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Registered number: 12385998









ARMCHAIR GENERAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ARMCHAIR GENERAL LIMITED
REGISTERED NUMBER: 12385998

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
29,555
26,184

  
29,555
26,184

Current assets
  

Debtors
 6 
22,434
12,108

Cash at bank and in hand
 7 
1
1

  
22,435
12,109

Creditors: amounts falling due within one year
 8 
(12,936)
(15,529)

Net current assets/(liabilities)
  
 
 
9,499
 
 
(3,420)

  

Net assets
  
39,054
22,764


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
39,053
22,763

  
39,054
22,764


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 comprehensive income 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: 




Caroline Jayne Michel
Director

Date: 18 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Armchair General Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is 55 New Oxford Street, London, England, WC1A 1BS.

2.Accounting policies

  
2.1

Summary of significant accounting policies

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

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

Page 2

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the directors have reviewed the Company’s principal and emerging risks, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on their assessment, the directors are of the conclusion that the Company will have, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain an inherent uncertainty, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

 
2.5

Revenue

Turnover comprises revenue receivable by the Company in respect of royalties and advances receivable from the exploitation of intellectual property in connection with rights, titles and interest held by the Company in literary manuscripts, exclusive of Value Added Tax.
Revenue in respect of royalties and advances receivable is recognised as and when the Company receives notification of amounts due, during the reporting period, with amounts accrued and/or deferred where applicable in accordance with the terms of the underlying contract.

 
2.6

Taxation

Taxation comprises of income and/or corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. 
As outlined in the 2020 Budget delivered to Parliament by the Chancellor of the Exchequer on 11 March 2020, commencing from 1 April 2023, the corporation tax rate would be 25% (i.e. main rate) for annual taxable profits above £250,000 and 19% (i.e. small profits rate) for annual taxable profits below £50,000. Where annual taxable profits fall between £50,000 and £250,000, corporation tax at the main rate as reduced by marginal relief will apply. 
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

Page 3

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets comprise of costs incurred by the Company towards the development of manuscripts where the criteria for recognition as assets as outlined in Section 18 of Financial Reporting Standard 102 have been met. 
On initial recognition, such assets are measured at cost to the value of all expenditure that is directly attributable to its development. On completion, the asset is subsequently held at cost less accumulated amortisation.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined below:
Debtors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held at transaction price less provision for impairment of assets.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors
Creditors are initially measured, and subsequently held, at transaction price (i.e fair value).
Equity and dividends
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.

Page 4

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the directors, there were no judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


5.


Intangible assets





£



Cost


At 1 January 2023
37,333


Additions
18,667



At 31 December 2023

56,000



Amortisation


At 1 January 2023
11,149


Charge for the year on owned assets
15,296



At 31 December 2023

26,445



Net book value



At 31 December 2023
29,555



At 31 December 2022
26,184


The intangible assets which are material to the financial statements comprise of two literary manuscripts; one of a net book value of £7,518 and remaining useful life of 0.8 years outstanding as at the balance sheet date and another at at a net book value of £22,037.


Page 5

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£



Amounts owed by group undertakings
22,434
12,092

Other debtors
-
16

22,434
12,108


Amounts owed by group undertakings falling due within one year are unsecured, interest-free and repayable on demand with no fixed date for repayment.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2022: £nil).


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1
1



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
5,894
-

Other taxation and social security
2,650
-

Accruals and deferred income
4,392
15,529

12,936
15,529



9.


Financial instruments

The Company held no financial instruments during either the current or preceding financial reporting periods that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 or paragraph 36 of Schedule 1 to the Companies Act 2006.

Page 6

 
ARMCHAIR GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings. 
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.


11.


Controlling party

The Company's immediate parent company is Peters Fraser & Dunlop Limited, a company incorporated under the UK Companies Act 1985 which holds a 100% interest in the total voting rights of the Company.
The parent undertaking of the smallest group to consolidate these financial statements is PFD Agency Holdings Limited. Copies of the aforementioned consolidated financial statements for PFD Agency Holdings Limited are available from its registered office located at 55 New Oxford Street, London, WC1A 1BS.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 7