REGISTERED NUMBER: |
AGWOOD LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
REGISTERED NUMBER: |
AGWOOD LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
AGWOOD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Delandale House |
37 Old Dover Road |
Canterbury |
Kent |
CT1 3JF |
BANKERS: |
Ashford Business Centre |
86 High Street |
Ashford |
Kent |
TN24 8TL |
SOLICITORS: |
1 St. Margaret's Street |
Canterbury |
Kent |
CT1 2TT |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
1. | STATUTORY INFORMATION |
Agwood Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
The company transitioned from previously extant Financial Reporting Standard for Smaller Entities to Section |
1A of FRS 102 as at 1 January 2016. The introduction of Section 1A of FRS 102 has had no significant impact on |
the accounting policies adopted by the company. |
The financial statements are produced in sterling (£) which is also the functional currency for the company and |
rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
After reviewing the company's forecasts and projections and taking into account the economic conditions and |
possible changes in trading performance, the officers of the company have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. The |
company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of trade discounts and |
value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. |
The policies adopted for the recognition of turnover are as follows: |
Sale of goods: |
Turnover from the sale of wholegoods is recognised when the significant risks and rewards of ownership of the |
goods has transferred to the buyer. The amount of turnover can be measured reliably, as it is probable that |
the economic benefits associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. |
Rendering of services: |
Turnover from servicing and warranty work is recognised by reference to the stage of completion of the |
activity. The stage of completion of the activity is measured by comparing the costs incurred for the work |
performed to date to the total estimated costs of the activity. Turnover is only recognised to the extent of |
recoverable expenses when the outcome of an activity cannot be estimated reliably. |
Interest income: |
Interest income is recognised using the effective interest method (the true value of the amount receivable |
during the year). |
Bonuses and incentives: |
Turnover from bonuses and incentives are recognised in the period to which the target driven bonus or |
incentive is achieved. |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Stocks and work in progress |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Costs includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. |
Cost of parts stocks is calculated using the average price method and are fully written down after 36 months of |
inactivity. Work in progress is the value of labour applied to parts being used for partially completed workshop |
repairs and maintenance work. |
Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Financial instruments |
Financial instruments are classified, and accounted for, according to the substance of the contractual |
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. 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 |
balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued |
non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances |
that apply to the sale of the asset. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to |
the balance sheet date and that a payment will be required in settlement that can be estimated reliably. |
Where material, provisions are calculated on a discounted basis. |
Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of the future |
receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are |
subsequently measured at amortised cost using the effective interest method less any impairment. |
Trade and other payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value |
net of their transaction costs. They are subsequently measured at amortised cost using the effective interest |
method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | and | Motor |
leasehold | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 | 4,625 | 36,487 | 84,975 | 13,002 | 139,089 |
The net book value of property, plant and equipment includes £ 92,130 (2016 - £ 90,341 ) in respect of assets |
held under hire purchase contracts. |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
AGWOOD LIMITED (REGISTERED NUMBER: 04520631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
8. | LEASING AGREEMENTS - continued |
Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Hire purchase contracts | 51,362 | 47,180 |
10. | CAPITAL COMMITMENTS |
The company has sold items of machinery to a finance company where there is a possibility that the finance |
company may request the company to buy back those items of machinery at some point in the future. At |
31 December 2017 the liability was estimated to be £160,000 (2016 - £319,000). |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
I P Wood has given personal guarantees in respect of the company's bank borrowings and to two of the |
company's suppliers. |
12. | ULTIMATE CONTROLLING PARTY |
The company was under the control of I P Wood, the sole director and shareholder, throughout the period. |