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Registration number: 05747368

Armstrong Bell Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Armstrong Bell Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Armstrong Bell Limited

Company Information

Director

W Copley

Company secretary

Mrs E Copley

Registered office

Office 1
Greenbox
Westonhall Road
Bromsgrove
B60 4AL

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Armstrong Bell Limited

(Registration number: 05747368)
Balance Sheet as at 31 May 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

281,636

210,254

Investments

5

62,624

62,624

 

344,260

272,878

Current assets

 

Stocks

6

7,000

7,000

Debtors

7

151,886

184,084

Cash at bank and in hand

 

146,285

130,383

 

305,171

321,467

Creditors: Amounts falling due within one year

8

(366,238)

(340,748)

Net current liabilities

 

(61,067)

(19,281)

Total assets less current liabilities

 

283,193

253,597

Creditors: Amounts falling due after more than one year

8

(155,007)

(218,398)

Provisions for liabilities

(4,343)

-

Net assets

 

123,843

35,199

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

34,648

-

Retained earnings

89,095

35,099

Shareholders' funds

 

123,843

35,199

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Armstrong Bell Limited

(Registration number: 05747368)
Balance Sheet as at 31 May 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 September 2024
 

.........................................
W Copley
Director

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 1
Greenbox
Westonhall Road
Bromsgrove
B60 4AL
England

These financial statements were authorised for issue by the director on 4 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The comparatives have been restated to correctly disclose the receipt of an R&D tax credit. The amount of £36,994 was restated from other income to current tax charge and resulted in a reduction of pre-tax profit to £16,789. Reserves and profit after tax have not been affected by this adjustment.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2023 - 18).

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

205,861

35,757

54,067

29,490

325,175

Revaluations

34,927

-

-

-

34,927

Additions

-

-

6,860

52,275

59,135

At 31 May 2024

240,788

35,757

60,927

81,765

419,237

Depreciation

At 1 June 2023

15,786

32,578

49,822

16,734

114,920

Charge for the year

1,926

795

3,702

16,258

22,681

At 31 May 2024

17,712

33,373

53,524

32,992

137,601

Carrying amount

At 31 May 2024

223,076

2,384

7,403

48,773

281,636

At 31 May 2023

190,075

3,179

4,244

12,756

210,254

Included within the net book value of land and buildings above is £223,076 (2023 - £190,075) in respect of long leasehold land and buildings.
 

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

62,624

62,624

Subsidiaries

£

Cost or valuation

At 1 June 2023

62,624

Provision

Carrying amount

At 31 May 2024

62,624

At 31 May 2023

62,624

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Control & Shift Limited

Westonhall Road, Bromsgrove, Worcestershire, B60 4AL

Ordinary

100%

100%

6

Stocks

2024
£

2023
£

Other inventories

7,000

7,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

56,170

91,578

Amounts owed by related parties

74,511

74,511

Prepayments

 

21,205

17,995

   

151,886

184,084

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

92,290

63,103

Trade creditors

 

153,520

150,735

Taxation and social security

 

97,239

79,382

Accruals and deferred income

 

5,500

8,000

Other creditors

 

17,689

39,528

 

366,238

340,748

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £28,000 (2023 - £21,072).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

155,007

218,398

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £83,800 (2023 - £68,842).

Creditors include bank loans repayable by instalments of £13,743 (2023 - £17,630) due after more than five years.

9

Share capital

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

34,927

-

34,927

Surplus/deficit on revaluation of other assets

(279)

279

-

34,648

279

34,927

 

Armstrong Bell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

130,840

218,398

Hire purchase contracts

24,167

-

155,007

218,398

2024
£

2023
£

Current loans and borrowings

Bank borrowings

82,290

60,031

Hire purchase contracts

10,000

3,072

92,290

63,103