Registration number:
Argent of London Limited
for the Year Ended 30 April 2022
Argent of London Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Argent of London Limited
Company Information
Directors |
Mr Michael J. Goodrich Mrs Jennifer Gail Terry Goodrich |
Company secretary |
Mrs Jennifer Gail Terry Goodrich |
Registered office |
|
Accountants |
|
Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Argent of London Limited
for the Year Ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Argent of London Limited for the year ended 30 April 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements. Details of these can be found at www.cimaglobal.com
This report is made solely to the Board of Directors of Argent of London Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Argent of London Limited and state those matters that we have agreed to state to the Board of Directors of Argent of London Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Argent of London Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Argent of London Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Argent of London Limited. You consider that Argent of London Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Argent of London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Bessemer Drive
Stevenage
Herts
SG1 2DX
Argent of London Limited
(Registration number: 03279510)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
15,850 |
15,850 |
|
Share premium reserve |
61,750 |
61,750 |
|
Revaluation reserve |
2,099 |
- |
|
Retained earnings |
(2,852) |
(4,809) |
|
Shareholders' funds |
76,847 |
72,791 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Argent of London Limited
(Registration number: 03279510)
Balance Sheet as at 30 April 2022
Approved and authorised by the
......................................... |
......................................... |
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The directors consider the asset values at the start of the year under reflect their fair value. As a result a revaluation was applied to reflect their fair value and no depreciation has been provided this year.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, Depreciation is charged as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% on reducing balance |
Office equipment |
25% on reducing balance |
Computer equipment |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 May 2021 |
|
|
Revaluations |
|
|
At 30 April 2022 |
|
|
Depreciation |
||
At 1 May 2021 |
|
|
At 30 April 2022 |
|
|
Carrying amount |
||
At 30 April 2022 |
|
|
At 30 April 2021 |
|
|
Stocks |
2022 |
2021 |
|
Other inventories |
|
|
Debtors |
Current |
2022 |
2021 |
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
- |
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
( |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
15,850 |
|
15,850 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
|
|
|
Related party transactions |
The following advances and credits to directors subsisted during the years ended 30 April 2022 and 30 April 2021
Loans to related parties
2022 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Argent of London Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
2021 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans to related parties
Parent and ultimate parent undertaking |
The ultimate controlling party is