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AGS Sailing Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 05242501

 

AGS Sailing Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

AGS Sailing Limited

Balance Sheet

31 March 2017

Note

2017
£

2016
£

Current assets

 

Debtors

5

9,866

61,110

Cash at bank and in hand

 

57,529

2,149

 

67,395

63,259

Creditors: Amounts falling due within one year

6

(28,684)

(48,342)

Net assets

 

38,711

14,917

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

38,611

14,817

Total equity

 

38,711

14,917

 

AGS Sailing Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 6 December 2017
 

A G Stead

Director

Company Registration Number: 05242501

 

AGS Sailing Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
The Old Rectory
School Road
Bursledon
Southampton
Hampshire
SO31 8BW

These financial statements were authorised for issue by the director on 6 December 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

AGS Sailing Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

AGS Sailing Limited

Notes to the Financial Statements

Year Ended 31 March 2017

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

6,370

6,370

At 31 March 2017

6,370

6,370

Depreciation

At 1 April 2016

6,370

6,370

At 31 March 2017

6,370

6,370

Carrying amount

At 31 March 2017

-

-

5

Debtors

2017
 £

2016
 £

Trade debtors

-

28,157

Other debtors

9,536

32,953

Prepayments

330

-

9,866

61,110

6

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Social security and other taxes

 

2,871

2,261

Accrued expenses

 

2,290

2,880

Corporation tax

23,523

43,201

 

28,684

48,342

 

AGS Sailing Limited

Notes to the Financial Statements

Year Ended 31 March 2017

7

Related party transactions

Advances to directors

2017

At 1 April 2016
£

Advances to director
£

Repayments by director
£

At 31 March 2017
£

A G Stead

Advances to director

32,952

37,040

(60,455)

9,537

         
         

 

2016

At 1 April 2015
£

Advances to director
£

Repayments by director
£

At 31 March 2016
£

A G Stead

Advances to director

(8,133)

41,914

(829)

32,952

         
         

 

Interest was charged on the overdrawn loan account at a rate of 3% being £365 (2016: £nil)

8

Transition to FRS 102

This is the first year that the accounts have been prepared under FRS 102, however, this has not affected the financial position of the comparative figures.