REGISTERED NUMBER:
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AGENCY 2000 LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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AGENCY 2000 LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Income and Retained Earnings | 9 |
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Balance Sheet | 10 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 15 |
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AGENCY 2000 LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants and Statutory Auditors |
Sovereign House |
15 Towcester Road |
Old Stratford |
Milton Keynes |
MK19 6AN |
AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The directors present their strategic report for the year ended 31 December 2020. |
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As a temporary recruitment agency the company continues to provide temporary employees for large businesses in local areas to its branches. |
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REVIEW OF BUSINESS |
The directors review the performance of the business during the year and its position at the year end, which is consistent with the size and non-complex. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The effect of COVID-19 and the corresponding lockdowns in 2020 has only slightly negatively impacted turnover in the year. There was an initial pause of activity in the first lockdown in March 2020 however despite this, cash continued to be received from debtors and absent of the payment of wages due to lack of trading activity, the firm found itself in a cash rich position. Trading activity eventually picked up and the overall drop in revenue was 6% when compared to last year. The firm's main customers are now trading at the same levels as pre-COVID 19 despite lockdowns. The effects of COVID-19 on the firm's main customers will be closely monitored however considering the country has been in and out of lockdown for most of the year, the director's feel there is currently no cause for concern. |
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With Brexit finally completed on 31st December 2020, the new rules in place from 1st January 2021 onwards are that in order for an EU citizen to be able to work in the UK, they need to have worked in the UK prior to 31st December 2020. This has the potential to lead to a labour supply shortage however it is felt that if there was to be any effect on the labour supply, it would have happened between July 2016 and December 2020. There are currently a surplus of workers on the firm's books however the situation will be closely monitored by the directors moving forward. |
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KEY FINANCIAL INDICATORS |
The firm's revenue has decreased in the year to £11,459,189 (2019 £12,207,450) due to the effects of COVID-19 lockdowns and slight pauses in trading activity as a result. The gross profit margin has remained consistent at 14.7% (2019 15.2%) despite increases in the minimum wage and employer pension contributions. Profit before tax has increased to £447,104 for the year (2019 £374,714) which can be attested to the receipt of government grant income to support businesses through the pandemic and significantly lower travelling/motor costs due to lockdowns. |
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ON BEHALF OF THE BOARD: |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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DIVIDENDS |
An interim dividend of
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The total distribution of dividends for the year ended 31 December 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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AUDITORS |
The auditors, Thompson Balch Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AGENCY 2000 LIMITED |
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Opinion |
We have audited the financial statements of Agency 2000 Limited (the 'company') for the year ended 31 December 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AGENCY 2000 LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AGENCY 2000 LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: |
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- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
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- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
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- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
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- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AGENCY 2000 LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
Sovereign House |
15 Towcester Road |
Old Stratford |
Milton Keynes |
MK19 6AN |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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143,418 | 328,349 |
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Other operating income |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 8 | ( |
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RETAINED EARNINGS AT END OF
YEAR |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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The financial statements were authorised for issue and approved by the Board of Directors and authorised for
issue on
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year | ( |
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Amount introduced by directors | - | 797 |
Amount withdrawn by directors | 13,114 | (15,475 | ) |
Equity dividends paid | ( |
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Net cash from financing activities |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
(1,346,794 |
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(1,196,087 |
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Cash and cash equivalents at end of
year |
2 |
( |
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( |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. |
RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS |
2020 | 2019 |
£ | £ |
Profit for the financial year |
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Depreciation charges |
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Taxation |
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454,340 | 383,718 |
Decrease/(increase) in trade and other debtors |
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( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2020 |
31/12/20 | 1/1/20 |
£ | £ |
Cash and cash equivalents | 205,497 | 409 |
Bank overdrafts | ( |
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(298,064 | ) | (1,346,794 | ) |
Year ended 31 December 2019 |
31/12/19 | 1/1/19 |
£ | £ |
Cash and cash equivalents | 409 | 197 |
Bank overdrafts | ( |
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(1,346,794 | ) | (1,196,087 | ) |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1/1/20 | Cash flow | At 31/12/20 |
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Net cash |
Cash at bank and in hand | 409 | 205,088 | 205,497 |
Bank overdrafts | (1,347,203 | ) | 843,642 | (503,561 | ) |
(1,346,794 | ) |
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(298,064 | ) |
Debt |
Finance leases | (17,251 | ) | 8,920 | (8,331 | ) |
Debts falling due within 1 year | - | (152,778 | ) | (152,778 | ) |
Debts falling due after 1 year | - | (347,222 | ) | (347,222 | ) |
(17,251 | ) | (491,080 | ) | (508,331 | ) |
Total | (1,364,045 | ) | 557,650 | (806,395 | ) |
AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Agency 2000 Limited is a
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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The company recognises revenue when (a) the temporary workers have carried out work at a client's premises; (b) the timesheets have been authorised by the client; (c) it is probable that future economic benefits will be received. |
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Tangible fixed assets |
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Short leasehold | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
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Government grants |
The company received £245,163 of furlough income and £45,000 of additional government grants in the year. This was part of government support given to businesses due to COVID-19 and the full amounts received have been recognised in the profit and loss in the year. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Both directors of the company are currently receiving pension benefits. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2020 | 2019 |
£ | £ |
United Kingdom |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Management | 3 | 3 |
Administration | 11 | 7 |
Consulting | 16 | 14 |
Temporary Workers | 167 | 207 |
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5. | DIRECTORS' EMOLUMENTS |
2020 | 2019 |
£ | £ |
Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Auditors' remuneration |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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8. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of 1 each |
Final dividend |
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Interim |
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9. | TANGIBLE FIXED ASSETS |
Short | Motor | Computer |
leasehold | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Hire purchase contracts (see note 14) |
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Corporation tax |
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Social security and other taxes |
|
|
VAT | 630,133 | 342,170 |
Wages control | 1,756 | 7,308 |
Pension fund loan | 20,475 | 16,327 |
Directors' loan accounts | 16,256 | 3,142 |
Accruals and deferred income |
|
|
|
|
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
13. | LOANS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase | contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
Barclays Bank PLC holds a debenture dated 5th November 1996. |
|
Barclays Bank PLC holds a debenture dated 17th June 2020 which contains fixed and floating charges covering all property or undertaking of the company. |
|
Hire purchase liabilities are secured against the assets which are being funded. |
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | 1 | 12,608 | 12,608 |
|
17. | PENSION COMMITMENTS |
|
The company provides a defined contribution schemes for all its employees including both directors. |
AGENCY 2000 LIMITED (REGISTERED NUMBER: 02987532) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
|
|
18. | RELATED PARTY DISCLOSURES |
|
Included in other debtors due within one year is £76,274 (2019 - £153,343) due from The Staffroom Agency Ltd, a connected company with the same directors. There is a relationship here where Agency 2000 Limited carries out payroll services for The Staffroom Agency Ltd and recharges the company at cost. |