Company Registration No. 03479383 (England and Wales)
AGM BATTERIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
AGM BATTERIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AGM BATTERIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,650
-
Current assets
Debtors
50,907
82,280
Cash at bank and in hand
49,988
-
100,895
82,280
Creditors: amounts falling due within one year
(487,379)
(167,425)
Net current liabilities
(386,484)
(85,145)
Total assets less current liabilities
(375,834)
(85,145)
Capital and reserves
Called up share capital
3
4,064,000
4,064,000
Profit and loss account
(4,439,834)
(4,149,145)
Shareholders' funds
(375,834)
(85,145)
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 December 2015
Mr K D Brundish
Director
Company Registration No. 03479383
AGM BATTERIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
As at the balance sheet date total liabilities exceeded total assets by £375,834 (2014 - £85,145).
The company has met its day to day working capital requirements and has the provision of working capital facilities supported by AMTE Power Ltd. The directors of that company have confirmed to the directors of AGM Batteries Ltd that they will continue to provide financial support to the company for the foreseeable future.
In light of the information currently available to them, the directors believe that the company's parent company will support it in providing adequate funds to meet its day to day obligations. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. Should the parent company not support the company, adjustments would be necessary to record the additional liabilities and write down the assets to their recoverable amounts. It is not practicable to quantify these possible adjustments.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover is generated from the principal activities of the company and represents amounts (excluding VAT) earned in respect of products delivered and services rendered to customers net of trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
5-20 years straight line
Fixtures, fittings & equipment
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
AGM BATTERIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
7,371,903
Additions
12,967
At 31 March 2015
7,384,870
Depreciation
At 1 April 2014
7,371,903
Charge for the year
2,317
At 31 March 2015
7,374,220
Net book value
At 31 March 2015
10,650
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
4,064,000 Ordinary shares of £1 each
4,064,000
4,064,000
4
Ultimate parent company
The immediate parent undertaking is AMTE Power Ltd.
Transaction with directors
During the year Mr A Finn, a director of the company, provided consultancy services to the company of £2,000 (2014 - £nil). As at the year end, the balance owed to the director is £2,000 (2014 - £nil).