AGM Holdings (UK) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08389853 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

AGM HOLDINGS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A S Davies

M R Davies

G A Davies

SECRETARY:

REGISTERED OFFICE:

Unit 2 Colemeadow Road

Moons Moat North Industrial Estate

Redditch

B98 9PB

REGISTERED NUMBER:

08389853 (England and Wales)

ACCOUNTANTS:

CHEADLES

Chartered Accountants

Telegraph House

59 Wolverhampton Road

Stafford

Staffordshire

ST17 4AW

FIXED ASSETS

Tangible assets

4

610,000

465,000

Investments

5

200

200

Investment property

6

31,274

31,274

641,474

496,474

CURRENT ASSETS

Debtors

7

159,343

173,871

Cash at bank

5,357

16,363

164,700

190,234

CREDITORS

Amounts falling due within one year

8

62,125

55,160

NET CURRENT ASSETS

102,575

135,074

TOTAL ASSETS LESS CURRENT LIABILITIES

744,049

631,548

CREDITORS

Amounts falling due after more than one year

9

(214,682

)

(232,909

)

PROVISIONS FOR LIABILITIES

(74,761

)

(47,211

)

NET ASSETS

454,606

351,428

CAPITAL AND RESERVES

Called up share capital

604

600

Fair value reserve

10

295,034

-

Retained earnings

158,968

350,828

SHAREHOLDERS' FUNDS

454,606

351,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 16 June 2023 and were signed on its behalf by:

M R Davies - Director

1.	STATUTORY INFORMATION

AGM Holdings (UK) Limited 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.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

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.

Land and buildings

-

not provided

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 January 2022

465,000

Revaluations

145,000

At 31 December 2022

610,000

NET BOOK VALUE

At 31 December 2022

610,000

At 31 December 2021

465,000

Cost or valuation at 31 December 2022 is represented by:

Land and

buildings

£

Valuation in 2018

465,000

Valuation in 2022

145,000

610,000

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

200

NET BOOK VALUE

At 31 December 2022

200

At 31 December 2021

200

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

31,274

NET BOOK VALUE

At 31 December 2022

31,274

At 31 December 2021

31,274

7.

DEBTORS

31.12.22

31.12.21

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

1,093

621

Other debtors

8,250

8,250

9,343

8,871

Amounts falling due after more than one year:

Other debtors

150,000

165,000

Aggregate amounts

159,343

173,871

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

18,227

17,704

Taxation and social security

32,723

23,882

Other creditors

11,175

13,574

62,125

55,160

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

214,682

232,909

10.

RESERVES

Fair

value

reserve

£

Reserve transfer

295,034

At 31 December 2022

295,034

11.	RELATED PARTY DISCLOSURES

During the year, AGM Holdings (UK) Limited charged Classic Kitchens (Redditch) Limited, a wholly owned subsidiary, rent of £20,040 (2021: £20,040), and management fees of £160,000. (2021: £160,000).

Dividends were paid from Classic Kitchens (Redditch) Limited, of £40,000 (2021: £115,000).

At the balance sheet date, AGM Holdings (UK) Limited was owed £158,334 by Classic Kitchens (Redditch) Limited (2021: £172,489). Of this, £150,000 is deemed to be due within one year and one day.

All transactions were on commercial terms.

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, who together own 100% of the voting share capital.

13.	SHORT TERM EMPLOYEE BENEFITS

The holiday pay year end coincides with the financial year end of the business and so there are no accrued holidays not taken at the balance sheet date.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AGM Holdings (UK) Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of AGM Holdings (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of AGM Holdings (UK) Limited and state those matters that we have agreed to state to the Board of Directors of AGM Holdings (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGM Holdings (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that AGM Holdings (UK) Limited 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 AGM Holdings (UK) Limited. You consider that AGM Holdings (UK) Limited 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 AGM Holdings (UK) Limited. 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.

CHEADLES

Chartered Accountants

Telegraph House

59 Wolverhampton Road

Stafford

Staffordshire

ST17 4AW

16 June 2023