Company Registration No. 02141423 (England and Wales)
AGS EXPEDITIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
AGS EXPEDITIONS LIMITED
COMPANY INFORMATION
Directors
Prof J W Galloway
Mr D K Haselgrove
Mr D J Morris
(Appointed 22 August 2022)
Secretary
Mr A M Bryan
Company number
02141423
Registered office
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Auditor
Kendall Wadley LLP
Merevale House
27 Sansome Walk
Worcester
WR1 1NU
Business address
A G S Centre
Avon Bank
Pershore
Worcestershire
WR10 3JP
AGS EXPEDITIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AGS EXPEDITIONS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
122,142
910
Cash at bank and in hand
1,766
551
123,908
1,461
Creditors: amounts falling due within one year
5
(134,569)
(4,087)
Net current liabilities
(10,661)
(2,626)
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
(10,664)
(2,629)
Total equity
(10,661)
(2,626)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 29 October 2022 and are signed on its behalf by:
Mr D J Morris
Director
Company Registration No. 02141423
AGS EXPEDITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
1
Accounting policies
Company information
AGS Expeditions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Granta Lodge, 71 Graham Road, Malvern, Worcestershire, WR14 2JS.
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.
1.2
Going concern
At the time of approving the financial statements travel restrictions due to the Covid-19 pandemic have eased and tours commence in September 2022. Whilst funds recover, the company will be maintained, with the low overhead cost being underwritten by the parent charity, Alpine Garden Society. Given this, the directors are satisfied that it is appropriate to prepare the accounts on a going concern basis.
1.3
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include deposits held at call with banks.
1.4
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. 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.
Basic financial liabilities
Basic financial liabilities, including creditors,, are initially recognised at transaction price. 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.
AGS EXPEDITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
There are no employees of the company, the directors, three in number (2020 - 3) are appointed through virtue of their role as trustees in the Alpine Garden Society.
As described in the related party transactions note a recharge for staff administration time is made to the limited company to reflect time spent on the affairs of the company by Alpine Garden Society staff.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
65,271
Other debtors
56,871
910
122,142
910
5
Creditors: amounts falling due within one year
2022
2021
£
£
Payments received on account
125,760
Amounts due to group undertakings
6,259
1,537
Accruals and deferred income
2,550
2,550
134,569
4,087
AGS EXPEDITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Authorised
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Issued and fully paid
3 Ordinary shares of £1 each
3
3
3
3
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Sarah Morley ACA.
The auditor was Kendall Wadley LLP.
AGS EXPEDITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
8
Related party transactions
Transactions with related parties
During the period, the Alpine Garden Society advanced funds to the company, the amount due to the charity at the balance sheet date was £6,529 (2021 £1,537).
A recharge of £1,000 (2021 - £100) has been made by the Alpine Garden Society in respect of time spent by staff on the administration of the tours undertaken in the year.
At the period end the profit of AGS Expeditions Limited, £nil (2021 £nil) has been covenanted to Alpine Garden Society.