A & G PROPERTIES LTD - Filleted accounts

A & G PROPERTIES LTD
Registered number:		06533366
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		208,100			210,500

Current assets
Debtors	3	-			3,579
Cash at bank and in hand		613			489
		613			4,068

Creditors: amounts falling due within one year	4	(38,706)			(35,973)

Net current liabilities			(38,093)			(31,905)

Total assets less current liabilities			170,007			178,595

Creditors: amounts falling due after more than one year	5		(104,311)			(112,874)



Net assets			65,696			65,721

Capital and reserves
Called up share capital			2			2
Revaluation reserve	6		65,663			65,663
Profit and loss account			31			56

Shareholders' funds			65,696			65,721

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mrs C D Gardner
Director
Approved by the board on 15 August 2017

A & G PROPERTIES LTD
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover represents the value, net of VAT, of rents received from properties owned in the UK


	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	nil
	Motor vehicles	over 4 years


	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
		Land and buildings		Motor vehicles		Total
£			£		£
	Cost
	At 1 April 2016	200,500		12,400		212,900
	At 31 March 2017	200,500		12,400		212,900

	Depreciation
	At 1 April 2016	-		2,400		2,400
	Charge for the year	-		2,400		2,400
	At 31 March 2017	-		4,800		4,800

	Net book value
	At 31 March 2017	200,500		7,600		208,100
	At 31 March 2016	200,500		10,000		210,500




3	Debtors			2017		2016
£					£

	Other debtors			-		3,579


4	Creditors: amounts falling due within one year			2017		2016
£					£

	Bank loans and overdrafts			6,060		5,616
	Obligations under finance lease and hire purchase contracts			1,940		1,940
	Amounts owed to group undertakings and undertakings in which the company has a participating interest			-		1,229
	Corporation tax			965		-
	Other taxes and social security costs			692		-
	Other creditors			29,049		27,188
				38,706		35,973


5	Creditors: amounts falling due after one year			2017		2016
£					£

	Bank loans			98,502		105,125
	Obligations under finance lease and hire purchase contracts			5,809		7,749
				104,311		112,874


6	Revaluation reserve			2017		2016
£					£

	At 1 April 2016			65,663		65,663

	At 31 March 2017			65,663		65,663


7	Related party transactions

	Included in other creditors is an amount due to Mr R Gardner £18,672, (2016 £17,488), and Mrs C Gardner £8,687, (2016 £8,162). The loans do not attract interest and have no specific repayment dates


8	Controlling party

	The ultimate control of the company resides with the directors, who are also equal shareholders


9	Other information

	A & G PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
	11, Wheatstone Court,
	Waterwells Business Park,
	Gloucester
	Glos
	GL2 2AQ