AG Construction (Hilton) Ltd - Accounts to registrar (filleted) - small 18.2

AG CONSTRUCTION (HILTON) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Gardiner

Miss H V Sellers

REGISTERED OFFICE:

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

REGISTERED NUMBER:

11582377 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

86,559

17,951

CURRENT ASSETS

Stocks

8,000

-

Debtors

5

630,617

163,633

Cash at bank

146,320

38,851

784,937

202,484

CREDITORS

Amounts falling due within one year

6

743,440

218,223

NET CURRENT ASSETS/(LIABILITIES)

41,497

(15,739

)

TOTAL ASSETS LESS CURRENT LIABILITIES

128,056

2,212

CREDITORS

Amounts falling due after more than one year

7

(107,029

)

(11,128

)

PROVISIONS FOR LIABILITIES

9

(6,300

)

-

NET ASSETS/(LIABILITIES)

14,727

(8,916

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

14,725

(8,918

)

SHAREHOLDERS' FUNDS

14,727

(8,916

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2021 and were signed on its behalf by:

Miss H M Smith - Director

1.	STATUTORY INFORMATION

AG Construction (Hilton) 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.

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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stocks

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

Work in progress is valued at cost plus attributable profits where appropriate, less foreseeable losses. This is the value of work done as reflected in turnover. For contracts where the value of work done exceeds progress payments, the excess is included in debtors as amounts recoverable on contracts. For contracts where progress payments exceed the value of work done, the excess is included in creditors as payments on account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives..

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

18,840

308

19,148

Additions

73,400

3,061

76,461

At 31 March 2021

92,240

3,369

95,609

DEPRECIATION

At 1 April 2020

1,178

19

1,197

Charge for year

7,473

380

7,853

At 31 March 2021

8,651

399

9,050

NET BOOK VALUE

At 31 March 2021

83,589

2,970

86,559

At 31 March 2020

17,662

289

17,951

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

336,505

34,018

Amounts recoverable on contracts

30,057

23,716

Other debtors

264,055

105,899

630,617

163,633

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,500

-

Hire purchase contracts

19,065

3,787

Payments on account

123,410

1,124

Trade creditors

440,433

163,106

Taxation and social security

7,054

4,203

Other creditors

145,978

46,003

743,440

218,223

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,500

-

Hire purchase contracts

64,529

11,128

107,029

11,128

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

83,594

14,915

The hire purchase agreements are secured against the company motor vehicles.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

6,300

-

Deferred

tax

£

Charge to Statement of Income and Retained Earnings during year

6,300

Balance at 31 March 2021

6,300

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

NIL

Ordinary A

£1

-

1

NIL

Ordinary B

£1

-

1

2

Ordinary

£1

2

-

2

2

During the year the Ordinary A and Ordinary B shares were cancelled and replaced by Ordinary shares.