Company registration number 00109607 (England and Wales)
ARGENTINE CLUB LIMITED
Unaudited financial statements
For the year ended 31 December 2021
Pages for filing with registrar
ARGENTINE CLUB LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ARGENTINE CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
26
35
Investments
5
229,282
226,144
229,308
226,179
Current assets
Trade and other receivables
6
326
Cash and cash equivalents
6,625
4,878
6,951
4,878
Current liabilities
7
(166,126)
(168,106)
Net current liabilities
(159,175)
(163,228)
Total assets less current liabilities
70,133
62,951
Provisions for liabilities
8
(2,710)
(2,495)
Net assets
67,423
60,456
Equity
Called up share capital
9
28,505
28,505
Other reserves
5,247
5,247
Retained earnings
33,671
26,704
Total equity
67,423
60,456
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ARGENTINE CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 July 2022 and are signed on its behalf by:
Mr W N de Segundo (Chairman)
Director
Company Registration No. 00109607
ARGENTINE CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2021
- 3 -
Share capital
Other reserves
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2020
28,505
5,247
125,086
158,838
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,681
1,681
Dividends
-
-
(359,163)
(359,163)
Other movements
-
-
259,100
259,100
Balance at 31 December 2020
28,505
5,247
26,704
60,456
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
6,967
6,967
Balance at 31 December 2021
28,505
5,247
33,671
67,423
ARGENTINE CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2021
- 4 -
1
Accounting policies
Company information
Argentine Club Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
No 4 St James's Square, London, SW1Y 4JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents membership fees from lost members of the Canning Club which is recognised as received.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Non-current investments
Listed investments are held at fair value by reference to the closing market value on the last business day before the year-end.
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ARGENTINE CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 5 -
1.7
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 instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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
Basic financial assets, which include
trade and other receivables
and cash and bank balances, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ARGENTINE CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
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 the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
ARGENTINE CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 7 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2021 and 31 December 2021
22,415
Depreciation and impairment
At 1 January 2021
22,380
Depreciation charged in the year
9
At 31 December 2021
22,389
Carrying amount
At 31 December 2021
26
At 31 December 2020
35
5
Fixed asset investments
2021
2020
£
£
Listed investments
229,282
226,144
Movements in non-current investments
Investments other than loans
£
Cost or valuation
At 1 January 2021
226,144
Additions
3,138
At 31 December 2021
229,282
Carrying amount
At 31 December 2021
229,282
At 31 December 2020
226,144
6
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
326
ARGENTINE CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
- 8 -
7
Current liabilities
2021
2020
£
£
Dividends payable
163,233
163,233
Other payables
2,893
4,873
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
2,710
2,495
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Ordinary shares of £10 each
1,442
1,442
14,420
14,420
Ordinary shares (£5 part paid) of £10 each
2,817
2,817
14,085
14,085
4,259
4,259
28,505
28,505
10
Prior year disclosure
During the year to 31 December 2014 the company declared dividends totalling £571,100. Of this a total of £312,000 has been paid to shareholders. The balance of £259,100 has not been paid as the shareholders could not be traced, despite extensive research. Therefore on the sixth anniversary of the dividend being declared the amounts unpaid were written back to the company's reserves.