ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 05941063

AGM ASSET HOLDINGS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

AGM ASSET HOLDINGS LIMITED

REGISTERED NUMBER: 05941063

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		184,247		184,247
			184,247		184,247
Current assets
Cash at bank and in hand	5	-		12
		-		12
Creditors: amounts falling due within one year	6	(67,278)		(65,360)
Net current liabilities			(67,278)		(65,348)
Total assets less current liabilities			116,969		118,899
Creditors: amounts falling due after more than one year	7		(99,556)		(100,897)

Net assets			17,413		18,002

Capital and reserves
Called up share capital	1	1
Profit and loss account	17,412	18,001
	17,413	18,002

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2017.

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AGM ASSET HOLDINGS LIMITED

REGISTERED NUMBER: 05941063

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

Mrs S R Metham

Director

The notes on pages 3 to 7 form part of these financial statements.

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AGM ASSET HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

AGM Asset Holdings Limited is a private company limited by shares incorporated in England & Wales. The registered office is Granton Parkway Suite, Parkway Close, Sheffield, S9 4WJ, England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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AGM ASSET HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

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AGM ASSET HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 1 April 2016	184,247
	At 31 March 2017	184,247

	At 31 March 2017	-
	Net book value
	At 31 March 2017	184,247
	At 31 March 2016	184,247

5.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	-	12
Less: bank overdrafts	(99)	-
	(99)	12

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	99	-
Trade creditors	363	363
Corporation tax	-	328
Other creditors	66,453	64,306
Accruals and deferred income	363	363
	67,278	65,360

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AGM ASSET HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

7.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	99,556	100,897
	99,556	100,897

Secured loans

Legal mortgage charges have been taken over the properties at 6 Smith Street, Sheffield and 9 Falding Street, Sheffield.




Amounts falling due after more than 5 years
Bank loans	99,556	100,897
	99,556	100,897
	99,556	100,897

9.	Financial instruments
		2017	2016
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	-	12
	-	12

Financial assets measured at fair value through profit or loss comprise...

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AGM ASSET HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

10.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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