| AG ACQUISITIONS LIMITED |
| Registered number: |
04755074 |
| Balance Sheet |
| as at 31 May 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,361,094 |
|
|
3,219,867 |
| Investments |
4 |
|
|
80 |
|
|
80 |
|
|
|
|
3,361,174 |
|
|
3,219,947 |
|
| Current assets |
| Debtors |
5 |
|
72,566 |
|
|
264,000 |
| Cash at bank and in hand |
|
|
194,608 |
|
|
7,651 |
|
|
|
267,174 |
|
|
271,651 |
|
| Creditors: amounts falling due within one year |
6 |
|
(220,531) |
|
|
(227,102) |
|
| Net current assets |
|
|
|
46,643 |
|
|
44,549 |
|
| Total assets less current liabilities |
|
|
|
3,407,817 |
|
|
3,264,496 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(872,204) |
|
|
(900,888) |
|
| Provisions for liabilities |
|
|
|
(373,853) |
|
|
(374,096) |
|
|
| Net assets |
|
|
|
2,161,760 |
|
|
1,989,512 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Revaluation reserve |
9 |
|
|
1,705,679 |
|
|
1,589,849 |
| Profit and loss account |
|
|
|
455,081 |
|
|
398,663 |
|
| Shareholders' funds |
|
|
|
2,161,760 |
|
|
1,989,512 |
|
|
|
|
|
|
|
|
| The directors are 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 directors acknowledge their 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. |
|
|
|
| Mr A Grant |
| Director |
| Approved by the board on 14 December 2020 |
|
| AG ACQUISITIONS LIMITED |
| Notes to the Accounts |
| for the year ended 31 May 2020 |
|
|
| 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 receivable. Turnover includes revenue earned from the rental of Investment properties. |
|
|
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
Plant and machinery |
20% on reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 June 2019 |
3,211,000 |
|
32,374 |
|
3,243,374 |
|
Surplus on revaluation |
143,000 |
|
- |
|
143,000 |
|
At 31 May 2020 |
3,354,000 |
|
32,374 |
|
3,386,374 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2019 |
- |
|
23,507 |
|
23,507 |
|
Charge for the year |
- |
|
1,773 |
|
1,773 |
|
At 31 May 2020 |
- |
|
25,280 |
|
25,280 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2020 |
3,354,000 |
|
7,094 |
|
3,361,094 |
|
At 31 May 2019 |
3,211,000 |
|
8,867 |
|
3,219,867 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
1,248,222 |
|
1,248,222 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,248,222 |
|
1,248,222 |
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 June 2019 |
80 |
|
|
At 31 May 2020 |
80 |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Amount owed by associated company ( see note 10 below ) |
|
62,000 |
|
262,000 |
|
Other debtors |
10,566 |
|
2,000 |
|
|
|
|
|
|
72,566 |
|
264,000 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans - ( see note 8 below) |
27,500 |
|
26,375 |
|
Amount owed to associated company ( see note 10 below ) |
|
170,000 |
|
170,000 |
|
Corporation tax |
7,576 |
|
6,039 |
|
Other taxes and social security costs |
138 |
|
205 |
|
Other creditors |
15,317 |
|
24,483 |
|
|
|
|
|
|
220,531 |
|
227,102 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans- (see note 8 below) |
872,204 |
|
900,888 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2020 |
|
2019 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
927,263 |
|
927,263 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a mortgage over the company's investment properties, and the maturity date is 22 August 2031. |
|
|
| 9 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 June 2019 |
1,589,849 |
|
1,589,849 |
|
Gain on revaluation of land and buildings |
143,000 |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(27,170) |
|
- |
|
|
At 31 May 2020 |
1,705,679 |
|
1,589,849 |
|
|
|
|
|
|
|
|
|
|
This related to the gain arising on the revaluation of the company's investment properties as at |
|
31 May 2020, based on a valuation conducted by the directors of the company based on market |
|
values. The directors are not aware of any material change in value since the date of valuation. |
|
| 10 |
Related party transactions |
|
|
At the year end, the company owed Regent Developments Limited £170,000 (2019-£170,000) and is disclosed in note 6 above. Regent Developments Limited is an associate company in which AG Acquisitions Limited holds 33.33% shareholdings,
At the year end, the company was owed £62,000 ( 2019 - £262,000 ) from Howgran (UK) Properties Limited, and is disclosed in note 5 above. Howgran (UK) Properties Limited is an associate company in which AG Acquisitions Limited holds 50% shareholdings.
At the year end the Director's loan account was overdrawn by £8,884 (2019 - £ 9,458 credit ).and are disclosed under other debtors and other creditors in notes 5 and 6 above respectively. Interest on the loan is 3% per annum and the loan has been refunded after the year end. |
|
|
| 11 |
Controlling party |
|
|
The company was under the control of Mr Andre C M Grant, a Director throughout the year. |
|
|
| 12 |
Other information |
|
|
AG ACQUISITIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
56 High Road |
|
London |
|
N15 6JU |
