Silverfin false false 31/12/2023 01/01/2023 31/12/2023 O J Cullinane 01/12/2022 K Ginn 22/06/2018 P A Long 10/12/2022 S G Pennington 22/06/2018 19 September 2024 The principle activity of the company during the financial year was that of providing painting and decorating services for local authorities, schools, sports venues and social housing clients. 03161192 2023-12-31 03161192 bus:Director1 2023-12-31 03161192 bus:Director2 2023-12-31 03161192 bus:Director3 2023-12-31 03161192 bus:Director4 2023-12-31 03161192 2022-12-31 03161192 core:CurrentFinancialInstruments 2023-12-31 03161192 core:CurrentFinancialInstruments 2022-12-31 03161192 core:Non-currentFinancialInstruments 2023-12-31 03161192 core:Non-currentFinancialInstruments 2022-12-31 03161192 core:ShareCapital 2023-12-31 03161192 core:ShareCapital 2022-12-31 03161192 core:RetainedEarningsAccumulatedLosses 2023-12-31 03161192 core:RetainedEarningsAccumulatedLosses 2022-12-31 03161192 core:Goodwill 2022-12-31 03161192 core:Goodwill 2023-12-31 03161192 core:PlantMachinery 2022-12-31 03161192 core:Vehicles 2022-12-31 03161192 core:OfficeEquipment 2022-12-31 03161192 core:PlantMachinery 2023-12-31 03161192 core:Vehicles 2023-12-31 03161192 core:OfficeEquipment 2023-12-31 03161192 core:CurrentFinancialInstruments core:Secured 2023-12-31 03161192 bus:OrdinaryShareClass1 2023-12-31 03161192 2023-01-01 2023-12-31 03161192 bus:FilletedAccounts 2023-01-01 2023-12-31 03161192 bus:SmallEntities 2023-01-01 2023-12-31 03161192 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03161192 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03161192 bus:Director1 2023-01-01 2023-12-31 03161192 bus:Director2 2023-01-01 2023-12-31 03161192 bus:Director3 2023-01-01 2023-12-31 03161192 bus:Director4 2023-01-01 2023-12-31 03161192 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 03161192 core:PlantMachinery 2023-01-01 2023-12-31 03161192 core:Vehicles 2023-01-01 2023-12-31 03161192 core:OfficeEquipment 2023-01-01 2023-12-31 03161192 2022-01-01 2022-12-31 03161192 core:Goodwill 2023-01-01 2023-12-31 03161192 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 03161192 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 03161192 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03161192 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03161192 (England and Wales)

ARMOUR HART GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ARMOUR HART GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ARMOUR HART GROUP LIMITED

BALANCE SHEET

As at 31 December 2023
ARMOUR HART GROUP LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 37,997 47,497
Tangible assets 4 26,932 17,491
64,929 64,988
Current assets
Stocks 5 0 362,614
Debtors
- due within one year 6 1,864,136 750,832
- due after more than one year 6 ( 21,237) 0
Cash at bank and in hand 297,855 469,386
2,140,754 1,582,832
Creditors: amounts falling due within one year 7 ( 1,279,591) ( 863,125)
Net current assets 861,163 719,707
Total assets less current liabilities 926,092 784,695
Creditors: amounts falling due after more than one year 8 ( 83,975) ( 198,945)
Net assets 842,117 585,750
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 842,017 585,650
Total shareholder's funds 842,117 585,750

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Armour Hart Group Limited (registered number: 03161192) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

S G Pennington
Director
ARMOUR HART GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ARMOUR HART GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Armour Hart Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Taxation

Current tax
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 94,997 94,997
At 31 December 2023 94,997 94,997
Accumulated amortisation
At 01 January 2023 47,500 47,500
Charge for the financial year 9,500 9,500
At 31 December 2023 57,000 57,000
Net book value
At 31 December 2023 37,997 37,997
At 31 December 2022 47,497 47,497

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 12,187 19,995 4,084 36,266
Additions 0 20,378 6,400 26,778
Disposals 0 ( 19,995) 0 ( 19,995)
At 31 December 2023 12,187 20,378 10,484 43,049
Accumulated depreciation
At 01 January 2023 9,006 8,748 1,021 18,775
Charge for the financial year 795 6,208 1,899 8,902
Disposals 0 ( 11,560) 0 ( 11,560)
At 31 December 2023 9,801 3,396 2,920 16,117
Net book value
At 31 December 2023 2,386 16,982 7,564 26,932
At 31 December 2022 3,181 11,247 3,063 17,491

5. Stocks

2023 2022
£ £
Work in progress 0 362,614

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 809,786 422,665
Corporation tax 0 46,653
Other debtors 1,054,350 281,514
1,864,136 750,832
Debtors: amounts falling due after more than one year
Trade debtors ( 21,237) 0

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 112,001 140,933
Trade creditors 157,245 142,742
Corporation tax 529,167 358,473
Other taxation and social security 290,717 187,698
Obligations under finance leases and hire purchase contracts 0 7,259
Other creditors 190,461 26,020
1,279,591 863,125

Other creditors includes an amount of £161,235 in respect of invoice financing which is secured over the debt.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 83,975 198,945

The loan of £195,977 held with 4Syte contains a fixed and floating charge over the undertakings and all property and assets present and future.
Stephen Pennington and Keith Ginn hold a fixed and floating charge over the Leasehold Property at Laurel's Court, Borough Green, Kent, TN15 8RD

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2022: nil shares) 100 0

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts due from Armour Hart Holdings Limited 984,371 0

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by the directors 43,979 0