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No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04058950
2023-10-01
2024-09-30
04058950
2024-09-30
04058950
2023-09-30
04058950
2022-10-01
2023-09-30
04058950
2023-09-30
04058950
2022-09-30
04058950
core:MotorVehicles
2023-10-01
2024-09-30
04058950
bus:Director2
2023-10-01
2024-09-30
04058950
core:WithinOneYear
2024-09-30
04058950
core:WithinOneYear
2023-09-30
04058950
core:AfterOneYear
2024-09-30
04058950
core:AfterOneYear
2023-09-30
04058950
core:ShareCapital
2024-09-30
04058950
core:ShareCapital
2023-09-30
04058950
core:RevaluationReserve
2024-09-30
04058950
core:RevaluationReserve
2023-09-30
04058950
core:RetainedEarningsAccumulatedLosses
2024-09-30
04058950
core:RetainedEarningsAccumulatedLosses
2023-09-30
04058950
bus:SmallEntities
2023-10-01
2024-09-30
04058950
bus:AuditExempt-NoAccountantsReport
2023-10-01
2024-09-30
04058950
bus:SmallCompaniesRegimeForAccounts
2023-10-01
2024-09-30
04058950
bus:PrivateLimitedCompanyLtd
2023-10-01
2024-09-30
04058950
bus:AbridgedAccounts
2023-10-01
2024-09-30
04058950
core:PlantMachinery
2023-10-01
2024-09-30
COMPANY REGISTRATION NUMBER:
04058950
|
Argent Fabrications Limited |
|
|
Filleted Unaudited Abridged Financial Statements |
|
|
Argent Fabrications Limited |
|
|
Abridged Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
737,692 |
737,964 |
|
|
|
|
Current assets
|
Stocks |
25,000 |
50,266 |
|
Debtors |
711,926 |
729,529 |
|
Cash at bank and in hand |
264,997 |
396,014 |
|
------------ |
------------ |
|
1,001,923 |
1,175,809 |
|
|
|
|
Creditors: amounts falling due within one year |
386,963 |
440,020 |
|
------------ |
------------ |
|
Net current assets |
614,960 |
735,789 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,352,652 |
1,473,753 |
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
219,120 |
307,931 |
|
|
|
|
|
Provisions |
121,128 |
121,196 |
|
------------ |
------------ |
|
Net assets |
1,012,404 |
1,044,626 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
2 |
2 |
|
Revaluation reserve |
158,885 |
158,885 |
|
Profit and loss account |
853,517 |
885,739 |
|
------------ |
------------ |
|
Shareholders funds |
1,012,404 |
1,044,626 |
|
------------ |
------------ |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 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 abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
|
Argent Fabrications Limited |
|
|
Abridged Statement of Financial Position (continued) |
|
30 September 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 June 2025
, and are signed on behalf of the board by:
Company registration number:
04058950
|
Argent Fabrications Limited |
|
|
Notes to the Abridged Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Avery Dell Industrial Estate, Lifford Lane, Kings Norton, Birmingham, B30 3DZ.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In common with all businesses the company has been impacted by the Covid-19 lockdown. The director has taken steps to use the government schemes in place to minimise the impact on the business operations and cashflow caused by the lockdown. Whilst there can be no certainty as to when and how the business will return to normal, the director is satisfied, based on the above that as many measures are in place, or could be put in place if required, to allow the business to continue to meet its obligations and, therefore, that it is appropriate to prepare the accounts on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
Between 10% reducing balance and 33% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2023:
10
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 October 2023 |
1,250,699 |
|
Additions |
58,520 |
|
------------ |
|
At 30 September 2024 |
1,309,219 |
|
------------ |
|
Depreciation |
|
|
At 1 October 2023 |
512,735 |
|
Charge for the year |
58,792 |
|
------------ |
|
At 30 September 2024 |
571,527 |
|
------------ |
|
Carrying amount |
|
|
At 30 September 2024 |
737,692 |
|
------------ |
|
At 30 September 2023 |
737,964 |
|
------------ |
|
|
Tangible assets held at valuation
Land and buildings were revalued at fair value by the directors as at 30 September 2021 based on a valuation provided by an independent valuer.
6.
Creditors:
amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £34,061 (2023: £54,879) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The long term loans comprises a mortgage with Lloyds Bank plc secured against the company's freehold property which is repayable in equal monthly instalments, taking into account interest at 3% above the bank base rate, by March 2030 and a CBILS loan repayable in 60 equal monthly instalments by August 2026. A new loan was advanced from Lloyds Bank plc during the year ended 30 September 2021 which is repayable in equal monthly instalments, taking into account interest at 2.89% above the bank base rate, by August 2036. This loan is also secured against the company's freehold property.
7.
Financial instruments
Financial instruments such as trade debtors, cash and trade creditors arise directly from the company's operations.
8.
Director's advances, credits and guarantees
During the year, the company made interest-free advances to a director amounting to £81,397 (2023: £79,237) and received repayments of £81,397 (2023: £79,237). These were repayable on demand.
9.
Related party transactions
At 30 September 2024 the company had an outstanding loan due from its parent company of £373,881 (2023 £373,881) included in debtors. Also at the year end the company had an outstanding loan due to a director of £50,000 (2023: £nil) included within other creditors.