Company Registration No. 01629182 (England and Wales)
AGP PROPERTY MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
AGP PROPERTY MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr A R Rodgers
Mrs J M Rodgers
Company number
01629182
Registered office
Albion Chambers
Albion Wharf
Albion street
Manchester
United Kingdom
M1 5LN
Accountants
De La Wyche Baker Ltd
Chartered Accountants and Business Advisors
7 St Petersgate
Stockport
Cheshire
SK1 1EB
AGP PROPERTY MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AGP PROPERTY MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2
1
Investments
4
955
955
957
956
Current assets
Debtors
5
517,830
504,259
Creditors: amounts falling due within one year
6
(493,712)
(504,053)
Net current assets
24,118
206
Total assets less current liabilities
25,075
1,162
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
24,975
1,062
Total equity
25,075
1,162

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2017 and are signed on its behalf by:
Mr A R Rodgers
Director
Company Registration No. 01629182
AGP PROPERTY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information

AGP Property Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Albion Chambers, Albion Wharf, Albion street, Manchester, United Kingdom, M1 5LN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2016 are the first financial statements of AGP Property Management Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% on cost.
Computer equipment
20% on cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

AGP PROPERTY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

AGP PROPERTY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Taxation
2016
2015
£
£
Current tax
UK corporation tax on profits for the current period
9,725
9,850
AGP PROPERTY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2016 and 31 December 2016
950
1,877
2,827
Depreciation and impairment
At 1 January 2016 and 31 December 2016
949
1,876
2,825
Carrying amount
At 31 December 2016
1
1
2
At 31 December 2015
1
-
1
4
Fixed asset investments
2016
2015
£
£
Investments
955
955
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2016 & 31 December 2016
955
Carrying amount
At 31 December 2016
955
At 31 December 2015
955
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
443,756
362,868
Other debtors
74,074
141,391
517,830
504,259
AGP PROPERTY MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
6
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
10,800
10,172
Trade creditors
415,936
466,071
Corporation tax
19,349
19,405
Other taxation and social security
6,002
-
Other creditors
41,625
8,405
493,712
504,053
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Related party transactions

No guarantees have been given or received.

The directors also own CAD Architecture Limited and Locus Properties Limited, companies incorporated in England and Wales. During the year the company incurred £48,625 in architectural consultancy charges from CAD Architecture Limited. At the year end the amount due to CAD Architecture Limited was £278,965.

The company charged Locus Properties £45,000 during the year for property management services and at 31 December 2016 was owed £273,422 by Locus Properties Limited.

9
Directors' transactions

Dividends totalling £15,000 (2015 - £28,000) were paid in the year in respect of shares held by the company's directors.

2016-12-312016-01-01falseCCH SoftwareCCH Accounts Production 2017.200No description of principal activity016291822016-01-012016-12-3101629182bus:Director12016-01-012016-12-3101629182bus:Director22016-01-012016-12-3101629182bus:RegisteredOffice2016-01-012016-12-31016291822016-12-31016291822015-12-3101629182core:FurnitureFittings2016-12-3101629182core:ComputerEquipment2016-12-3101629182core:FurnitureFittings2015-12-3101629182core:CurrentFinancialInstruments2016-12-3101629182core:CurrentFinancialInstruments2015-12-3101629182core:Non-currentFinancialInstruments2016-12-3101629182core:ShareCapital2016-12-3101629182core:ShareCapital2015-12-3101629182core:RetainedEarningsAccumulatedLosses2016-12-3101629182core:RetainedEarningsAccumulatedLosses2015-12-3101629182core:FurnitureFittings2016-01-012016-12-3101629182core:ComputerEquipment2016-01-012016-12-3101629182core:UKTax2016-01-012016-12-3101629182core:UKTax2015-01-012015-12-3101629182core:FurnitureFittings2015-12-3101629182core:ComputerEquipment2015-12-31016291822015-12-3101629182bus:PrivateLimitedCompanyLtd2016-01-012016-12-3101629182bus:FRS1022016-01-012016-12-3101629182bus:AuditExemptWithAccountantsReport2016-01-012016-12-3101629182bus:FullAccounts2016-01-012016-12-31xbrli:purexbrli:sharesiso4217:GBP