AGGA Holdings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC612107 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

AGGA HOLDINGS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Dodds

G Gillespie

A McGready

REGISTERED OFFICE:

6 Miller Road

Ayr

Ayrshire

KA7 2AY

REGISTERED NUMBER:

SC612107 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

6 Miller Road

Ayr

KA7 2AY

FIXED ASSETS

Tangible assets

4

33,254

-

CURRENT ASSETS

Debtors

5

14,188

-

Cash at bank and in hand

8,040

100

22,228

100

CREDITORS

Amounts falling due within one year

6

199,501

-

NET CURRENT (LIABILITIES)/ASSETS

(177,273

)

100

TOTAL ASSETS LESS CURRENT LIABILITIES

(144,019

)

100

CREDITORS

Amounts falling due after more than one year

7

(41,667

)

-

PROVISIONS FOR LIABILITIES

(6,318

)

-

NET (LIABILITIES)/ASSETS

(192,004

)

100

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(192,104

)

-

SHAREHOLDERS' FUNDS

(192,004

)

100

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2021 and were signed on its behalf by:

G Gillespie - Director

1.	STATUTORY INFORMATION

AGGA Holdings Ltd is a private company, limited by shares , registered in Scotland. 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.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Going Concern

As at the balance sheet date, the financial statements show that the company has liabilities in excess of assets of £192,004 as a result of losses made to date. The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its

application of FRS 102:

i) The Company has not revisited previous accounting estimates.

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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

8% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors

Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors

Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

Additions

35,385

7,057

1,076

43,518

At 31 March 2021

35,385

7,057

1,076

43,518

DEPRECIATION

Charge for year

8,846

1,059

359

10,264

At 31 March 2021

8,846

1,059

359

10,264

NET BOOK VALUE

At 31 March 2021

26,539

5,998

717

33,254

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

7,737

-

Other debtors

6,451

-

14,188

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

66,211

-

Taxation and social security

3,265

-

Other creditors

121,692

-

199,501

-

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,667

-

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

41,667

-

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary Shares

£1

100

100

9.

RESERVES

Retained

earnings

£

Deficit for the year

(192,104

)

At 31 March 2021

(192,104

)

10.	RELATED PARTY DISCLOSURES

During the year, the company has received interest free loan amounted to £100,000 from M.A.D Creative Solutions Limited. Mr Gareth Gillespie is a common director in the both companies.

11.	POST BALANCE SHEET EVENTS

At the date on which the financial statements were approved, the financial implications arising from the Coronavirus (Covid-19) outbreak, which has affected the UK, are uncertain. The director is reviewing forecasts for an anticipated change in the company's operational activities in the short term. The director is of the opinion that the Covid-19 outbreak is a non-adjusting Post Balance Sheet event and that the company remains a going concern.