REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AGN INTERNATIONAL - EMEA LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AGN INTERNATIONAL - EMEA LIMITED |
AGN INTERNATIONAL - EMEA LIMITED (REGISTERED NUMBER: 04619314) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AGN INTERNATIONAL - EMEA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
AGN INTERNATIONAL - EMEA LIMITED (REGISTERED NUMBER: 04619314) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
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 |
AGN INTERNATIONAL - EMEA LIMITED (REGISTERED NUMBER: 04619314) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
AGN International - EMEA Limited is a |
The presentation currency of the financial statements is the Euro (€). |
The functional currency of the company is considered to be Euros because that is the currency of the economic environment in which the company operates. When determining the functional currency the directors have considered the currency that influences sales prices for goods and services, the competitive forces and regulations that determine the sales prices and the currency that influences labour, material and its overheads. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The main assumption made by the directors is to estimate the realisable value of trade and other receivable balances at the balance sheet date, and adequacy of allowance for bad debts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Subscription income is recognised over the life of the subscription. |
Income from meetings is recognised once the meeting has taken place. |
Financial instruments |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Cash at bank is measured at transaction price. |
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. |
Foreign currencies |
Transactions in currencies other than in Euros are initially recorded at the exchange rate prevailing on the date of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the exchange rate prevailing at the reporting date. Gains and losses arising on retranslation are included in the income statement for the period. |
AGN INTERNATIONAL - EMEA LIMITED (REGISTERED NUMBER: 04619314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
€ | € |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
€ | € |
Trade creditors |
Other creditors |
AGN INTERNATIONAL - EMEA LIMITED (REGISTERED NUMBER: 04619314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | RELATED PARTY DISCLOSURES |
AGN International Ltd is considered to be a related party through both companies sharing key management staff. The Company has entered into a licence agreement with AGN International Ltd, which provides for the supply of administrative services, as follows: |
2023 | 2022 |
€ | € |
Administrative services recharged from: |
AGN International Ltd | 161,316 | 164,463 |
At the year end there was a balance of €28,826 (2022 - €3,809) due from AGN International Ltd. |
The Directors of the Company are partners or directors of independent firms of accountants and professional advisers that are members of the Company. Their firms have made charges for time incurred on specific activities on behalf of the Company, reimbursed expenses and other items, as follows: |
Director | Firm | Country | 2023 | 2022 |
€ | € |
M Gibbs | Dafferns LLP | United Kingdom | 1,976 | 1,246 |
E Seyvos | BM&A | France | - | 277 |
T Luchtenburg | DK Accountants | Netherlands | 2,842 | 5,172 |
A Le Prince | WLP GmbH | Germany | 537 | 869 |
A Weinberger | Wirtschaftstreuhand GmbH | Germany | 3,827 | 5,635 |
R Arcidiacono | Fiduciaria Mega SA | Switzerland | - | 391 |
Z Nassar | Serhal Nassar | Lebanon | - | 758 |
F Rauchbauer | Multicont | Austria | - | 555 |
B Bidnell | Shipleys LLP | United Kingdom | 597 |
In addition, the above directors' members firms have also made charges for the reimbursed expenses and other items of other individuals, as follows: |
Firm | 2023 | 2022 |
€ | € |
Wirtschaftstreuhand GmbH | 363 | - |
Dafferns LLP | 139 | 5,927 |
BM&A | 3,703 | 891 |
Caderas Martin | 1,340 | 2,725 |
Shipleys | 5,441 | 3,504 |
WLP GmbH | - | 331 |
DK Accountants | 300 | - |
At the reporting date the balances due to/(from) these firms were: |
Firm | 2023 | 2022 |
€ | € |
Wirtschaftstreuhand GmbH | 782 | 782 |
BM&A | (1,387 | ) | - |
Caderas Martin | 902 | - |
Fiduciaria Mega SA | 303 | - |
7. | LIMITED BY GUARANTEE |
The Company is Limited by Guarantee and does not have a share capital. The liability of each member of the Company in the event of winding up is limited to €1. |