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Company registration number: 08720600
Armourflex Sports Limited
Unaudited filleted financial statements
30 November 2023
Armourflex Sports Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Armourflex Sports Limited
Directors and other information
Director Mr R Hughes
Company number 08720600
Registered office 82 West Street
Rochford
Essex
SS4 1AS
Business address 60C Empress Avenue
Ilford
Essex
IG1 3DD
Accountants Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Armourflex Sports Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Armourflex Sports Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Armourflex Sports Limited for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Armourflex Sports Limited, as a body, in accordance with the terms of our engagement letter dated 8 October 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Armourflex Sports Limited and state those matters that we have agreed to state to them, 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 Armourflex Sports Limited and its director as a body for our work or for this report.
It is your duty to ensure that Armourflex Sports 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 loss of Armourflex Sports Limited. You consider that Armourflex Sports 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 Armourflex Sports 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.
Murphy Collins Limited
Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
7 August 2024
Armourflex Sports Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 6,215 6,951
Debtors 7 4,087 1,514
Cash at bank and in hand 430 362
_______ _______
10,732 8,827
Creditors: amounts falling due
within one year 8 ( 102,342) ( 94,162)
_______ _______
Net current liabilities ( 91,610) ( 85,335)
_______ _______
Total assets less current liabilities ( 91,610) ( 85,335)
Provisions for liabilities 9 16,558 15,430
_______ _______
Net liabilities ( 75,052) ( 69,905)
_______ _______
Capital and reserves
Called up share capital 11 1 1
Profit and loss account ( 75,053) ( 69,906)
_______ _______
Shareholders deficit ( 75,052) ( 69,905)
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 August 2024 , and are signed on behalf of the board by:
Mr R Hughes
Director
Company registration number: 08720600
Armourflex Sports Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 1 ( 64,796) ( 64,795)
Loss for the year ( 5,110) ( 5,110)
_______ _______ _______
Total comprehensive income for the year - ( 5,110) ( 5,110)
_______ _______ _______
At 30 November 2022 and 1 December 2022 1 ( 69,906) ( 69,905)
Loss for the year ( 5,147) ( 5,147)
_______ _______ _______
Total comprehensive income for the year - ( 5,147) ( 5,147)
_______ _______ _______
At 30 November 2023 1 ( 75,053) ( 75,052)
_______ _______ _______
Armourflex Sports Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on loss
Major components of tax income
2023 2022
£ £
Deferred tax:
Origination and reversal of timing differences ( 1,128) ( 1,180)
_______ _______
Tax on loss ( 1,128) ( 1,180)
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2022 and 30 November 2023 400 400
_______ _______
Depreciation
At 1 December 2022 and 30 November 2023 400 400
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 2,718 -
Other debtors 1,369 1,514
_______ _______
4,087 1,514
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 11,581 8,455
Other creditors 90,761 85,707
_______ _______
102,342 94,162
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 December 2022 ( 15,430) ( 15,430)
Additions ( 1,128) ( 1,128)
_______ _______
At 30 November 2023 ( 16,558) ( 16,558)
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) ( 16,558) ( 15,430)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances ( 16,558) ( 15,430)
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr R Hughes ( 20,792) ( 5,624) ( 26,416)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr R Hughes ( 18,426) ( 2,366) ( 20,792)
_______ _______ _______
13. Related party transactions
The company owes £35,111 to Sports Design Concepts Limited (the parent company) in which Robert Hughes is a director and shareholder.The company owes £26,659 to Mrs J Watts who is the sister of Mr R Hughes .
14. Controlling party
The controlling party of the parent company is Mr R Hughes .
15. Going concern
The company has a deficit on the statement of financial position and incurred a loss this year. The funding of the company has been met by the director, Mrs J Watts and Sports Design Concepts Limited. The director has made a commitment not to seek repayment of the loan until cashflow permits. The company is still generating sales revenue, however at this stage the costs of the running the company are greater than the sales being generated. It is hoped that this will be reversed within the forseeable future. The director expects the company will become profitable soon.