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REGISTERED NUMBER: 11750584 (England and Wales)















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: S De Michele





SECRETARY: N J De Michele





REGISTERED OFFICE: Unit 8 Ribocon Way
Luton
Bedfordshire
LU4 9UR





REGISTERED NUMBER: 11750584 (England and Wales)





ACCOUNTANTS: MDG Business Associates Limited
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 5 126,827 112,735

CURRENT ASSETS
Stocks 6 21,459 3,787
Debtors 7 126,150 46,957
Cash at bank 67,903 56,324
215,512 107,068
CREDITORS
Amounts falling due within one year 8 168,880 77,153
NET CURRENT ASSETS 46,632 29,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,459

142,650

CREDITORS
Amounts falling due after more than one year 9 (65,504 ) (73,213 )

PROVISIONS FOR LIABILITIES (15,586 ) (1,850 )
NET ASSETS 92,369 67,587

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 92,368 67,586
SHAREHOLDERS' FUNDS 92,369 67,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2024 and were signed by:





S De Michele - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on cost

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 6 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 March 2023 55,126 10,097 8,434
Additions - 30,178 1,508
At 28 February 2024 55,126 40,275 9,942
Depreciation
At 1 March 2023 9,621 4,009 3,975
Charge for year 5,491 7,742 1,258
At 28 February 2024 15,112 11,751 5,233
Net book value
At 28 February 2024 40,014 28,524 4,709
At 28 February 2023 45,505 6,088 4,459

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 March 2023 76,850 6,863 157,370
Additions 5,833 835 38,354
At 28 February 2024 82,683 7,698 195,724
Depreciation
At 1 March 2023 24,407 2,623 44,635
Charge for year 8,085 1,686 24,262
At 28 February 2024 32,492 4,309 68,897
Net book value
At 28 February 2024 50,191 3,389 126,827
At 28 February 2023 52,443 4,240 112,735

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 21,459 3,787

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 47,528 38,927
Other debtors 2,359 6,761
Director's loan account 73,136 -
Prepayments and accrued income 3,127 1,269
126,150 46,957

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,106 10,648
Hire purchase contracts 6,547 -
Trade creditors 5,219 15,207
Amounts owed to associates 61,100 10,000
Tax 28,623 2,859
Social security and other taxes 3,833 2,663
VAT 34,214 19,259
Other creditors 7,013 2,451
Director's loan account - 11,841
Accruals and deferred income 2,225 2,225
168,880 77,153

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 49,091 23,213
Hire purchase contracts 16,413 -
Director's loan account - 50,000
65,504 73,213

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: £    £   
1 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.