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REGISTERED NUMBER: 02388444 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Armclaim Limited

Armclaim Limited (Registered number: 02388444)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Armclaim Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr S A Loofe
Mr I E Loofe





SECRETARY: Mr S A Loofe





REGISTERED OFFICE: FFT
Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





REGISTERED NUMBER: 02388444 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Armclaim Limited (Registered number: 02388444)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 113,364 117,895

CURRENT ASSETS
Stocks 5 989,286 1,359,396
Debtors 6 43,105 74,796
Cash at bank 76,725 74,774
1,109,116 1,508,966
CREDITORS
Amounts falling due within one year 7 631,099 824,297
NET CURRENT ASSETS 478,017 684,669
TOTAL ASSETS LESS CURRENT
LIABILITIES

591,381

802,564

CREDITORS
Amounts falling due after more than one year 8 (15,000 ) (75,000 )

PROVISIONS FOR LIABILITIES (19,744 ) (20,030 )
NET ASSETS 556,637 707,534

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital redemption reserve 50,000 50,000
Retained earnings 505,637 656,534
SHAREHOLDERS' FUNDS 556,637 707,534

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Armclaim Limited (Registered number: 02388444)

Balance Sheet - continued
31 January 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2024 and were signed on its behalf by:





Mr S A Loofe - Director


Armclaim Limited (Registered number: 02388444)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Armclaim 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - The period of the lease
Improvements to property - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33.33% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

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 for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Armclaim Limited (Registered number: 02388444)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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.

Going concern
The company's financial statements for the year have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Despite difficult trading conditions the Directors have proactively reduced overheads and in doing so maximised profit margins. It has acted to lower its stockholding and increase liquidity in the business.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 43 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 66,844 28,572 1,050,103 29,898 1,175,417
Additions - - - 21,396 21,396
At 31 January 2024 66,844 28,572 1,050,103 51,294 1,196,813
DEPRECIATION
At 1 February 2023 65,419 23,688 943,172 25,243 1,057,522
Charge for year 1,425 489 16,040 7,973 25,927
At 31 January 2024 66,844 24,177 959,212 33,216 1,083,449
NET BOOK VALUE
At 31 January 2024 - 4,395 90,891 18,078 113,364
At 31 January 2023 1,425 4,884 106,931 4,655 117,895

5. STOCKS
2024 2023
£    £   
Goods for resale 989,286 1,359,396

Armclaim Limited (Registered number: 02388444)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,868 12,286
Other debtors 38,237 62,510
43,105 74,796

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 99,949 113,070
Trade creditors 340,805 584,977
Taxation and social security 115,380 78,793
Other creditors 74,965 47,457
631,099 824,297

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,000 25,000
Other creditors - 50,000
15,000 75,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 37,197 179,103
Between one and five years - 37,197
37,197 216,300

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 89,949 103,070
Bank loans 25,000 35,000
114,949 138,070