REGISTERED NUMBER: 12238829 (England and Wales)

Financial Statements for the Year Ended 31 December 2023

for

Argo Mobile Repair Team Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M Schulz

REGISTERED OFFICE:

Suit 6

St Thomas Place

Ely

Cambridgeshire

CB7 4EX

REGISTERED NUMBER:

12238829 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Intangible assets

4

1,762

7,050

Tangible assets

5

5,127

7,846

Investments

6

-

-

6,889

14,896

CURRENT ASSETS

Debtors

7

1,827,408

1,547,814

Cash at bank

16,012

43,484

1,843,420

1,591,298

CREDITORS

Amounts falling due within one year

8

1,865,442

1,593,580

NET CURRENT LIABILITIES

(22,022

)

(2,282

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(15,133

)

12,614

CREDITORS

Amounts falling due after more than one year

9

(14,147

)

(24,796

)

PROVISIONS FOR LIABILITIES

12

(1,722

)

(3,724

)

NET LIABILITIES

(31,002

)

(15,906

)

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

(31,102

)

(16,006

)

SHAREHOLDERS' FUNDS

(31,002

)

(15,906

)

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 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 principal place of business is the same as the registered office address.

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 £31,002 (2022: £15,906). 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.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of 3 years.

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

-

20% on cost

Fixtures and fittings

-

50% on cost

Computer equipment

-

50% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

At 1 January 2023

and 31 December 2023

15,862

AMORTISATION

At 1 January 2023

8,812

Amortisation for year

5,288

At 31 December 2023

14,100

NET BOOK VALUE

At 31 December 2023

1,762

At 31 December 2022

7,050

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2023

and 31 December 2023

12,898

3,045

712

16,655

DEPRECIATION

At 1 January 2023

5,208

3,045

556

8,809

Charge for year

2,563

-

156

2,719

At 31 December 2023

7,771

3,045

712

11,528

NET BOOK VALUE

At 31 December 2023

5,127

-

-

5,127

At 31 December 2022

7,690

-

156

7,846

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2023

and 31 December 2023

40,757

PROVISIONS

At 1 January 2023

and 31 December 2023

40,757

NET BOOK VALUE

At 31 December 2023

-

At 31 December 2022

-

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Argo Mobile Repair Team (UK) Ltd

Registered office: Units 1 & 2 Duchy Road, Heathpark Industrial Estate, Honiton, England, EX14 1YD

Nature of business: Aircraft repair

%

Class of shares:

holding

Ordinary

100.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

640,246

676,200

Amounts owed by group undertakings

1,117,280

600,351

VAT

10,631

-

Prepayments and accrued income

59,251

271,263

1,827,408

1,547,814

Included within trade debtors are £403,087 (2022: £542,013) of factored debts against which advances of £342,624 (2022: £437,685) have been received and disclosed within creditors at the year end.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

106,370

100,204

Amounts owed to group undertakings

1,209,461

836,222

Tax

2,394

2,394

Social security and other taxes

45,478

58,030

VAT

-

96,258

Other creditors

463,263

484,472

Accrued expenses

28,476

6,000

1,865,442

1,593,580

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

4,147

14,796

14,147

24,796

10.	LEASING AGREEMENTS

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

31.12.23

31.12.22

£

£

Within one year

8,000

5,600

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.12.22

£

£

Bank loans

24,147

34,796

Other creditors

-

437,685

24,147

472,481

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

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.

12.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

1,722

3,724

Deferred

tax

£

Balance at 1 January 2023

3,724

Provided during year

(2,002

)

Accelerated capital allowances

Balance at 31 December 2023

1,722

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

100

Ordinary

£1

100

100

14.

RESERVES

Retained

earnings

£

At 1 January 2023

(16,006

)

Deficit for the year

(15,096

)

At 31 December 2023

(31,102

)

15.	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

16.	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 £6,100 (2022: £7,257). The pension contributions outstanding at the year end amounted to £1,171 (2022: £2,717).

17.	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 Mobile Repair Team Limited is Argo Aviation International Limited, a company incorporated in England and Wales.

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 Mobile Repair Team 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.