A G F Fire Protection Ltd 31/10/2021 iXBRL

A G F Fire Protection Ltd 31/10/2021 iXBRL

A G F FIRE PROTECTION LTD - Company Information

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Company registration number: 04901740
A G F Fire Protection Ltd
Unaudited filleted financial statements
31 October 2021
A G F Fire Protection Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
A G F Fire Protection Ltd
Directors and other information
Directors Mr K Lambert
Mrs J Lambert
Secretary Mrs J Lambert
Company number 04901740
Registered office Unit B
24-26 Boulton Road
Stevenage
Herts
SG1 4QX
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Herts
SG5 1NQ
A G F Fire Protection Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of A G F Fire Protection Ltd
Year ended 31 October 2021
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 F Fire Protection Ltd for the year ended 31 October 2021 which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of A G F Fire Protection Ltd, 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 F Fire Protection Ltd and state those matters that we have agreed to state to the board of directors of A G F Fire Protection Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A G F Fire Protection Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that A G F Fire Protection Ltd 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 F Fire Protection Ltd. You consider that A G F Fire Protection Ltd 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 F Fire Protection Ltd. 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.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Herts
SG5 1NQ
20 April 2022
A G F Fire Protection Ltd
Statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 112,460 114,385
_______ _______
112,460 114,385
Current assets
Stocks 7,224 7,625
Debtors 7 309,572 206,774
Cash at bank and in hand 202,533 222,633
_______ _______
519,329 437,032
Creditors: amounts falling due
within one year 8 ( 285,679) ( 256,942)
_______ _______
Net current assets 233,650 180,090
_______ _______
Total assets less current liabilities 346,110 294,475
Creditors: amounts falling due
after more than one year 9 ( 107,962) ( 134,493)
Provisions for liabilities ( 1,761) ( 1,513)
_______ _______
Net assets 236,387 158,469
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 236,385 158,467
_______ _______
Shareholders funds 236,387 158,469
_______ _______
For the year ending 31 October 2021 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 Section 1A of 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 April 2022 , and are signed on behalf of the board by:
Mr K Lambert
Director
Company registration number: 04901740
A G F Fire Protection Ltd
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Niall House, Unit B, 24-26 Boulton Road, Stevenage, Herts, SG1 4QX.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2020: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2020 and 31 October 2021 46,842 46,842
_______ _______
Amortisation
At 1 November 2020 and 31 October 2021 46,842 46,842
_______ _______
Carrying amount
At 31 October 2021 - -
_______ _______
At 31 October 2020 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2020 4,159 256,614 260,773
Additions - 69,990 69,990
Disposals - ( 66,213) ( 66,213)
_______ _______ _______
At 31 October 2021 4,159 260,391 264,550
_______ _______ _______
Depreciation
At 1 November 2020 3,634 142,754 146,388
Charge for the year 131 37,356 37,487
Disposals - ( 31,785) ( 31,785)
_______ _______ _______
At 31 October 2021 3,765 148,325 152,090
_______ _______ _______
Carrying amount
At 31 October 2021 394 112,066 112,460
_______ _______ _______
At 31 October 2020 525 113,860 114,385
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 278,756 171,909
Other debtors 30,816 34,865
_______ _______
309,572 206,774
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 54,213 36,733
Trade creditors 49,765 59,225
Corporation tax 64,264 55,212
Social security and other taxes 78,450 55,815
Other creditors 38,987 49,957
_______ _______
285,679 256,942
_______ _______
Included in other creditors are obligations under hire purchase agreements of £22,571 (2020: £33,114), which are secured by the company on the assets subject to the agreement.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 76,035 115,210
Other creditors 31,927 19,283
_______ _______
107,962 134,493
_______ _______
Included in other creditors are obligations under hire purchase agreements of £31,927 (2020: £19,283), which are secured by the company on the assets subject to the agreement.
10. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2021 2020
£ £
Mr K Lambert 33 33
_______ _______