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Agstratus Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Agstratus Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Agstratus Limited

Company Information

Directors

M Chambers K Chambers

Registered office

Loxfold Guildford Road Little Bookham Surrey KT23 4HT

Accountants

NA Associates LLP Chartered Certified Accountants Woodgate Studios 2-8 Games Road Cockfosters Hertfordshire EN4 9HN

Page 1

Agstratus Limited

(Registration number: 06966242)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,035	1,380
Current assets
Stocks	5	59,158	65,049
Debtors	6	381	1,000
Cash at bank and in hand		20,427	16,010
		79,966	82,059
Creditors: Amounts falling due within one year	7	(52,804)	(53,374)
Net current assets		27,162	28,685
Net assets		28,197	30,065
Capital and reserves
Called up share capital		2	2
Profit and loss account		28,195	30,063
Total equity		28,197	30,065

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 April 2018 and signed on its behalf by:
 

.........................................

M Chambers

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Agstratus Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Loxfold
Guildford Road
Little Bookham
Surrey
KT23 4HT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Agstratus Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Fixtures, fittings, tools and equipment	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 4

Agstratus Limited

Notes to the Financial Statements for the Year Ended 31 July 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2016	5,007	5,007
At 31 July 2017	5,007	5,007
Depreciation
At 1 August 2016	3,627	3,627
Charge for the year	345	345
At 31 July 2017	3,972	3,972
Carrying amount
At 31 July 2017	1,035	1,035
At 31 July 2016	1,380	1,380

5

Stocks

	2017 £	2016 £
Other inventories	59,158	65,049

6

Debtors

	2017 £	2016 £
Prepayments	-	1,000
Other debtors	381	-
	381	1,000

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Taxation and social security	778	339
Accruals and deferred income	2,046	2,046
Other creditors	49,980	50,989
	52,804	53,374

Page 5

Agstratus Limited

Notes to the Financial Statements for the Year Ended 31 July 2017