Registered number
09828735
ARMIS SPORT LIMITED
Filleted Accounts
31 December 2022
ARMIS SPORT LIMITED
Company Information
Directors
R Simpson (appointed on 19 September 2023)
A Simonetti (appointed on 19 September 2023)
J Callister (resigned on 19 September 2023)
Auditors
Matthew Edwards & Co
2nd Floor
Queen Victoria House
Victoria Street
IM1 2LF
Registered office
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
Registered number
09828735
ARMIS SPORT LIMITED
Registered number: 09828735
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Current assets
Stocks 45,395 4,625
Debtors 6 3,949 19,275
Cash at bank and in hand 19,182 22,971
68,526 46,871
Creditors: amounts falling due within one year 7 (375,540) (326,741)
Net current liabilities (307,014) (279,870)
Net liabilities (307,014) (279,870)
Capital and reserves
Called up share capital 100 100
Profit and loss account (307,114) (279,970)
Shareholder's funds (307,014) (279,870)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Simpson
Director
Approved by the board on 25 October 2023
ARMIS SPORT LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements have been prepared on a non going concern basis. This is considered appropriate as the directors have concluded that the business of Armis Sport Limited is not sustainable and as such the company will be wound down during the remaining part of 2023.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT.
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software- Straight Line over 2 years
Patents - Straight Line over 2 years
Development Costs - Straight Line over 2 years
Tangible fixed assets
Tangible fixed assets 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. 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.
Fixtures, fitting and equipments Straight line over 1 year
Computer equipment Straight line over 2 years
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits hetd 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.
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 balance sheet 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 amounls 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 debtors and cash and bank balances, are initially measured at transaction price induding 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 Iiabilities 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 creditors, bank loans, other loans and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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
Foreign Exchange
Transactions in currencies other than GBP are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Nigel Morris
Firm: Matthew Edwards & Co
Date of audit report: 25 October 2023
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
4 Intangible fixed assets £
Patents:
Cost
At 1 January 2022 19,562
At 31 December 2022 19,562
Amortisation
At 1 January 2022 19,562
At 31 December 2022 19,562
Net book value
At 31 December 2022 -
5 Tangible fixed assets
Equipment & furniture
£
Cost
At 1 January 2022 3,021
At 31 December 2022 3,021
Depreciation
At 1 January 2022 3,021
At 31 December 2022 3,021
Net book value
At 31 December 2022 -
6 Debtors 2022 2021
£ £
Trade debtors 1,013 16,493
Other debtors 2,936 2,782
3,949 19,275
7 Creditors: amounts falling due within one year 2022 2021
£ £
Shareholder loan 348,764 295,326
Trade creditors 3,187 76
Taxation and social security costs 1,363 2,229
Other creditors 22,226 29,110
375,540 326,741
8 Events after the reporting date
During 2023 the directors have concluded that the business of Armis Sport Limited is not sustainable and as such the company will be wound down during the remaining part of 2023. The accounts have therefore not been prepared on a going concern basis.
9 Audit Report Information
As the income statement has been omitted from the financial statements, the following infomation in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006. The auditor’s report was unqualified. Emphasis of matter re Going Concern. We draw attention to note of the financial statements, which descñbes the Company’s reliance on continued support from its ultimate controlling party. Additionally we draw your attention to note which indicates that the stock was valued by the director of the company. The opinion was not modified in these respects. The auditor was Matthew Edwards & Co.
10 Controlling party
The ultimate control throughout the year remained with Besting Limited.
11 Other information
ARMIS SPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
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