AG Tax Limited Company Accounts

COMPANY REGISTRATION NUMBER: 05058730

AG Tax Limited

Filleted Unaudited Financial Statements

31 March 2017

AG Tax Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

AG Tax Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	8		19,811	28,366

Current assets

Debtors	9	966,887	987,861
Cash at bank and in hand		719,709	711,251
		------------	------------
		1,686,596	1,699,112

Creditors: amounts falling due within one year	10	480,776		748,802
		------------		------------
Net current assets			1,205,820	950,310
			------------	---------
Total assets less current liabilities			1,225,631	978,676
			------------	---------
Net assets			1,225,631	978,676
			------------	---------

Capital and reserves

Called up share capital	12	50,001	50,001
Profit and loss account		1,175,630	928,675
		------------	---------
Shareholders funds		1,225,631	978,676
		------------	---------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 .

AG Tax Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 12 December 2017 , and are signed on behalf of the board by:

A Gammon
Director

Company registration number: 05058730

AG Tax Limited

Notes to the Financial Statements

Year ended 31 March 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 7th Floor, Minster House, 42 Mincing Lane, London, EC3R 7AE.

2. Statement of compliance

These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 16.

Revenue recognition

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold property	-	20% straight line
Office furnitures	-	25% straight line
Motor vehicles	-	25% straight line
Office equipment	-	25% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 8 ).

5. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	64,045	76,189
	--------	--------
Tax on profit	64,045	76,189
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2016: higher than) the standard rate of corporation tax in the UK of 20 % (2016: 20 %).

	2017	2016
	£	£
Profit on ordinary activities before taxation	311,000	366,467
	---------	---------
Profit on ordinary activities by rate of tax	62,200	73,293
Effect of expenses not deductible for tax purposes	197	347
Effect of capital allowances and depreciation	1,648	2,549
	---------	---------
Tax on profit	64,045	76,189
	---------	---------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2017	2016
	£	£
Dividends on equity shares	–	650,000
	----	---------

7. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	511,749
	---------
Amortisation
At 1 April 2016 and 31 March 2017	511,749
	---------
Carrying amount
At 31 March 2017	–
	---------
At 31 March 2016	–
	---------

8. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	30,918	26,757	22,650	93,999	174,324
Additions	–	–	–	3,568	3,568
	--------	--------	--------	--------	---------
At 31 March 2017	30,918	26,757	22,650	97,567	177,892
	--------	--------	--------	--------	---------
Depreciation
At 1 April 2016	19,023	23,854	22,650	80,431	145,958
Charge for the year	4,045	653	–	7,425	12,123
	--------	--------	--------	--------	---------
At 31 March 2017	23,068	24,507	22,650	87,856	158,081
	--------	--------	--------	--------	---------
Carrying amount
At 31 March 2017	7,850	2,250	–	9,711	19,811
	--------	--------	--------	--------	---------
At 31 March 2016	11,895	2,903	–	13,568	28,366
	--------	--------	--------	--------	---------

9. Debtors

	2017	2016
	£	£
Trade debtors	384,358	480,005
Other debtors	582,529	507,856
	---------	---------
	966,887	987,861
	---------	---------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	23,576	17,235
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8,528	3,922
Corporation tax	64,045	76,189
Social security and other taxes	135,347	128,362
Other creditors	249,280	523,094
	---------	---------
	480,776	748,802
	---------	---------

11. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,243 (2016: £ 39,713 ).

12. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares shares of £ 1 each	50,001	50,001	50,001	50,001
	--------	--------	--------	--------

13. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Gammon	( 504,157)	254,877	( 249,280)
	---------	---------	---------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Gammon	( 52,503)	( 451,654)	( 504,157)
	--------	---------	---------

14. Related party transactions

During the year, there is no dividend paid to A Gammon , a director of the company.

15. Controlling party

The company is controlled by A Gammon , a director of the company, by virtue of his holding of 100% of the company's issued share capital.

16. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.