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Registered number: 05491759
AGANOVICH LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 28 FEBRUARY 2019
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AGANOVICH LIMITED
REGISTERED NUMBER: 05491759
BALANCE SHEET
AS AT 28 FEBRUARY 2019
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2021.
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Brooke Peter Taylor
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AGANOVICH LIMITED
REGISTERED NUMBER: 05491759
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2019
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
Aganovich Limited is a private limited company by share capital, incorporated in England and Wales, registration number 05491759. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements are not being prepared on a going concern basis as the director plans to dissolve the company in 2021. The financial statements have been prepared on a break-up basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
I have assumed that the lenders have forgiven their loans
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The average monthly number of employees, including directors, during the year was 2 (2018 - 2).
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
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Charge for the year on owned assets
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Investments in subsidiary companies
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The investment in shares in group undertakings represents an investment in La Quincaillerie Sarl, a company incorporated in France and wholly owned by Aganovich Ltd. La Quincaillerie Sarl is the primary trading company within the group.
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
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Due after more than one year
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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AGANOVICH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
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Creditors: Amounts falling due after more than one year
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The long term loan is not evidenced in writing. The loan holder, Lulu Yu is a shareholder of the company and has agreed to not call in any part of the loan for at least 12 months from the date of signing these financial statements.
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Other reserves
Enter user text here - user input
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Related party transactions
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During the year the company made the following related party transactions:
La Quincaillerie SARL
Within amounts owed by group undertakings: At the balance sheet, the amount owed from La
Quincaillerie SARL was £0 (2018: £4,069,785). The loan of £4,619,968 was written off during the year since the debtor is unable to settle the debt and is being dissolved in 2021. The loan is interest free and repayable on demand.
Lulu Yu
(Loan from Lulu Yu, a minority shareholder)
Within creditors over one year: At the balance sheet, the amount due to Lulu Yu was £0 (2018: £6,060,115). The loan is interest free and repayable on demand. The directors consider that the loan will be repaid within a few years.
Directors loan account
(Loan from Brooke Taylor and Nana Aganovich, directors of the company)
Within creditors over one year: At the balance sheet, the amount due to Brooke Taylor and Nana Aganovich was £0 and £0 respectively (2018: £8,694 each, totalling £17,388). The loan is interest free and repayable on demand. The directors consider that the loan will be repaid within a few years.
Burr Taylor
(Burr Taylor is the brother of the director Brooke Taylor)
Within creditors less than one year: At the balance sheet, the amount due to Burr Taylor was £0 (2018: £40,000). The loan is interest free and repayable on demand. The directors consider that the loan will be repaid within a year.
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