AGG Electrical Safety Testing Limited Filleted accounts for Companies House (small and micro)

AGG ELECTRICAL SAFETY TESTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06045423

AGG Electrical Safety Testing Limited

Filleted Unaudited Abridged Financial Statements

31 December 2017

AGG Electrical Safety Testing Limited

Abridged Financial Statements

Year Ended 31 December 2017

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 7

AGG Electrical Safety Testing Limited

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5		32,245	40,915

Current Assets

Debtors	150,619	150,476
Cash at bank and in hand	32,186	64,121
	---------	---------
	182,805	214,597

Creditors: amounts falling due within one year	176,049		174,610
	---------		---------
Net Current Assets		6,756	39,987
		--------	--------
Total Assets Less Current Liabilities		39,001	80,902

Creditors: amounts falling due after more than one year		9,546	16,114

Provisions

Taxation including deferred tax	438	–
	--------	--------
Net Assets	29,017	64,788
	--------	--------

Capital and Reserves

Called up share capital	6	2	2
Profit and loss account		29,015	64,786
		--------	--------
Shareholders Funds		29,017	64,788
		--------	--------

These abridged 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 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

AGG Electrical Safety Testing Limited

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 4 July 2018 , and are signed on behalf of the board by:

Mr G Griffiths
Director

Company registration number: 06045423

AGG Electrical Safety Testing Limited

Notes to the Abridged Financial Statements

Year Ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit H1c, Mill 3 The Business Park, Pleasley Vale, Mansfield, Nottinghamshire, NG19 8RL.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006 .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on performance of the service, 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.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant	-	25% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Impairment of fixed assets

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 .

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2016: 25 ).

5. Tangible assets

	£
Cost
At 1 January 2017	70,749
Additions	1,919
	--------
At 31 December 2017	72,668
	--------
Depreciation
At 1 January 2017	29,834
Charge for the year	10,589
	--------
At 31 December 2017	40,423
	--------
Carrying amount
At 31 December 2017	32,245
	--------
At 31 December 2016	40,915
	--------

6. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	–	–	2	2
Ordinary A shares shares of £ 0.01 each	98	1	–	–
Ordinary B Shares shares of £ 0.01 each	98	1	–	–
Ordinary C Shares shares of £ 0.01 each	1	–	–	–
Ordinary D Shares shares of £ 0.01 each	2	–	–	–
Ordinary E Shares shares of £0.01 each	1	–	–	–
	----	----	----	----
	200	2	2	2
	----	----	----	----

On the 22 May 2017 the Ordinary Share Capital of 2 £1 ordinary shares of AGG Electrical Safety Testing Ltd was divided into in 200 £0.01 alphabet shares (98 Ordinary A Shares, 98 Ordinary B Shares, 1 Ordinary C share, 2 Ordinary D shares & 1 Ordinary E share).

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advance and credits with the company .

Balance b/f	Adv. to the director	Amounts repaid	Balance c/f
£	£	£	£

Mr G Griffiths	29,063	36,741	62,128	3,676
Mr A Griffiths	29,655	36,009	61,989	3,675

Beneficial interest was charged on the outstanding loan balance at the official rate of interest throughout the year.