IRIS Accounts Production v17.3.1.106 04520631 director 1.1.17 31.12.17 31.12.17 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure045206312016-12-31045206312017-12-31045206312017-01-012017-12-31045206312015-12-31045206312016-01-012016-12-31045206312016-12-3104520631ns15:EnglandWales2017-01-012017-12-3104520631ns14:PoundSterling2017-01-012017-12-3104520631ns10:Director12017-01-012017-12-3104520631ns10:PrivateLimitedCompanyLtd2017-01-012017-12-3104520631ns10:SmallEntities2017-01-012017-12-3104520631ns10:AuditExempt-NoAccountantsReport2017-01-012017-12-3104520631ns10:SmallCompaniesRegimeForDirectorsReport2017-01-012017-12-3104520631ns10:SmallCompaniesRegimeForAccounts2017-01-012017-12-3104520631ns10:FullAccounts2017-01-012017-12-3104520631ns10:RegisteredOffice2017-01-012017-12-3104520631ns5:CurrentFinancialInstruments2017-12-3104520631ns5:CurrentFinancialInstruments2016-12-3104520631ns5:Non-currentFinancialInstruments2017-12-3104520631ns5:Non-currentFinancialInstruments2016-12-3104520631ns5:ShareCapital2017-12-3104520631ns5:ShareCapital2016-12-3104520631ns5:RetainedEarningsAccumulatedLosses2017-12-3104520631ns5:RetainedEarningsAccumulatedLosses2016-12-3104520631ns5:LandBuildingsns5:ShortLeaseholdAssets2017-01-012017-12-3104520631ns5:FurnitureFittings2017-01-012017-12-3104520631ns5:MotorVehicles2017-01-012017-12-3104520631ns5:ComputerEquipment2017-01-012017-12-3104520631ns5:LandBuildingsns5:ShortLeaseholdAssets2016-12-3104520631ns5:FurnitureFittings2016-12-3104520631ns5:MotorVehicles2016-12-3104520631ns5:ComputerEquipment2016-12-3104520631ns5:LandBuildingsns5:ShortLeaseholdAssets2017-12-3104520631ns5:FurnitureFittings2017-12-3104520631ns5:MotorVehicles2017-12-3104520631ns5:ComputerEquipment2017-12-3104520631ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-12-3104520631ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-12-3104520631ns5:HirePurchaseContractsns5:WithinOneYear2017-12-3104520631ns5:HirePurchaseContractsns5:WithinOneYear2016-12-3104520631ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2017-12-3104520631ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2016-12-3104520631ns5:HirePurchaseContracts2017-12-3104520631ns5:HirePurchaseContracts2016-12-3104520631ns5:CurrentFinancialInstrumentsns5:HirePurchaseContractsns5:WithinOneYear2017-12-3104520631ns5:CurrentFinancialInstrumentsns5:HirePurchaseContractsns5:WithinOneYear2016-12-3104520631ns5:WithinOneYear2017-12-3104520631ns5:WithinOneYear2016-12-3104520631ns5:BetweenOneFiveYears2017-12-3104520631ns5:BetweenOneFiveYears2016-12-3104520631ns5:AllPeriods2017-12-3104520631ns5:AllPeriods2016-12-31


REGISTERED NUMBER: 04520631 (England and Wales)


















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: I P Wood



REGISTERED OFFICE: Delandale House
37 Old Dover Road
Canterbury
Kent
CT1 3JF



REGISTERED NUMBER: 04520631 (England and Wales)



ACCOUNTANTS: Wilkins Kennedy LLP
Delandale House
37 Old Dover Road
Canterbury
Kent
CT1 3JF



BANKERS: Barclays Bank PLC
Ashford Business Centre
86 High Street
Ashford
Kent
TN24 8TL



SOLICITORS: Beadle Pitt and Gottschalk
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 4 142,327 139,089

CURRENT ASSETS
Inventories 2,344,887 1,971,948
Debtors 5 541,650 568,747
Prepayments and accrued income 74,741 85,898
Cash at bank and in hand 1,684 1,676
2,962,962 2,628,269
CREDITORS
Amounts falling due within one year 6 1,970,192 1,798,390
NET CURRENT ASSETS 992,770 829,879
TOTAL ASSETS LESS CURRENT LIABILITIES 1,135,097 968,968

CREDITORS
Amounts falling due after more than one
year

7

(24,676

)

(21,193

)

PROVISIONS FOR LIABILITIES (26,251 ) (26,893 )

ACCRUALS AND DEFERRED INCOME (101,621 ) (59,990 )
NET ASSETS 982,549 860,892

AGWOOD LIMITED (REGISTERED NUMBER: 04520631)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2017

2017 2016
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 981,549 859,892
SHAREHOLDERS' FUNDS 982,549 860,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 11 March 2018 and were signed by:





I P Wood - Director


AGWOOD LIMITED (REGISTERED NUMBER: 04520631)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

1. STATUTORY INFORMATION

Agwood Limited is a private company, limited by shares , registered in England and Wales. The company's
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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33% on reducing balance

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 24 (2016 - 22 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and Motor
leasehold fittings vehicles Equipment Totals
£ £ £ £ £
COST
At 1 January 2017 17,466 118,539 260,834 94,033 490,872
Additions - 4,157 42,149 9,517 55,823
Disposals - - (25,995 ) (1,458 ) (27,453 )
At 31 December 2017 17,466 122,696 276,988 102,092 519,242
DEPRECIATION
At 1 January 2017 12,841 82,052 175,859 81,031 351,783
Charge for year 463 17,018 24,172 4,476 46,129
Eliminated on disposal - - (19,578 ) (1,419 ) (20,997 )
At 31 December 2017 13,304 99,070 180,453 84,088 376,915
NET BOOK VALUE
At 31 December 2017 4,162 23,626 96,535 18,004 142,327
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 424,369 348,059
Other debtors 117,281 220,688
541,650 568,747

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£ £
Bank loans and overdrafts 226,241 240,965
Hire purchase contracts (see note 8) 26,686 25,987
Trade creditors 1,460,012 1,342,082
Taxation and social security 86,778 21,451
Other creditors 170,475 167,905
1,970,192 1,798,390

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2017 2016
£ £
Hire purchase contracts (see note 8) 24,676 21,193

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2017 2016
£ £
Gross obligations repayable:
Within one year 28,624 27,771
Between one and five years 25,478 22,031
54,102 49,802

Finance charges repayable:
Within one year 1,938 1,784
Between one and five years 802 838
2,740 2,622

Net obligations repayable:
Within one year 26,686 25,987
Between one and five years 24,676 21,193
51,362 47,180

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 8,246 -
Between one and five years 26,479 59,660
34,725 59,660

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.