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REGISTERED NUMBER: 02911407 (England and Wales)









ARGEX LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






ARGEX LIMITED (REGISTERED NUMBER: 02911407)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ARGEX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: G Comunian
M Greggio





REGISTERED OFFICE: 130 Hockley Hill
Birmingham
West Midlands
B18 5AN





REGISTERED NUMBER: 02911407 (England and Wales)





AUDITORS: UHY Hacker Young (Birmingham) LLP,
Statutory Auditor
9-11 Vittoria Street
Birmingham
B1 3ND

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,977 28,648

CURRENT ASSETS
Stocks 5 640,794 539,393
Debtors 6 323,189 384,024
Cash at bank 7 367,192 388,860
1,331,175 1,312,277
CREDITORS
Amounts falling due within one year 8 323,191 275,133
NET CURRENT ASSETS 1,007,984 1,037,144
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,013,961

1,065,792

PROVISIONS FOR LIABILITIES 1,237 6,848
NET ASSETS 1,012,724 1,058,944

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Retained earnings 912,724 958,944
SHAREHOLDERS' FUNDS 1,012,724 1,058,944

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 Profit And Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





M Greggio - Director


ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Argex Limited 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.

2. ACCOUNTING POLICIES

General information
Argex Limited is a limited company incorporated in the United Kingdom. The address of its registered office is

130 Hockley Hill
Birmingham
B18 5AN

The principal activity of the company is that of the distribution of silver and soldering products.

The presentational and functional currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical costs convention.

Measurement convention
The financial statements are prepared on the historical cost basis except in the instance where assets and liabilities are stated at their fair value.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they have adopted the going concern basis of accounting in preparing these financial statements.


Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.

Government grants

Grants are accounted under the accruals model as permitted by FRS102. Grants relating to expenditure on
tangible fixed assets are credited to the Profit and loss account at the same rate as the depreciation on the
assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related
expenditure.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover is recognised on delivery to customers.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases

Long-term leasehold property - 20% straight line
Plant and machinery - 25% straight line
Motor vehicles - 25% straight line
Fixture and fittings - 20% straight line

The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be reasonable.

Government grants
Grants are accounted under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the Profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, with the exception of a base level of silver stock. Cost is based on purchase price of raw materials. Net realisable value is based on estimated selling price less the estimated cost of disposal.

A base level of silver stock has been maintained by the company since its incorporation in 1995 of 2,112.933kg (2023: 2,112.933kg). This stock is not issued and is valued at its original cost price of £124.32 per kg.

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date except where the company has entered into forward contracts designed to hedge against fluctuations in foreign exchange rates. In those circumstances the rate implicit in the forward contract is used to translate monetary assets or liabilities into sterling.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction except where the company has entered into forward contracts. The forward contract rate is used in these circumstances.

Exchange gains and losses are recognised in the Profit and loss account

Pension
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs. At subsequent reporting periods, the basic financial assets receivable within one year are measured at the undiscounted amount of the cash or other consideration that the company expects to receive. Basic financial assets that constitute financing transactions, in accordance with FRS 102 paragraph 11.13, are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial assets that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies that are payable within one year or less, other than those that constitute a financing transaction in accordance with FRS 102 paragraph 11.13, are initially recognised at the transaction price and, except for those financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b), are subsequently measured at the undiscounted amount of the cash or other consideration that the company expects to pay. Basic financial liabilities that constitute a financing transaction in accordance with FRS 102 paragraph 11.13 are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method.

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other income, in which case it is recognised directly in equity or other income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date.

Deferred Tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 281,857 185,147 70,164
Additions - - -
Disposals (281,857 ) - (56,945 )
At 31 December 2024 - 185,147 13,219
DEPRECIATION
At 1 January 2024 281,857 185,147 62,357
Charge for year - - 7,806
Eliminated on disposal (281,857 ) - (56,944 )
At 31 December 2024 - 185,147 13,219
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - - 7,807

Motor Office
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2024 12,000 92,672 641,840
Additions - 774 774
Disposals - (45,713 ) (384,515 )
At 31 December 2024 12,000 47,733 258,099
DEPRECIATION
At 1 January 2024 7,750 76,081 613,192
Charge for year 3,000 12,638 23,444
Eliminated on disposal - (45,713 ) (384,514 )
At 31 December 2024 10,750 43,006 252,122
NET BOOK VALUE
At 31 December 2024 1,250 4,727 5,977
At 31 December 2023 4,250 16,591 28,648

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. STOCKS

The company has kept the level of base stocks at the same level, as the previous year 2,112.933kg.

Based on year-end metal prices, stocks of finished goods and goods for resale would have a replacement cost of £1,571,809 (2023: £1,268,286).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 291,093 352,815
Prepayments 32,096 31,209
323,189 384,024

7. CASH AT BANK

The bank has a fixed deed of charge over all cash at bank balances and any money payable to the bank. At 31 December 2024 there was no money owed to the bank (2023: £Nil)

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 22,429 20,284
Amounts owed to group undertakings 2,947 1,959
Corporation Tax 47,136 43,408
Social security and other taxes 220,116 189,776
Other creditors 30,563 19,706
323,191 275,133

9. LEASING AGREEMENTS

The operating lease for land and buildings is on a rolling contract with no penalty for cancellation. The future obligation arising is therefore £Nil (2023: £Nil).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary 1 100,000 100,000

ARGEX LIMITED (REGISTERED NUMBER: 02911407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Stephens (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (Birmingham) LLP,

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking and controlling party at the balance sheet date was Greggio Group International SRL, a company previously incorporated in Luxembourg, is now an Italian company.