Company Registration No. 05869408 (England and Wales)
A & G ENGINEERING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2022
PAGES FOR FILING WITH REGISTRAR
A & G ENGINEERING SERVICES LIMITED
COMPANY INFORMATION
Director
Mr G D Swash
Company number
05869408
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
A & G ENGINEERING SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
A & G ENGINEERING SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A & G ENGINEERING SERVICES LIMITED FOR THE YEAR ENDED 29 JULY 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & G Engineering Services Limited for the year ended 29 July 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of A & G Engineering Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & G Engineering Services Limited and state those matters that we have agreed to state to the Board of Directors of A & G Engineering Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & G Engineering Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that A & G Engineering Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & G Engineering Services Limited. You consider that A & G Engineering Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A & G Engineering Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
25 April 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
A & G ENGINEERING SERVICES LIMITED
BALANCE SHEET
AS AT 29 JULY 2022
29 July 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
208
53
Current assets
Debtors
4
14,326
11,136
Cash at bank and in hand
42,257
39,773
56,583
50,909
Creditors: amounts falling due within one year
5
(36,256)
(33,386)
Net current assets
20,327
17,523
Total assets less current liabilities
20,535
17,576
Creditors: amounts falling due after more than one year
6
(12,294)
(16,801)
Provisions for liabilities
8
(40)
(10)
Net assets
8,201
765
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
8,199
763
Total equity
8,201
765
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
A & G ENGINEERING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 JULY 2022
29 July 2022
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 25 April 2023.
Mr G D Swash
Director
Company Registration No. 05869408
A & G ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2022
- 4 -
1
Accounting policies
Company information
A & G Engineering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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 and fittings
20% on reducing balance
Computer equipment
33% 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
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.
A & G ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1).
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 30 July 2021
957
4,906
5,863
Additions
249
249
Disposals
(4,906)
(4,906)
At 29 July 2022
957
249
1,206
Depreciation and impairment
At 30 July 2021
905
4,906
5,811
Depreciation charged in the year
10
83
93
Eliminated in respect of disposals
(4,906)
(4,906)
At 29 July 2022
915
83
998
Carrying amount
At 29 July 2022
42
166
208
At 29 July 2021
53
53
A & G ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,250
Other debtors
12,076
11,136
14,326
11,136
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
4,507
7,127
Trade creditors
200
200
Taxation and social security
27,403
23,258
Other creditors
4,146
2,801
36,256
33,386
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
12,294
16,801
7
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
16,801
23,928
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
40
10
A & G ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2022
- 7 -
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.00
11,136
58,208
232
(57,500)
12,076
11,136
58,208
232
(57,500)
12,076
The director’s loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Mr G D Swash.