AG. Brands Ltd. - Abbreviated accounts 16.3

REGISTERED NUMBER: 07371356 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2015

for

AG. Brands Ltd.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G Hadjisymeou

A P Hadjisymeou

REGISTERED OFFICE:

2nd Floor

39 Ludgate Hill

London

EC4M 7JN

REGISTERED NUMBER:

07371356 (England and Wales)

ACCOUNTANTS:

RAX Accountancy Limited

Chartered Certified Accountants

8 Vernon Drive

Marple

Stockport

SK6 6JH

FIXED ASSETS

Intangible assets

2

13,284

13,260

Tangible assets

3

2,800

3,020

16,084

16,280

CURRENT ASSETS

Stocks

110,502

67,000

Debtors

16,280

13,357

Cash at bank

271

3,796

127,053

84,153

CREDITORS

Amounts falling due within one year

191,345

123,390

NET CURRENT LIABILITIES

(64,292

)

(39,237

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(48,208

)

(22,957

)

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

(48,308

)

(23,057

)

SHAREHOLDERS' FUNDS

(48,208

)

(22,957

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 April 2017 and were signed on its
behalf by:

G Hadjisymeou - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The major part of the company's working capital requirements are provided via a factor agreement

from Sterling Trade Finance Limited, and loans from the Directors. These amounts are repayable

upon demand. It is anticipated these amounts will be repaid from improving sales in the foreseeable

future.

The Directors have indicated that does they do not anticipate that Sterling Trade Finance Limited will

demand repayment. The Directors have further indicated that they will continue to provide support

for the foreseeable future.

The Directors, having considered the above and made due enquiries, will continue to adopt the going

concern basis in preparing the financial statements which assumes that the company will continue in

operation for the foreseeable future.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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 etc

-

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2014

13,260

Additions

1,500

At 30 September 2015

14,760

AMORTISATION

Amortisation for year

1,476

At 30 September 2015

1,476

NET BOOK VALUE

At 30 September 2015

13,284

At 30 September 2014

13,260

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2014

4,420

Additions

713

At 30 September 2015

5,133

DEPRECIATION

At 1 October 2014

1,400

Charge for year

933

At 30 September 2015

2,333

NET BOOK VALUE

At 30 September 2015

2,800

At 30 September 2014

3,020

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

100

Ordinary

£1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2015

and 30 September 2014:

30.9.15

30.9.14

£

G Hadjisymeou

Balance outstanding at start of year

56,827

111,157

Amounts advanced

15,000

90,011

Amounts repaid

(41,502

)

(144,341

)

Balance outstanding at end of year

30,325

56,827