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REGISTERED NUMBER: 07521601 (England and Wales)















Financial Statements

for the Period 1 February 2022 to 31 December 2022

for

ARGENTUM APOTHECARY LIMITED

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)






Contents of the Financial Statements
for the Period 1 February 2022 to 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ARGENTUM APOTHECARY LIMITED

Company Information
for the Period 1 February 2022 to 31 December 2022







DIRECTORS: J Isaacs
S Gray
L Guo
X Du
W Lau





REGISTERED OFFICE: 119 Portland Road
Notting Hill
London
W11 4LN





REGISTERED NUMBER: 07521601 (England and Wales)





AUDITORS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Balance Sheet
31 December 2022

31.12.22 31.1.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 132,351 113,500
Tangible assets 5 261,502 203,845
Investments 6 700 700
394,553 318,045

CURRENT ASSETS
Stocks 2,579,225 1,106,973
Debtors 7 373,996 704,402
Cash at bank and in hand 751,062 954,787
3,704,283 2,766,162
CREDITORS
Amounts falling due within one year 8 (845,046 ) (558,736 )
NET CURRENT ASSETS 2,859,237 2,207,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,253,790

2,525,471

CREDITORS
Amounts falling due after more than one
year

9

(208,399

)

(325,831

)

PROVISIONS FOR LIABILITIES (52,451 ) (38,730 )
NET ASSETS 2,992,940 2,160,910

CAPITAL AND RESERVES
Called up share capital 42,955 42,955
Share premium 1,249,161 1,249,161
Retained earnings 1,700,824 868,794
SHAREHOLDERS' FUNDS 2,992,940 2,160,910

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





J Isaacs - Director


ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements
for the Period 1 February 2022 to 31 December 2022

1. STATUTORY INFORMATION

Argentum Apothecary Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Argentum Apothecary Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements:

Stock: Stock is included as per the accounting policy set out below. Management have assessed the need to write off or provide against any specific items based on the levels held at year end, and the expected sales of such items in the immediate period post year end.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Consignment stocks
Consignment stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Comparatives
The compoaratives are unaudited.

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 statement of financial position 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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Leasing commitments
When the company enters into a lease, a lease obligation and a right-of-use asset are recognised for the present value of the fixed lease payments that will be incurred over the lease term. Subsequent to initial recognition:
- the right-of-use asset is depreciated on a straight-line basis over the lease term;
- a finance charge is recognised in respect of the lease obligation; and
- fixed lease payments reduce the lease obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2022 - 10 ) .

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022 135,642
Additions 27,466
At 31 December 2022 163,108
AMORTISATION
At 1 February 2022 22,142
Charge for period 8,615
At 31 December 2022 30,757
NET BOOK VALUE
At 31 December 2022 132,351
At 31 January 2022 113,500

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 - 457,099 457,099
Additions 57,442 90,386 147,828
Disposals - (16,096 ) (16,096 )
At 31 December 2022 57,442 531,389 588,831
DEPRECIATION
At 1 February 2022 - 253,254 253,254
Charge for period 5,744 79,058 84,802
Eliminated on disposal - (10,727 ) (10,727 )
At 31 December 2022 5,744 321,585 327,329
NET BOOK VALUE
At 31 December 2022 51,698 209,804 261,502
At 31 January 2022 - 203,845 203,845

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 December 2022 700
NET BOOK VALUE
At 31 December 2022 700
At 31 January 2022 700

Imvestment represents stake in La Maison Forty Seven INC. a company registered in United State of America

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.1.22
£    £   
Trade debtors 109,241 505,339
Other debtors 264,755 199,063
373,996 704,402

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.1.22
£    £   
Bank loans and overdrafts 50,000 29,166
Trade creditors 511,922 307,853
Taxation and social security 171,025 80,138
Other creditors 112,099 141,579
845,046 558,736

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.1.22
£    £   
Bank loans 175,000 220,833
Other creditors 33,399 104,998
208,399 325,831

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 20,833

ARGENTUM APOTHECARY LIMITED (REGISTERED NUMBER: 07521601)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 31 December 2022

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.1.22
£    £   
Within one year 75,000 -
Between one and five years 300,000 -
In more than five years 243,750 -
618,750 -

11. SECURED DEBTS

The bank loans are secured by a fixed and floating charge over the Company's assets and a guarentee from two of the directors.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Marcus FCA FCCA (Senior Statutory Auditor)
for and on behalf of Primera Accountants Limited

13. RELATED PARTY DISCLOSURES

At 31 December 2022, the company has a balance of £3,613 due from La Maison Forty Seven INC, the subsidiary undertaking.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Key Axis Limited, a company registered in Hong Kong.

The Key Axis Limited prepares group accounts which includes the results of this company and its subsidiary and are available from Key Axis Limited.