Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01false1110truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03915015 2022-12-01 2023-11-30 03915015 2021-12-01 2022-11-30 03915015 2023-11-30 03915015 2022-11-30 03915015 2021-12-01 03915015 c:Director2 2022-12-01 2023-11-30 03915015 d:Buildings 2022-12-01 2023-11-30 03915015 d:Buildings 2023-11-30 03915015 d:Buildings 2022-11-30 03915015 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03915015 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 03915015 d:PlantMachinery 2022-12-01 2023-11-30 03915015 d:MotorVehicles 2022-12-01 2023-11-30 03915015 d:FurnitureFittings 2022-12-01 2023-11-30 03915015 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 03915015 d:OtherPropertyPlantEquipment 2023-11-30 03915015 d:OtherPropertyPlantEquipment 2022-11-30 03915015 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03915015 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03915015 d:CurrentFinancialInstruments 2023-11-30 03915015 d:CurrentFinancialInstruments 2022-11-30 03915015 d:Non-currentFinancialInstruments 2023-11-30 03915015 d:Non-currentFinancialInstruments 2022-11-30 03915015 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03915015 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 03915015 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 03915015 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 03915015 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 03915015 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 03915015 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 03915015 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 03915015 d:ShareCapital 2023-11-30 03915015 d:ShareCapital 2022-11-30 03915015 d:RetainedEarningsAccumulatedLosses 2023-11-30 03915015 d:RetainedEarningsAccumulatedLosses 2022-11-30 03915015 c:OrdinaryShareClass1 2022-12-01 2023-11-30 03915015 c:OrdinaryShareClass1 2023-11-30 03915015 c:OrdinaryShareClass1 2022-11-30 03915015 c:FRS102 2022-12-01 2023-11-30 03915015 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 03915015 c:FullAccounts 2022-12-01 2023-11-30 03915015 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03915015 d:WithinOneYear 2023-11-30 03915015 d:WithinOneYear 2022-11-30 03915015 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 03915015 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 03915015 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 03915015 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 03915015 2 2022-12-01 2023-11-30 03915015 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 03915015 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 03915015 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 03915015 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 03915015 d:RetirementBenefitObligationsDeferredTax 2023-11-30 03915015 d:RetirementBenefitObligationsDeferredTax 2022-11-30 03915015 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03915015









ARMTRAC LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ARMTRAC LIMITED
REGISTERED NUMBER: 03915015

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
97,540
113,120

Current assets
  

Stocks
 5 
1,326,641
1,947,451

Debtors: amounts falling due within one year
 6 
205,494
351,220

Cash at bank
  
212,749
242,969

Current liabilities
  
1,744,884
2,541,640

Creditors: amounts falling due within one year
 7 
(252,939)
(903,095)

Net current assets
  
 
 
1,491,945
 
 
1,638,545

Total assets less current liabilities
  
1,589,485
1,751,665

Creditors: amounts falling due after more than one year
 8 
(23,333)
(43,814)

  

Net assets
  
1,566,152
1,707,851


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account
  
1,566,150
1,707,849

  
1,566,152
1,707,851


Page 1

 
ARMTRAC LIMITED
REGISTERED NUMBER: 03915015

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Mrs C Barrie
Director

Date: 30 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Armtrac Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is 70 Reach Road, Burwell, Cambridgeshire, CB25 0AH. This Company is not part of a group. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

STOCKS AND WORK IN PROGRESS

Stocks and work in progress are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks. Costs includes directly attributable costs.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).

Page 6

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


TANGIBLE FIXED ASSETS





Leasehold property improvement
Other fixed assets
Total

£
£
£



Cost


At 1 December 2022
156,572
221,896
378,468


Additions
-
9,629
9,629


Disposals
-
(13,483)
(13,483)



At 30 November 2023

156,572
218,042
374,614



Depreciation


At 1 December 2022
93,088
172,260
265,348


Charge for the year on owned assets
12,443
12,054
24,497


Disposals
-
(12,771)
(12,771)



At 30 November 2023

105,531
171,543
277,074



Net book value



At 30 November 2023
51,041
46,499
97,540



At 30 November 2022
63,484
49,636
113,120


5.


STOCKS AND WORK IN PROGRESS

2023
2022
£
£

Work in progress (goods to be sold)
1,285,658
1,803,176

Finished goods and goods for resale
40,983
144,275

1,326,641
1,947,451



6.


DEBTORS

2023
2022
£
£


Trade debtors
19,440
152,713

Other debtors
128,423
161,972

Prepayments
34,376
13,183

Deferred taxation
23,255
23,352

205,494
351,220


Page 7

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
98,409
189,176

Other taxation and social security
5,207
4,766

Net obligations under finance lease and hire purchase contracts
10,481
10,481

Other creditors
119,952
677,596

Accruals
8,890
11,076

252,939
903,095



8.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,333
33,333

Net obligations under finance lease and hire purchase contracts
-
10,481

23,333
43,814


Included in creditors are secured debts amounting to £10,481 (2022 - £20,962) which are secured on the fixed assets to which they relate.


9.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
13,333
23,333


33,333
43,333


Page 8

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,481
10,481

Between 1-5 years
-
10,481

10,481
20,962


11.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
23,352
15,890


Charged to profit or loss
(97)
7,462



At end of year
23,255
23,352

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(18,800)
(16,679)

Tax losses carried forward
41,955
40,152

Pension surplus
100
(121)

23,255
23,352


12.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 9

 
ARMTRAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


13.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,954 (2022 - £9,383).  £822 (2022 - £1,205) was payable to the fund at the balance sheet date.


14.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
70,833
-

70,833
-


15.


RELATED PARTY TRANSACTIONS

During the year the Company operated a loan with the directors of the Company. The amount payable by the Company at the year end was £111,195 (2022 - £665,137). This loan is interest free and repayable on demand.


Page 10