Agricultural Grow Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10529298 (England and Wales)

Agricultural Grow Systems Ltd

Unaudited Financial Statements

for the Year Ended

31 December 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I D Hill

F Roberts

Miss C Westcott

REGISTERED OFFICE:

5 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

REGISTERED NUMBER:

10529298 (England and Wales)

ACCOUNTANTS:

Moffat Gilbert

5 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

FIXED ASSETS

Intangible assets

3

2,143

2,802

CURRENT ASSETS

Stocks

5,861

112

Debtors

4

3,101

3,731

Cash at bank

5,944

2,666

14,906

6,509

CREDITORS

Amounts falling due within one year

5

22,617

15,052

NET CURRENT LIABILITIES

(7,711

)

(8,543

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,568

)

(5,741

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

(5,668

)

(5,841

)

SHAREHOLDERS' FUNDS

(5,568

)

(5,741

)

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 directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 23 September 2019 and were signed on its behalf by:

Miss C Westcott - Director

1.	STATUTORY INFORMATION

Agricultural Grow Systems Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The accounts have been prepared on the going concern basis as the work within the year under review has

consisted mainly of the design and development of the vertical grow system. The directors are now implementing

the system and obtained a substantial order within quarter two of the following financial period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of five years.

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.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

3,297

AMORTISATION

At 1 January 2018

495

Charge for year

659

At 31 December 2018

1,154

NET BOOK VALUE

At 31 December 2018

2,143

At 31 December 2017

2,802

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

1,505

2,438

VAT

1,435

1,293

Prepayments

161

-

3,101

3,731

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

9,205

2,678

Other creditors

5,051

5,051

Directors' current accounts

6,796

6,396

Accrued expenses

1,565

927

22,617

15,052

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 January 2018

(5,841

)

Profit for the year

173

At 31 December 2018

(5,668

)

8.	ULTIMATE CONTROLLING PARTY

The three directors are the joint controlling parties of the company.