Company Registration No. 04852789 (England and Wales)
AGOG CREATIVE EFFECTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
AGOG CREATIVE EFFECTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
AGOG CREATIVE EFFECTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
35,214
46,210
Current assets
Stocks
14,500
18,500
Debtors
5,816
14,673
Cash at bank and in hand
40
35
20,356
33,208
Creditors: amounts falling due within one year
(34,099)
(41,295)
Net current liabilities
(13,743)
(8,087)
Total assets less current liabilities
21,471
38,123
Creditors: amounts falling due after more than one year
(11,333)
(15,333)
Provisions for liabilities
(6,698)
(8,972)
3,440
13,818
Capital and reserves
Called up share capital
3
10
10
Profit and loss account
3,430
13,808
Shareholders'  funds
3,440
13,818
AGOG CREATIVE EFFECTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2016
31 July 2016
- 2 -
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 April 2017
J S Troughton
Director
Company Registration No. 04852789
AGOG CREATIVE EFFECTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
AGOG CREATIVE EFFECTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015
114,688
Additions
755
At 31 July 2016
115,443
Depreciation
At 1 August 2015
68,478
Charge for the year
11,751
At 31 July 2016
80,229
Net book value
At 31 July 2016
35,214
At 31 July 2015
46,210
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10 Ordinary shares of £1 each
10
10
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