Agile Business Improvement Limited
Agile Business Improvement Limited
Registered number: 09098477
Unaudited Financial Statements
For The Year Ended 30 June 2017
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Chartered Certified Accountants
Suite 25 Ela Mill
Cork Street
Bury
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Agile Business Improvement Limited
Unaudited Financial Statements
For The Year Ended 30 June 2017
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—4 |
Agile Business Improvement Limited
Balance Sheet
As at
30 June 2017
Balance Sheet
Registered number:
09098477
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 49,072 | 33,622 | |||
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 2 to 4 form part of these financial statements.
Page 1
Agile Business Improvement Limited
Notes to the Unaudited Accounts
For The Year Ended 30 June 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are the first financial statements prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the 'UK and Republic of Ireland' (FRS 102). The financial statements for the year ended 30 June 2016 were prepared in accordance w ith Financial Reporting Standard for Smaller Entities (effective January 2015).
Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply w ith FRS 102. The directors have also taken advantage of certain exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Comparative figures have been restated to reflect the adjustments made, except to the extent that the directors have taken advantage of exemptions to retrospective application of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'. Adjustments are recognised directly in retained earnings at the transition date.
1.2.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts. Sales are recognised at the point the company has fulfilled its contractual obligations to the customer. Maintenance contract income is recognised in monthly equal instalments over the life of the contract.
1.3.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.4.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Page 2
Agile Business Improvement Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
4.
Debtors
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT | - |
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Amounts owed by associates |
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5.
Creditors: Amounts Falling Due Within One Year
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£ | £ | ||
Trade creditors |
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Corporation tax |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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7.
Dividends
2017 | 2016 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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- | 25,000 | ||
8.
Related Party Transactions
Included in debtors is an amount owing of £72,100 (2016 : £nil) from Agile Group Systems & Services Limited, a company in which Mr Mark Hughes and Mr Philip Jones are equal shareholders and directors in the business.
Also included in debtors is an amount of £30,444 (2016 : £21,312 Restated) owing from Redthorn Systems Consulting Ltd, a company in which Mr Mark Hughes and Mr Philip Jones are directors.
Included in creditors is an amount of £4,610 (2016 : £2,448) owing to Mr Mark Hughes and £4,610 (2016 : £2,448) owing to Mr Philip Jones, both are directors and equal shareholders in the business.
Page 3
Agile Business Improvement Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
9.
Ultimate Controlling Party
The company's ultimate controlling parties are Mr Mark Hughes and Mr Philip Jones by virtue of their equal and joint ownership of 100% of the issued share capital in the company.
10.
General Information
Agile Business Improvement Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09098477 . The registered office is 28 Momentum Place, Bamber Bridge, Preston, Lancashire, PR5 6EF.
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