A G Group Limited 31/03/2019 iXBRL

A G Group Limited 31/03/2019 iXBRL

AG GROUP LIMITED - Company Information

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31/03/2019 2019-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01601613 2018-04-01 2019-03-31 01601613 2019-03-31 01601613 2018-03-31 01601613 2017-04-01 2018-03-31 01601613 2018-03-31 01601613 2017-03-31 01601613 core:FurnitureFittingsToolsEquipment 2018-04-01 2019-03-31 01601613 core:MotorVehicles 2018-04-01 2019-03-31 01601613 bus:RegisteredOffice 2018-04-01 2019-03-31 01601613 bus:LeadAgentIfApplicable 2018-04-01 2019-03-31 01601613 bus:Director1 2018-04-01 2019-03-31 01601613 bus:Director2 2018-04-01 2019-03-31 01601613 bus:Director3 2018-04-01 2019-03-31 01601613 core:RetainedEarningsAccumulatedLosses 2017-04-01 2018-03-31 01601613 core:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 01601613 core:WithinOneYear 2019-03-31 01601613 core:WithinOneYear 2018-03-31 01601613 core:ShareCapital 2019-03-31 01601613 core:ShareCapital 2018-03-31 01601613 core:ShareCapital 2017-03-31 01601613 core:BetweenOneFiveYears 2019-03-31 01601613 core:BetweenOneFiveYears 2018-03-31 01601613 bus:Director2 2018-03-31 01601613 bus:Director3 2018-03-31 01601613 bus:Director2 2018-03-31 01601613 bus:Director3 2018-03-31 01601613 bus:Director1 2017-04-01 2018-03-31 01601613 bus:Director2 2017-04-01 2018-03-31 01601613 bus:Director3 2017-04-01 2018-03-31 01601613 bus:SmallEntities 2018-04-01 2019-03-31 01601613 bus:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 01601613 bus:AbridgedAccounts 2018-04-01 2019-03-31 01601613 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 01601613 bus:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 01601613 1 2018-04-01 2019-03-31
Statement of consent to prepare abridged financial statements
All of the members of A G Group Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.
hewitts
chartered certified accountants
Company registration number: 01601613
A G Group Limited
Unaudited filleted abridged financial statements
31 March 2019
11 Venture One Business Park, Long Acre Close, Sheffield, S20 3FR.
Tel 0114 276 4440 Fax 0114 247 4492
www.hewittsaccountants.co.uk
enquiries@hewittsaccountants.co.uk
A G Group Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
A G Group Limited
Directors and other information
Directors J Parkin
A Crowder
A Parkin
Company number 01601613
Registered office Canon House
Harvest Lane
Sheffield
S3 8EF
Accountants Hewitts
Chartered Certified Accountants
11 Venture One Business Park
Long Acre Close
Sheffield
S20 3FR
A G Group Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of A G Group Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A G Group Limited for the year ended 31 March 2019 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of A G Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A G Group Limited and state those matters that we have agreed to state to the board of directors of A G Group Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A G Group Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that A G Group 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 profit of A G Group Limited. You consider that A G Group 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 A G Group 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.
Hewitts
Chartered Certified Accountants
11 Venture One Business Park
Long Acre Close
Sheffield
S20 3FR
3 December 2019
A G Group Limited
Abridged statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 117,995 120,144
_______ _______
117,995 120,144
Current assets
Stocks 48,223 54,506
Debtors 262,134 291,929
Cash at bank and in hand 201,453 177,765
_______ _______
511,810 524,200
Creditors: amounts falling due
within one year ( 576,659) ( 591,903)
_______ _______
Net current liabilities ( 64,849) ( 67,703)
_______ _______
Total assets less current liabilities 53,146 52,441
Provisions for liabilities ( 3,142) ( 2,437)
_______ _______
Net assets 50,004 50,004
_______ _______
Capital and reserves
Called up share capital 50,004 50,004
_______ _______
Shareholders funds 50,004 50,004
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 December 2019 , and are signed on behalf of the board by:
A Crowder
Director
Company registration number: 01601613
A G Group Limited
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2017 50,004 - 50,004
Profit for the year 135,308 135,308
_______ _______ _______
Total comprehensive income for the year - 135,308 135,308
Dividends paid and payable ( 135,308) ( 135,308)
_______ _______ _______
Total investments by and distributions to owners - ( 135,308) ( 135,308)
_______ _______ _______
At 31 March 2018 and 1 April 2018 50,004 - 50,004
Profit for the year 113,191 113,191
_______ _______ _______
Total comprehensive income for the year - 113,191 113,191
Dividends paid and payable ( 113,191) ( 113,191)
_______ _______ _______
Total investments by and distributions to owners - ( 113,191) ( 113,191)
_______ _______ _______
At 31 March 2019 50,004 - 50,004
_______ _______ _______
A G Group Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Canon House, Harvest Lane, Sheffield, S3 8EF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 30 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2018: 13 ).
5. Tangible assets
£
Cost
At 1 April 2018 344,272
Additions 7,617
Disposals ( 7,443)
_______
At 31 March 2019 344,446
_______
Depreciation
At 1 April 2018 224,127
Charge for the year 6,120
Disposals ( 3,796)
_______
At 31 March 2019 226,451
_______
Carrying amount
At 31 March 2019 117,995
_______
At 31 March 2018 120,145
_______
6. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 27,093 29,969
Later than 1 year and not later than 5 years 28,006 59,619
_______ _______
55,099 89,588
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J Parkin - - - -
A Crowder ( 1,500) 22,476 ( 20,976) -
A Parkin ( 1,500) 23,448 ( 21,948) -
_______ _______ _______ _______
( 3,000) 45,924 ( 42,924) -
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J Parkin - 3,179 ( 3,179) -
A Crowder - 15,213 ( 16,713) ( 1,500)
A Parkin - 13,649 ( 15,149) ( 1,500)
_______ _______ _______ _______
- 32,041 ( 35,041) ( 3,000)
_______ _______ _______ _______
8. Controlling party
The ultimate controlling party is J Parkin.