AGN International Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03132548 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

AGN INTERNATIONAL LTD

Page

Company Information

1

Directors' Responsibilities Statement

2

Independent Chartered Accountants' Review Report

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

A Adaminas

R R Redwitz

V Devi

M Felenda

B M Franklin

A G A Akel

A Le Prince

N P Norman

SECRETARY:

M Ward

REGISTERED OFFICE:

3 More London Place

London

SE1 2RE

REGISTERED NUMBER:

03132548 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2019 and of its surplus for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

M Felenda - Director

21 October 2020

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of AGN International Ltd for the year ended 31 December 2019, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 1 to 10. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 2 February 2017. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its surplus for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

21 October 2020

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

2

2

2

2

CURRENT ASSETS

Debtors

6

131,718

173,113

Cash at bank

339,124

313,615

470,842

486,728

CREDITORS

Amounts falling due within one year

7

266,713

283,613

NET CURRENT ASSETS

204,129

203,115

TOTAL ASSETS LESS CURRENT LIABILITIES

204,131

203,117

CREDITORS

Amounts falling due after more than one year

8

22,958

45,484

NET ASSETS

181,173

157,633

RESERVES

Income and expenditure account

181,173

157,633

181,173

157,633

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 surplus or deficit 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 and authorised for issue on 21 October 2020 and were signed on its behalf by:

M Felenda - Director

1.	STATUTORY INFORMATION

AGN International Ltd is a private company, limited by guarantee , 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 functional currency of the company is considered to be pounds sterling because that is the currency of the economic environment in which the company operates. When determining the functional currency the directors have considered the currency that influences sales prices for goods and services, the competitive forces and regulations that determine the sales prices and the currency that influences labour, material and its overheads.

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.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The directors estimate the realisable value of trade and other receivable balances at the balance sheet date and adequacy of allowance for bad debts.

The directors include accruals for costs incurred but for which no invoice has been received at the balance sheet date, the value is determined using the best estimate for those costs.

Turnover

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

Subscription income is recognised over the life of the subscription.

Income from meetings is recognised once the meeting has taken place.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the company has become a party to the contractual provisions of the instrument.

Financial assets

Cash and Cash Equivalents

Cash and cash equivalents comprise cash at bank and in hand and other short-term deposits held by the Company with maturities of less than three months.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings are subsequently carried at amortised cost.

Liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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

Transactions in currencies other than in pound sterling are initially recorded at the exchange rate prevailing on the dates of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the exchange rate prevailing at the reporting date. Gains and losses arising on retranslation are included in the Statement of Comprehensive Income for the year.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit plans are charged as an expense as they fall due.

Interest income

Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding and at the effective interest rate applicable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

First year transition

The company's date of transition to FRS 102 was 1 January 2018.

No transitional adjustments have been made to the comparative figures and the company's financial position and performance have not been affected by the transition to FRS 102. There have been no significant changes to the accounting policies as a result of the new financial reporting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2019

and 31 December 2019

22,162

DEPRECIATION

At 1 January 2019

and 31 December 2019

22,162

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

2

NET BOOK VALUE

At 31 December 2019

2

At 31 December 2018

2

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

AGN Ltd , a company incorporated in the United Kingdom.

AGN Europe Ltd, a company incorporated in the United Kingdom.

AGN Worldwide Ltd, a company incorporated in the United Kingdom.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

124,532

152,718

Other debtors

7,186

20,395

131,718

173,113

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

27,272

43,289

Taxation and social security

28,406

14,188

Other creditors

211,035

226,136

266,713

283,613

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

22,958

45,484

9.	RELATED PARTY DISCLOSURES

Recharges of Services

AGN International - EMEA Limited is considered to be a related party through both companies sharing key management staff. A licence agreement to provide the supply of administrative services has been entered into. In addition, other administrative services are provided on an ad hoc basis to member firms. This comprises:

2019

2018

£

£

Administrative services recharged

to AGN International - EMEA Limited

84,849

90,573

£84,849

£90,573

At the year end there was a balance of £20,932 (2018: £37,415) due to AGN International - EMEA Ltd.

The Directors of the company are partners or directors of independent firms of accountants and professional advisers that are members of the company. Their firms have made charges for their time incurred on specific activities on behalf of the Company, reimbursed expenses and other items, as follows:

Director

Firm

Country

AGN Costs paid by Director

Personal Costs of Director

2019

2018

£

£

£

£

A. Adaminas

Elizalde, Casares

Argentina

-

9,744

9,744

3,442

J. Carulas

Meaden & Moore

USA

-

3,340

3,340

3,680

R. Redwitz

R.Redwitz & Co

USA

-

3,028

3,028

3,336

M. Felenda

Schaffer & Partner spol

Czech Republic

-

531

531

921

V. Devi

BSL Tax Services

Singapore

-

3,539

3,539

3,000

A. Le Prince

WLP GmbH

Germany

-

510

510

724

A. Akel

Adel Habib & Co.

Jordan

-

-

-

1,939

B. Franklin

Weinstein Spira & Co.

USA

-

2,436

2,346

2,701

In addition, the above directors' member firms have also made charges for the reimbursed expenses and other items of other individuals, as follows:

Firm

2019

2018

£

£

R.Redwitz & Co

8,656

7,917

At the reporting date, the company owed £8,622 (2018: £5,102) to these independent firms of accountants and professional advisors. These balances arise as a result of recharged expenses.

10.	LIMITED BY GUARANTEE

The company is Limited by Guarantee and does not have a share capital. The liability of each member of the company in the event of winding up is limited to £1.