Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
94 | 494 | |||
Current assets | ||||
Cash at bank and in hand |
|
|
||
654 | 54 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (5,847) | (4,299) | ||
Total assets less current liabilities | (5,753) | (3,805) | ||
Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Directors' responsibilities:
The financial statements of Argyll & Buchanan Limited (registered number:
M Sutton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Argyll & Buchanan Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clyde Offices, 48 West George Street, Glasgow, G2 1BP, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the reporting date the company has net liabilities of £159,247 primarily due to convertible loan notes held. The directors confirm the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Other intangible assets |
|
Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.
Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Accumulated amortisation | |||
At 01 January 2024 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2024 |
|
|
|
Net book value | |||
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Accumulated depreciation | |||
At 01 January 2024 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2024 |
|
|
|
Net book value | |||
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to related parties |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Convertible loan notes |
|
|
The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.
The effective rate of interest is 5% with a conversion date of 30 April 2027.
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts due to key management | 2,462 | 2,462 |
This loan is interest free and has no fixed repayment terms.