REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
ARGENTO GLOBAL SOLUTIONS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
ARGENTO GLOBAL SOLUTIONS LTD |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ARGENTO GLOBAL SOLUTIONS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
BALANCE SHEET |
28 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 profit or loss 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. |
The financial statements were approved by the director and authorised for issue on |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Argento Global Solutions Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The comparatives relate to the period from 1st February 2022 to 28th February 2023. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability. |
Business bounce back loan scheme |
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1 March 2023 |
Additions |
At 28 February 2024 |
Depreciation |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
Net book value |
At 28 February 2024 |
At 28 February 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 March 2023 |
Additions |
At 28 February 2024 |
Depreciation |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
Net book value |
At 28 February 2024 |
At 28 February 2023 |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Director's loan account | 73,136 | - |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to associates | 61,100 | 10,000 |
Tax |
Social security and other taxes |
VAT | 34,214 | 19,259 |
Other creditors |
Director's loan account | - | 11,841 |
Accruals and deferred income |
The bank loan relates to a Business Bounce Back Loan Scheme facility which is 100% guaranteed by the UK government. No interest is payable in year one, being charged at 2.5% per annum thereafter. |
Obligations held under hire purchase contracts are secured on the assets concerned. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Hire purchase contracts |
Director's loan account |
The bank loan relates to a Business Bounce Back Loan Scheme facility which is 100% guaranteed by the UK government. No interest is payable in year one, being charged at 2.5% per annum thereafter. |
Obligations held under hire purchase contracts are secured on the assets concerned. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
ARGENTO GLOBAL SOLUTIONS LTD (REGISTERED NUMBER: 11750584) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
11. | RELATED PARTY DISCLOSURES |
Within other debtors is an amount of £73,136 (2023: creditor of £61,841) due from S De-Michele, director. During the year advances of £202,878 and repayments of £69,115 were made in respect of this loan. Interest of £1,214 (2023: £Nil) has been charged on this balance during the year at 2.25%. The loan was repaid in full in November 2024. |
During the year the company paid rent and service charges of £26,654 (2023: £26,644) to DMPI (Unit 8) Limited, a company with a common under common control. At 28th February 2024 the company owed an amount of £27,576 (2023: £14,652) to DMPI (Unit 8) Limited. No interest has been charged on the outstanding balance during the year (2023: £Nil) and there are no set repayment terms in place. |
At 28th February 2024 the company owed an amount of £30,000 (2023: £Nil) to DMPI Limited, a company under common control. No interest has been charged on the outstanding balance during the year (2023: £Nil) and there are no set repayment terms in place. |