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REGISTERED NUMBER: 00313435 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

W.J.Armstrong Limited

W.J.Armstrong Limited (Registered number: 00313435)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W.J.Armstrong Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: M Armstrong
P M Armstrong
N A Armstrong





SECRETARY: A Armstrong





REGISTERED OFFICE: 12 London Road
East Grinstead
West Sussex
RH19 1AG





REGISTERED NUMBER: 00313435 (England and Wales)





ACCOUNTANTS: M N Jenks & Co Limited
72 Commercial Road
Paddock Wood
Tonbridge
Kent
TN12 6DP

W.J.Armstrong Limited (Registered number: 00313435)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 504,643 502,975

CURRENT ASSETS
Stocks 5 276,341 191,945
Debtors 6 121,289 84,415
Cash in hand 1,198 1,208
398,828 277,568
CREDITORS
Amounts falling due within one year 7 238,224 179,311
NET CURRENT ASSETS 160,604 98,257
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,247

601,232

CREDITORS
Amounts falling due after more than one
year

8

(198,832

)

(202,832

)

PROVISIONS FOR LIABILITIES 11 (100,134 ) (100,134 )
NET ASSETS 366,281 298,266

CAPITAL AND RESERVES
Called up share capital 12 26,000 26,000
Property revaluation reserve 332,282 332,282
Retained earnings 7,999 (60,016 )
SHAREHOLDERS' FUNDS 366,281 298,266

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

W.J.Armstrong Limited (Registered number: 00313435)

Balance Sheet - continued
31 January 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





M Armstrong - Director


W.J.Armstrong Limited (Registered number: 00313435)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

W.J.Armstrong 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 (£).


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.

Going Concern Basis of Accounting

The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the circumstances outlined in Note 15 to the accounts.

Turnover
Turnover represents net invoiced sales of goods, excluding VAT and is recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated to write off the cost or valuation, less estimated residual values, of tangible fixed assets over their estimated useful lives to the business. The annual depreciation rates and methods are as follows:

Equipment, Fixtures and Fittings - 15% to 25% on reducing instalments basis

Freehold Land (acquired July 2015) is not depreciated. Freehold Property has not been depreciated or subject to impairment, as the Directors consider that its open market value at the balance sheet date is not materially different from the valuation carried out by the Directors as at 1 February 2015, being the transition date for the implementation of FRS 102.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. Deferred tax represents the future tax consequences of transactions and events in the accounts of current and previous periods in respect of all timing differences. Timing differences are differences between taxable profits and total profits as stated in the accounts that arise from the inclusion of income and expenses in tax computations in periods different from those in which they are recognised in the accounts. Deferred tax is measured using the tax rates that are expected to apply to the reversal of timing differences. Deferred tax on revalued tangible assets is measured using the rates and allowances that are likely to apply to the sale of the asset.

Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

Pension costs
Contributions in respect of the Company's defined contribution scheme are charged to the profit and loss account for the year in which they are payable to the scheme.

W.J.Armstrong Limited (Registered number: 00313435)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Equipment,
Freehold fixtures
Land and and
Property fittings Totals
£    £    £   
COST
At 1 February 2022 501,087 37,063 538,150
Additions - 2,396 2,396
At 31 January 2023 501,087 39,459 540,546
DEPRECIATION
At 1 February 2022 - 35,175 35,175
Charge for year - 728 728
At 31 January 2023 - 35,903 35,903
NET BOOK VALUE
At 31 January 2023 501,087 3,556 504,643
At 31 January 2022 501,087 1,888 502,975

At the date of transition to FRS 102 (1 February 2015), the Company has elected for its freehold property to be measured at its fair value and for that fair value to be used as the deemed cost of the asset going forward. The valuation of the freehold property was carried out by the Directors.

5. STOCKS
31.1.23 31.1.22
£    £   
Goods for re-sale 276,341 191,945

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 116,976 80,279
Other debtors 4,313 4,136
121,289 84,415

W.J.Armstrong Limited (Registered number: 00313435)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 23,324 15,727
Other loans 4,000 -
Trade creditors 158,732 101,066
Corporation tax 1,140 1,140
Social security and other taxes 4,839 4,489
VAT 13,261 20,825
Other creditors 1,234 2,031
Directors' loan accounts 27,502 27,502
Accruals and deferred income 4,192 6,531
238,224 179,311

Directors' loans comprise £27,502 (2022 - £27,502) owed to M Armstrong Esq and N Armstrong Esq who are also shareholders in the Company. The loans are unsecured and interest free.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Unsecured loans advanced
[see Note (i) & (ii)] 198,832 202,832
198,832 202,832

Unsecured loans advanced comprise the following:

(i) Unsecured loans advanced £4,000 (2022: £8,000) by M Armstrong, Director and without any fixed date for partial or full repayment at an annual interest rate entitlement, although this is not currently being paid, of 8%, but no repayment before 31 January 2025.

(ii) Unsecured interest free loans advanced £194,832 (2022: £194,832) by M Armstrong, Director and N Armstrong, Director without any fixed date for partial or full repayment, but no repayment before 31 January 2025.

M Armstrong Esq and N Armstrong Esq are also shareholders in the Company.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.23 31.1.22
£    £   
Within one year 2,800 10,672
Between one and five years - 2,800
2,800 13,472

W.J.Armstrong Limited (Registered number: 00313435)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank overdrafts 23,324 15,727

11. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 100,134 100,134

Deferred
tax
£   
Balance at 1 February 2022 100,134
Balance at 31 January 2023 100,134

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
26,000 Ordinary £1 26,000 26,000

13. PENSION COMMITMENTS

The Company has made payments of £4,892 (2022 - £4,460) into defined contribution pension schemes, on behalf of two of its Directors and employees, during the year. The assets of the schemes are held separately from those of the Company in independently administered funds. The Company's liability is limited to the amount of the contributions payable.

14. ULTIMATE CONTROLLING PARTY

The controlling party is M Armstrong.

15. FUTURE TRADING AND THE CURRENT ECONOMIC ENVIRONMENT

Since the year end the Company’s sales have held up reasonably well and the Company is operating well within its overdraft facility. The Company is paying its suppliers in accordance with terms. At the same time the Directors are committed to providing financial support to the Company as is evidenced by these financial statements and will not seek repayment of amounts due to them as at the year end date until the Company's financial position allows. As a result, the Directors are not aware of any reason why the bank overdraft facilities or similar facilities will not continue and accordingly they have adopted the going concern basis of accounting.