Company registration number 00602135 (England and Wales)
ARMSTRONGS OF WORCESTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ARMSTRONGS OF WORCESTER LIMITED
COMPANY INFORMATION
Director
Mr S A A Hyslop
Company number
00602135
Registered office
13 Sansome Walk
Worcester
Worcestershire
WR1 1LU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
1 The Cross
Worcester
Worcestershire
WR1 3PR
ARMSTRONGS OF WORCESTER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ARMSTRONGS OF WORCESTER LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARMSTRONGS OF WORCESTER LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Armstrongs Of Worcester Limited for the year ended 28 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Armstrongs Of Worcester Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Armstrongs Of Worcester Limited and state those matters that we have agreed to state to the board of directors of Armstrongs Of Worcester Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Armstrongs Of Worcester Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Armstrongs Of Worcester Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Armstrongs Of Worcester Limited. You consider that Armstrongs Of Worcester 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 financial statements of Armstrongs Of Worcester 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 financial statements.

Ormerod Rutter Limited
27 June 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ARMSTRONGS OF WORCESTER LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,827
21,866
Investments
4
295,000
295,000
316,827
316,866
Current assets
Stocks
46,006
53,668
Debtors
5
153,526
191,554
Cash at bank and in hand
26,501
15,520
226,033
260,742
Creditors: amounts falling due within one year
6
(66,042)
(64,472)
Net current assets
159,991
196,270
Total assets less current liabilities
476,818
513,136
Creditors: amounts falling due after more than one year
7
(15,499)
(26,274)
Provisions for liabilities
8
(4,140)
(4,155)
Net assets
457,179
482,707
Capital and reserves
Called up share capital
10
19,711
19,711
Profit and loss reserves
437,468
462,996
Total equity
457,179
482,707

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ARMSTRONGS OF WORCESTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 27 June 2024
Mr S A A Hyslop
Director
Company registration number 00602135 (England and Wales)
ARMSTRONGS OF WORCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Armstrongs Of Worcester Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Sansome Walk, Worcester, Worcestershire, United Kingdom, WR1 1LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
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:

Alterations to property
1% on cost
Fixtures, fittings & equipment
15% on reducing balance
Computer equipment
25% on cost
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ARMSTRONGS OF WORCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

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

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ARMSTRONGS OF WORCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
6
3
Tangible fixed assets
Alterations to property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023
37,431
93,419
7,044
137,894
Additions
-
0
374
399
773
At 28 February 2024
37,431
93,793
7,443
138,667
Depreciation and impairment
At 1 March 2023
17,446
91,538
7,044
116,028
Depreciation charged in the year
374
338
100
812
At 28 February 2024
17,820
91,876
7,144
116,840
Carrying amount
At 28 February 2024
19,611
1,917
299
21,827
At 28 February 2023
19,985
1,881
-
0
21,866
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
295,000
295,000
ARMSTRONGS OF WORCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
153,526
191,554
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
9,932
Trade creditors
15,948
17,441
Amounts owed to group undertakings
25,275
25,131
Taxation and social security
5,550
8,187
Other creditors
8,621
3,781
66,042
64,472
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,499
23,274
Other creditors
3,000
3,000
15,499
26,274
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,140
4,155
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
23,147
33,206
Bank loans are secured by way of a government-backed guarantee.
ARMSTRONGS OF WORCESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
19,701
19,701
19,701
19,701
Ordinary B of £1 each
10
10
10
10
19,711
19,711
19,711
19,711

The preference shares carry the right to a non cumulative dividend of 6% per annum. The shareholder has waived his rights to payments of these dividends. The preference shares carry no votes at meetings although holders have the right to vote upon any resolution winding up the company.

11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
40,378
21,346
714
(51,300)
11,138
40,378
21,346
714
(51,300)
11,138

The director's loan account was repaid within nine months of the year end.

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