REGISTERED NUMBER: 06127991 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

Argo Aviation International Limited

Page

Company Information

1

Report of the Director

2

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

M Schulz

REGISTERED OFFICE:

First Floor, Unit 6

Prospect House

3F St. Thomas Place

Ely

Cambridgeshire

CB7 4EX

REGISTERED NUMBER:

06127991 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply of staff to the aviation industry.

DIRECTORS

M J Taylor - appointed 16 January 2023 - resigned 17 October 2023

M Schulz was appointed as a director after 31 December 2023 but prior to the date of this report.

A Dowling ceased to be a director after 31 December 2023 but prior to the date of this report.

GOING CONCERN

The financial statements have been prepared on a going concern basis. The balance sheet for 31 December 2023 show net assets of £616,577 (2022: £298,738). The directors have reviewed the projections for the next 12 months and can confirm that positive cash flows are expected.

Furthermore, the directors have received written confirmation from the company’s parent entity and ultimate shareholder that they will provide financial support to enable the company to meet its liabilities and continue operations for at least twelve months from the date of approval of these financial statements. Based on this confirmation, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M Schulz - Director

28 November 2025

FIXED ASSETS

Tangible assets

4

2,267

2,863

Investments

5

100

100

2,367

2,963

CURRENT ASSETS

Debtors

6

2,636,917

3,097,971

Cash at bank

9,223

784

2,646,140

3,098,755

CREDITORS

Amounts falling due within one year

7

2,014,458

2,778,034

NET CURRENT ASSETS

631,682

320,721

TOTAL ASSETS LESS CURRENT LIABILITIES

634,049

323,684

CREDITORS

Amounts falling due after more than one year

8

17,472

24,946

NET ASSETS

616,577

298,738

CAPITAL AND RESERVES

Called up share capital

11

860,520

860,520

Retained earnings

12

(243,943

)

(561,782

)

SHAREHOLDERS' FUNDS

616,577

298,738

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 28 November 2025 and were signed by:

M Schulz - Director

1.	STATUTORY INFORMATION

Argo Aviation International 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.

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

The company's registered office is also its principal place of business.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. The balance sheet for 31 December 2023 show net assets of £616,577 (2022: £298,738). The directors have reviewed the projections for the next 12 months and can confirm that positive cash flows are expected.

Furthermore, the directors have received written confirmation from the company’s parent entity and ultimate shareholder that they will provide financial support to enable the company to meet its liabilities and continue operations for at least twelve months from the date of approval of these financial statements. Based on this confirmation, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Argo Aviation International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover in respect of permanent placements is recognised on the recruit's start date. Turnover for temporary placements is recognised at weekly intervals throughout the duration of the placement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% to 25% on cost

Computer equipment - 10% to 30% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2023

and 31 December 2023

13,165

31,472

44,637

DEPRECIATION

At 1 January 2023

11,394

30,380

41,774

Charge for year

193

403

596

At 31 December 2023

11,587

30,783

42,370

NET BOOK VALUE

At 31 December 2023

1,578

689

2,267

At 31 December 2022

1,771

1,092

2,863

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2023

and 31 December 2023

100

NET BOOK VALUE

At 31 December 2023

100

At 31 December 2022

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

245,109

294,389

Amounts owed by group undertakings

2,363,504

2,736,458

Other debtors

-

220

VAT

9,267

10,112

Prepayments and accrued income

19,037

56,792

2,636,917

3,097,971

Included within trade debtors are £212,054 (2022: £256,431) of factored debts against which advances of £180,812 (2022: £223,520) have been received and included within creditors at the year end.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

10,172

9,895

Trade creditors

55,720

105,170

Amounts owed to group undertakings

1,663,726

2,187,583

Social security and other taxes

27,809

66,102

Other creditors

189,529

394,490

Accruals and deferred income

67,502

14,794

2,014,458

2,778,034

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans - 1-2 years

10,149

10,149

Bank loans - 2-5 years

7,323

14,797

17,472

24,946

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23

31.12.22

£

£

Within one year

9,750

13,000

Between one and five years

-

9,750

9,750

22,750

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.12.22

£

£

Other creditors

180,812

223,520

Bounce back loan

27,620

34,841

208,432

258,361

Included in other creditors is amounts due to the company's invoice finance facility. The finance provider holds a fixed and floating charge over the assets of the company in respect to the amounts due to them.

On the 14 May 2020 the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 6 year repayment period. The loan is repayable by instalments that began on the 14 May 2021. Interest is charged at 2.5% per annum from the first repayment date.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

860,520

Ordinary

£1

860,520

860,520

12.

RESERVES

Retained

earnings

£

At 1 January 2023

(561,782

)

Profit for the year

317,839

At 31 December 2023

(243,943

)

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

The Report of the Auditors was unqualified.

K Johnson ACA CTA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

14.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,369 (2022: £2,634). There were outstanding contributions at the year end of £1,774 (2022: £1,109).

15.	RELATED PARTY DISCLOSURES

At 31 December 2023, the company owed its director £6,479 (2022: £158,012). The balance is interest-free and repayable on demand.

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.

16.	ULTIMATE CONTROLLING PARTY

At 31 December 2023, Marcus Schulz Management Consultancy (incorporated in Switzerland) was regarded by the directors as being the company's ultimate parent company.

The immediate parent company of Argo Aviation International Limited is Argo Aviation Group GmbH, a company incorporated in Germany.

At 31 December 2023, the smallest and largest group of undertakings for which consolidated financial statements are prepared and which include the financial statements of Argo Aviation International Limited is headed by Argo Aviation Group GmbH, a company incorporated in Germany. Copies of its financial statements which are publicly available may be obtained from Argo Group GmbH Maximillianstrasse 11, 86150 Augsburg, Germany.