REGISTERED NUMBER: 11634843 (England and Wales)

Financial Statements for the Year Ended 31 December 2023

for

Argo Mobile Repair Team (UK) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M Schulz

REGISTERED OFFICE:

Units 1 & 2

Duchy Road

Heathpark Industrial Estate

Honiton

Devon

EX14 1YD

REGISTERED NUMBER:

11634843 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

208

9,453

CURRENT ASSETS

Debtors

5

662

5,867

Cash at bank

306

-

968

5,867

CREDITORS

Amounts falling due within one year

6

48,745

47,998

NET CURRENT LIABILITIES

(47,777

)

(42,131

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,569

)

(32,678

)

CREDITORS

Amounts falling due after more than one year

7

(7,079

)

(12,736

)

PROVISIONS FOR LIABILITIES

9

(52

)

(1,796

)

NET LIABILITIES

(54,700

)

(47,210

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

(54,800

)

(47,310

)

SHAREHOLDERS' FUNDS

(54,700

)

(47,210

)

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 Mobile Repair Team (UK) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis, despite the balance sheet for 31 December 2023 showing net liabilities of £54,700 (2022: £47,210). 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.

Related party exemption

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.

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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on 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, which include debtors, 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 creditors and 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2023

46,642

1,416

48,058

Disposals

(46,642

)

-

(46,642

)

At 31 December 2023

-

1,416

1,416

DEPRECIATION

At 1 January 2023

37,751

854

38,605

Charge for year

3,146

354

3,500

Eliminated on disposal

(40,897

)

-

(40,897

)

At 31 December 2023

-

1,208

1,208

NET BOOK VALUE

At 31 December 2023

-

208

208

At 31 December 2022

8,891

562

9,453

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Other debtors

-

5,142

VAT

662

725

662

5,867

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

4,949

4,949

Trade creditors

637

1

Amounts owed to group undertakings

36,317

35,712

Accruals and deferred income

6,842

7,336

48,745

47,998

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans

7,079

12,736

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.12.22

£

£

Bank loans

12,028

17,685

The bank loan is secured by a government backed bounce back loan guarantee.

9.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

Accelerated capital allowances

52

1,796

Deferred

tax

£

Balance at 1 January 2023

1,796

Credit to Income Statement during year

(1,744

)

Balance at 31 December 2023

52

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 January 2023

(47,310

)

Deficit for the year

(7,490

)

At 31 December 2023

(54,800

)

12.	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

13.	POST BALANCE SHEET EVENTS

On 13 June 2024, the company entered into a lease agreement to lease the building it principally trades from for £34,000 per annum until 13 June 2027. This has not been reflected in these accounts.

14.	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 Mobile Repair Team (UK) Limited is Argo Mobile Repair Team Limited, a company incorporated in England and Wales.

At 31 December 2023, the smallest group of undertakings for which consolidated financial statements are prepared and which include the financial statements of Argo Mobile Repair Team UK 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.

At 31 December 2023, the largest group of undertakings for which consolidated financial statements are prepared and which include the financial statements of Argo Mobile Repair Team Limited is headed by Marcus Schulz Unternehmensbeteillgungs AG, a company incorporated in Switzerland.