,672

29,460

20,005

Included in other debtors is £140 (2017: £32) in relation to prepayments and accrued income.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

3,494

-

Trade creditors

17,490

16,423

Taxation and social security

3,039

5,098

Other creditors

10,805

5,567

34,828

27,088

Included in other creditors is £1,750 (2017: £1,780) in relation to accruals and deferred income.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

3,494

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

Mr R C Yale

Balance outstanding at start of year

5,640

10,070

Amounts advanced

12,492

9,179

Amounts repaid

(4,301

)

(13,609

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,831

5,640

The loan was unsecured, with interest payable at HM Revenue & Customs rates and will be repaid within nine

months of the year end.