Registered number
04698119
AGS DRAINAGE LIMITED
Filleted Accounts
31 March 2017
AGS DRAINAGE LIMITED
Registered number: 04698119
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 - 3,065
Tangible assets 4 97,801 72,232
97,801 75,297
Current assets
Debtors 5 79,388 53,876
Cash at bank and in hand 57,475 75,276
136,863 129,152
Creditors: amounts falling due within one year 6 (108,391) (85,994)
Net current assets 28,472 43,158
Total assets less current liabilities 126,273 118,455
Creditors: amounts falling due after more than one year 7 (18,371) (17,300)
Net assets £107,902 £101,155
Capital and reserves
Called up share capital 200 200
Profit and loss account 107,702 100,955
Shareholders' funds £107,902 £101,155
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A D Gilroy-Smith
Director
Approved by the board on 11 October 2017
AGS DRAINAGE LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2016 100,333
At 31 March 2017 100,333
Amortisation
At 1 April 2016 97,268
Provided during the year 3,065
At 31 March 2017 100,333
Net book value
At 31 March 2017 -
At 31 March 2016 3,065
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2016 97,514 117,591 215,105
Additions 15,800 39,284 55,084
Disposals - (12,995) (12,995)
At 31 March 2017 113,314 143,880 257,194
Depreciation
At 1 April 2016 59,336 83,537 142,873
Charge for the year 8,097 17,307 25,404
On disposals - (8,884) (8,884)
At 31 March 2017 67,433 91,960 159,393
Net book value
At 31 March 2017 45,881 51,920 97,801
At 31 March 2016 38,178 34,054 72,232
5 Debtors 2017 2016
£ £
Trade debtors 79,388 53,876
6 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 9,286 9,286
Obligations under finance lease and hire purchase contracts 10,840 3,280
Trade creditors 30,837 14,408
Taxes and social security costs 55,126 44,124
Other creditors 2,302 14,896
108,391 85,994
7 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 3,003 17,300
Obligations under finance lease and hire purchase contracts 15,368 -
18,371 17,300
8 Other information
AGS DRAINAGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit B9
Great Knollys Street
Reading
Berkshire
RG1 7HN
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