REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
ARGUS VICKERS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
ARGUS VICKERS LIMITED |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ARGUS VICKERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Janelle House |
Hartham Lane |
Hertford |
Hertfordshire |
SG14 1QN |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
BALANCE SHEET |
31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Argus Vickers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Although an uncertainty exists regarding going concern due to prior years' losses, the directors feel that there is no material uncertainty due to the now three consecutive years of profits which have reduced the deficit on the balance sheet to £110,750 (2022 - £176,561). |
In addition, creditors contain deferred income of £118,702, which will not be repaid assuming the contracts are fulfilled. There is no reason to suggest this will not be the case. The deferred income itself exceeds the amount of the deficit. |
The position at the balance sheet date would suggest that the company remains reliant on the continued support of it's holding company, The Argus Research Group Inc., and, although this support remains available, management believe that the continued performance of the company shows they are now becoming self sufficient. |
On the basis of these points it is appropriate that the financial statements are drawn up on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
During the year material accounting judgements were made surrounding deferred income. This was based on revenue recognition compared to when the revenue had been invoiced. |
Staff holiday is accrued using judgement based on the employees current rates of pay on a daily basis. |
Other judgment included accruals and prepayments in regards to general expenditure. |
Turnover |
Turnover represents services, recognised once they have been provided, excluding any value added tax. |
Tangible fixed assets |
Short leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities. |
Financial Assets |
Basic financial assets, including trade and other debtors, prepayments, and amounts due from related companies, are initially recognised at transaction price, 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 Liabilities |
Basic financial liabilities, including trade and other creditors, accruals, and amounts due to related companies 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 receipts discounted at a market rate of interest. |
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. |
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 year 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. |
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. |
Deferred income |
Income received for annual subscription services is credited to the profit and loss account when earned. That portion of the income received in advance is credited to the balance sheet and treated as deferred income. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Fixtures |
leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Between one and five years |
ARGUS VICKERS LIMITED (REGISTERED NUMBER: 02844824) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary Shares | £1 | 1,000 | 1,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is The Argus Research Group Inc, a company incorporated in the United States of America, by virtue of its ownership of 100% of the issued ordinary share capital. |
The Argus Research Group Inc. Registered office; 61 Broadway, 19th Floor, New York, NY 10006, United States. |