Argentium International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05984703 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ARGENTIUM INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Abraham

J Anderson

SECRETARY:

J S Abraham

REGISTERED OFFICE:

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

BUSINESS ADDRESS:

c/o Allied Gold Limited

3-5 Dunn Street

London

E8 2DG

REGISTERED NUMBER:

05984703 (England and Wales)

ACCOUNTANTS:

LDP Luckmans

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Intangible assets

4

1

1

CURRENT ASSETS

Debtors

5

10,884

21,866

Cash at bank

20,131

11,584

31,015

33,450

CREDITORS

Amounts falling due within one year

6

264,374

379,779

NET CURRENT LIABILITIES

(233,359

)

(346,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(233,358

)

(346,328

)

CREDITORS

Amounts falling due after more than one year

7

223,722

1,062,539

NET LIABILITIES

(457,080

)

(1,408,867

)

CAPITAL AND RESERVES

Called up share capital

8

9,700

9,700

Share premium

531,670

531,670

Retained earnings

(998,450

)

(1,950,237

)

SHAREHOLDERS' FUNDS

(457,080

)

(1,408,867

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors on 19 December 2019 and were signed on its behalf by:

J Anderson - Director

1.	STATUTORY INFORMATION

Argentium 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.

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.

As at 31 March 2019 the companies total liabilities exceeded total assets by £457,080 (2018 -

£1,408,867). The directors have prepared financial forecasts to 31 March 2021 and have reviewed the

company's ability to meet its financial obligations as they fall due. The directors are satisfied that the

financial statements can be prepared 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 fixed assets and amortisation

Intangible assets are amortised in equal instalments over their estimated useful lives, except where

they have been identified as impaired in the period, in which case they are written down as appropriate.

Impairment reviews are carried out to ensure that intangible assets are not carried at above their

recoverable amounts. Any amortisation or impairment write downs are charged to the profit and loss

account.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 2 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2018

and 31 March 2019

295,273

AMORTISATION

At 1 April 2018

and 31 March 2019

295,272

NET BOOK VALUE

At 31 March 2019

1

At 31 March 2018

1

On 18 April 2008, the company acquired all patents and trademarks relating to argentium silver, a

tarnish resistant and fire-stain free silver. The related acquisition costs have been capitalised as

intangible assets and have been amortised over 6 years.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

9,150

19,443

VAT

1,734

2,423

10,884

21,866

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other loans

150,000

150,000

Amounts owed to group undertakings

83,200

83,200

Social security and other taxes

313

1,295

Other creditors

91

1,988

£1,250,000 B Series Loan Notes

-

100,000

Accrued expenses

30,770

43,296

264,374

379,779

£1,250,000 B Series Loan Notes

The loan notes were drawn on the 18 April 2008 and were repayable on the 1 January 2014. The rate

of interest payable was 8.5% per annum accruing from day to day on the basis of a 365 day year and

was also payable in full on this day.

As per the shareholders agreement dated 7 February 2014 these loan notes were no longer payable

on 1 January 2014 as the terms were amended and are now payable as to 75% of turnover, on an

annual basis, subject to a minimum of £100,000. These loan notes are now interest free and not

secured.

The shareholders agreement dated 7 February 2014 also stated that if at the expiry of 5 years from the

completion date any part of the sums due under either the A or B series loan notes remain outstanding

such sum or sums shall be written off and shall cease to be payable.

At 7 February 2019 the amount outstanding on the B Series loan notes amounted to £587,800. This

amount has been written off to the profit and loss in the current financial statements.

£300,000 A Series Loan Notes

As per the shareholders agreement dated 7 February 2014 these loan notes carry the same terms as

the B series loan notes except that they rank behind the B series loan notes for repayment.

The shareholders agreement dated 7 February 2014 also stated that if at the expiry of 5 years from the

completion date any part of the sums due under either the A or B series loan notes remain outstanding

such sum or sums shall be written off and shall cease to be payable.

At 7 February 2019 the amount outstanding on the A Series loan notes amounted to £300,000. This

amount has been written off to the profit and loss in the current financial statements.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans

223,722

154,926

£300,000 A Series Loan Notes

-

300,000

£1,250,000 B Series Loan Notes

-

607,613

223,722

1,062,539

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

970,000

Ordinary

1p

9,700

9,700