| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| FOR |
| AG SILVER LIMITED |
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| FOR |
| AG SILVER LIMITED |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| AG SILVER LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| ABBREVIATED BALANCE SHEET |
| 31 MARCH 2012 |
| 31.3.12 | 31.3.11 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT |
| LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
3 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 MARCH 2012 |
| The financial statements were approved by the Board of Directors on by: |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| 1. | ACCOUNTING POLICIES |
| 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 April 2008). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Fixtures & equipment | - |
| Motor vehicles | - |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2011 |
| Additions |
| At 31 March 2012 |
| DEPRECIATION |
| At 1 April 2011 |
| Charge for year |
| At 31 March 2012 |
| NET BOOK VALUE |
| At 31 March 2012 |
| At 31 March 2011 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.12 | 31.3.11 |
| value: | £ | £ |
| ordinary | £1 |
| AG SILVER LIMITED (REGISTERED NUMBER: 04047398) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2012 |
| 5. | RELATED PARTY DISCLOSURES |
| Unit Ten (Norwich) Ltd and Norfolk Jewellery Service Ltd are related parties as they are owner managed |
| businesses, controlled by Mr J H Maddocks. J H Maddocks is the company secretary of Ag Silver Ltd, and |
| father of the director C V Maddocks. |
| Transactions entered into during the year ending 31 March 2012 with Unit Ten (Norwich) Ltd, at arms length |
| and net of VAT are as follows:- |
| 2012 | 2011 |
| £ | £ |
| Goods sold/recharged for resale | NIL | NIL |
| Overheads recharged | NIL | NIL |
| Management fee income | NIL | NIL |
| Expenditure incurred:- |
| Goods purchased for resale | NIL | NIL |
| Management fee costs | NIL | NIL |
| Other overheads | 17,413 | 27,457 |
| Fixed asset additions | NIL | NIL |
| 2012 | 2011 |
| £ | £ |
| Amount included in Trade debtors | NIL | 7,410 |
| Amount included in Other debtors as a prepaid expense | 66,147 | 68,000 |
| Amount include in Other debtors as a loan | 16,417 | 16,417 |
| Amount included in Trade creditors | NIL | NIL |
| Amount included in Other creditors as an accrued expense | NIL | NIL |
| Amount included in Other creditors as a loan | NIL | NIL |
| Transactions entered into during the year ending 31 March 2012 with Norfolk Jewellery Services Ltd at arms |
| length and net of VAT are as follows:- |
| 2012 | 2011 |
| £ | £ |
| Goods & services sold | 50,317 | 89,799 |
| Goods & services recharged | 594 | 1,273 |
| Management fee income | NIL | NIL |
| Expenses incurred:- |
| Goods purchased for resale | 408 | 197 |
| Management fee costs | NIL | NIL |
| Other overheads | 43 | 96 |
| 2012 | 2011 |
| £ | £ |
| Amount included in Trade debtors | 75,874 | 96,174 |
| Amount included in Other debtors as a prepaid expense | 1,100 | 1,100 |
| Amount included in Other debtors as a loan | NIL | NIL |
| Amount included in Trade creditors | NIL | NIL |
| Amount included in Other creditors as an accrued expense | NIL | NIL |
| Amount included in Other creditors as a loan | NIL | NIL |
| Ag Silver Ltd, Unit Ten (Norwich) Ltd and Norfolk Jewellery Service Ltd are all under the control and influence |
| of J H Maddocks Esq. |