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Registration number: 11691137

ARGTech Ltd

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

ARGTech Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ARGTech Ltd

Company Information

Director

A R Gifford

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

ARGTech Ltd

(Registration number: 11691137)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

494

493

Cash at bank and in hand

 

9,409

15,593

 

9,903

16,086

Creditors: Amounts falling due within one year

6

(9,921)

(11,127)

Total assets less current liabilities

 

(18)

4,959

Creditors: Amounts falling due after more than one year

6

(4,200)

(7,000)

Net liabilities

 

(4,218)

(2,041)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(4,318)

(2,141)

Shareholders' deficit

 

(4,218)

(2,041)

 

ARGTech Ltd

(Registration number: 11691137)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 


A R Gifford
Director

 

ARGTech Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 30 November 2023, the company had net current liabilities of £4,218 (2021 - net current assets £2,041). The directors have considered the position of the company with respect to its obligations to ensure the business can continue in operational existence for the foreseeable future, and confirm their approval to adopt the going concern basis for preparing the accounts. Namely, included with current creditors is the director's loan account which was £5,880 at year end, and the director's will not call upon this until the company's position has changed.

 

ARGTech Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

33% Straight Line

Borrowings

 

ARGTech Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

ARGTech Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 December 2022

2,500

2,500

At 30 November 2023

2,500

2,500

Depreciation

At 1 December 2022

2,500

2,500

At 30 November 2023

2,500

2,500

Carrying amount

At 30 November 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

494

493

 

494

493

 

ARGTech Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,800

2,800

Accruals and deferred income

 

1,242

2,448

Other creditors

 

5,879

5,879

 

9,921

11,127

Creditors: amounts falling due after more than one year

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

4,200

7,000