6
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-03-01
Sage Accounts Production Advanced 2021 - FRS102_2021
178,167
96,571
3,186
3,186
1,062
1,062
2,124
xbrli:pure
xbrli:shares
iso4217:GBP
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COMPANY REGISTRATION NUMBER:
10851620
ARGENTO INVESTMENTS LIMITED |
|
ARGENTO INVESTMENTS LIMITED |
|
YEAR ENDED 28 FEBRUARY 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
4 to 7 |
|
|
Statement of income and retained earnings |
8 |
|
|
Statement of financial position |
9 |
|
|
Notes to the financial statements |
10 to 13 |
|
|
ARGENTO INVESTMENTS LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
THE BOARD OF DIRECTORS |
Mr J Irwin |
|
Mrs L J Walker |
|
Mr M Woollam |
|
Mr S Mountain |
|
|
REGISTERED OFFICE |
Qictrims |
|
Radclive Road |
|
Gawcott |
|
Buckingham |
|
MK18 4BL |
|
|
AUDITOR |
Meadows & Co Limited |
|
Chartered accountants & statutory auditor |
|
Headlands House |
|
1 Kings Court |
|
Kettering Parkway |
|
Kettering |
|
NN15 6WJ |
|
|
ARGENTO INVESTMENTS LIMITED |
|
YEAR ENDED 28 FEBRUARY 2023
The directors present their report and the financial statements of the company for the year ended
28 February 2023
.
DIRECTORS
The directors who served the company during the year were as follows:
Mr J Irwin |
|
Mrs L J Walker |
|
Mr M Woollam |
|
Mr S Mountain |
|
|
|
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. 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). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. 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.
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
28 November 2023
and signed on behalf of the board by:
Registered office: |
Qictrims |
Radclive Road |
Gawcott |
Buckingham |
MK18 4BL |
|
ARGENTO INVESTMENTS LIMITED |
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
ARGENTO INVESTMENTS LIMITED |
|
YEAR ENDED 28 FEBRUARY 2023
OPINION
We have audited the financial statements of Argento Investments Limited (the 'company') for the year ended 28 February 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
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 auditor's 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.
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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.
AUDITOR'S 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. - 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 internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - 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. - 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. 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.
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 an auditor's report 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.
David Kelland FCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Meadows & Co Limited |
Chartered accountants & statutory auditor |
Headlands House |
1 Kings Court |
Kettering Parkway |
Kettering |
NN15 6WJ |
|
28 November 2023
ARGENTO INVESTMENTS LIMITED |
|
STATEMENT OF INCOME AND RETAINED EARNINGS |
|
YEAR ENDED 28 FEBRUARY 2023
|
2023 |
2022 |
Note |
£ |
£ |
TURNOVER |
480,000 |
382,131 |
|
|
|
|
--------- |
--------- |
GROSS PROFIT |
480,000 |
382,131 |
|
|
|
Administrative expenses |
681,216 |
496,809 |
|
--------- |
--------- |
OPERATING LOSS |
(
201,216) |
(
114,678) |
|
|
|
Other interest receivable and similar income |
– |
1,274 |
Interest payable and similar expenses |
1,287 |
5,084 |
|
--------- |
--------- |
LOSS BEFORE TAXATION |
(
202,503) |
(
118,488) |
|
|
|
Tax on loss |
(
24,336) |
(
21,917) |
|
--------- |
--------- |
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME |
(
178,167) |
(
96,571) |
|
--------- |
--------- |
|
|
|
RETAINED (LOSSES)/EARNINGS AT THE START OF THE YEAR |
(
96,035) |
536 |
|
--------- |
-------- |
RETAINED LOSSES AT THE END OF THE YEAR |
(
274,202) |
(
96,035) |
|
--------- |
-------- |
|
|
|
All the activities of the company are from continuing operations.
ARGENTO INVESTMENTS LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
28 February 2023
FIXED ASSETS
Tangible assets |
5 |
|
2,124 |
|
– |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
549,531 |
|
325,782 |
|
Cash at bank and in hand |
12,753 |
|
33,386 |
|
|
--------- |
|
--------- |
|
|
562,284 |
|
359,168 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
838,510 |
|
455,103 |
|
|
--------- |
|
--------- |
|
NET CURRENT LIABILITIES |
|
276,226 |
|
95,935 |
|
|
--------- |
|
-------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
(
274,102) |
|
(
95,935) |
|
|
--------- |
|
-------- |
NET LIABILITIES |
|
(
274,102) |
|
(
95,935) |
|
|
--------- |
|
-------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital fully paid |
|
100 |
|
100 |
Profit and loss account |
|
(
274,202) |
|
(
96,035) |
|
|
--------- |
|
-------- |
SHAREHOLDERS DEFICIT |
|
(
274,102) |
|
(
95,935) |
|
|
--------- |
|
-------- |
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2023
, and are signed on behalf of the board by:
Company registration number:
10851620
ARGENTO INVESTMENTS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 28 FEBRUARY 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Qictrims, Radclive Road, Gawcott, Buckingham, MK18 4BL.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
Computer equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
6
(2022:
4
).
5.
TANGIBLE ASSETS
|
Equipment |
|
£ |
Cost |
|
At 1 March 2022 |
– |
Additions |
3,186 |
|
------- |
At 28 February 2023 |
3,186 |
|
------- |
Depreciation |
|
At 1 March 2022 |
– |
Charge for the year |
1,062 |
|
------- |
At 28 February 2023 |
1,062 |
|
------- |
Carrying amount |
|
At 28 February 2023 |
2,124 |
|
------- |
At 28 February 2022 |
– |
|
------- |
|
|
6.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
411,785 |
325,782 |
Other debtors |
137,746 |
– |
|
--------- |
--------- |
|
549,531 |
325,782 |
|
--------- |
--------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
33,333 |
49,261 |
Trade creditors |
45,305 |
541 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
381,327 |
176,167 |
Social security and other taxes |
96,495 |
92,634 |
Other creditors |
282,050 |
136,500 |
|
--------- |
--------- |
|
838,510 |
455,103 |
|
--------- |
--------- |
|
|
|
8.
RELATED PARTY TRANSACTIONS
During the year there were the following transactions with directors: Repayments of loans from directors totalling £34,000 (2022: £52,463), and loans advanced from directors of £164,000 (2022: £74,000). As at 28 February 2023 amounts due to directors totalled £170,000 (2022: £40,000). No interest was due on these loans. The company has taken advantage of the provisions available under FRS 102 not to disclose transactions and balances with companies within a 100% owned group.
9.
PARENT UNDERTAKING
The smallest group that prepares consolidated accounts which include the results of Argento Limited is headed by
Silvanito Holdings Limited
, a company registered in England and Wales, which has a registered office of Qictrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL.
10.
GOING CONCERN
The directors have considered the period to 30 November 2023 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.