REGISTERED NUMBER: 10893427 (England and Wales) |
ARMORGARD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: 10893427 (England and Wales) |
ARMORGARD HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
ARMORGARD HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the Group is that of selling niche products in the construction industry and developing high quality products for secure storage. The products are quality tested and ergonomically designed. The Group grows from strength to strength, given the innovative development of products. The Group is constantly looking to open up markets not only in the UK but overseas. |
The Group has launched new innovative products, and expanded into new markets during the year, which has contributed to the increase in turnover and operating profit. The Group's mission has continued to be security and safety on construction sites. |
The outlook for the Group is positive. The directors plan to continue to develop the corporate activities over the coming year, and will continue to invest in the business to keep the Armorgard brand at the forefront of the market. |
Turnover for the year was £25,070,063, an increase of 23% over the previous year's turnover of £20,319,052. The Group's profit before tax for the financial year was £3,824,479 (2022: £2,442,139). |
The net assets of the Group were £12,839,061 (2022: £11,132,393). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risk to the Group is that of fluctuations in exchange rates and in general economic conditions. Specific risks include the impact of legislation and the loss of key personnel. The board of directors will continue to actively monitor these on an ongoing basis. |
The Group's fiduciary management of cash flow is closely monitored and all risks are identified and addressed. |
The other risks and uncertainties to the business relate to the Russia Ukraine conflict but the Group is monitoring this closely. The risks surrounding the supply chain and any future trading issues with suppliers, who are likely to be impacted by the broad impacts of the geographical disruption and inflation, are also being monitored. |
KEY PERFORMANCE INDICATORS |
The directors monitor the business using a combination of both financial and non-financial key performance indicators. Key performance indicators include turnover, profit before tax and net assets. |
The key performance indicators tracked by the directors are included in the Review of Business above. |
ON BEHALF OF THE BOARD: |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
Ordinary dividends were paid amounting to £1,500,000 (2022: £1,000,000). The directors do not recommend payment of a further dividend. |
RESEARCH AND DEVELOPMENT |
The Group continues to invest in R&D activities, having its own internal team based in Fareham. The R&D work involves the design and development of innovative and market leading products for use in the construction industry. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
FUTURE DEVELOPMENTS |
The directors anticipate the business environment will remain competitive. They believe that the Group is in a good financial position and that the risks that have been identified are being well managed. With focus on the development of new products as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the Group's ability to maintain and build on this position. |
FINANCIAL INSTRUMENTS RISKS |
The Group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The Group does not enter into any formally designated hedging arrangements and has a risk management programme that seeks to limit the adverse effects on the financial performance of the Group. |
Price risk |
The Group is exposed to the risk of stock pricing due to general economic or industry specific factors, as are all businesses in this industry. The directors mitigate this risk by ensuring they only carry stock of a suitable profile, and closely monitor the ageing of stock to ensure a suitable stock turn is maintained. |
Credit risk |
The directors mitigate credit risk by carrying our credit checks, regularly reviewing aged and overdue accounts, and taking out credit insurance. |
Liquidity / cash flow risk |
The directors manage this risk by ensuring sufficient funds are available to meet amounts due. |
THIRD PARTY INDEMNITIES |
Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARMORGARD HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Armorgard Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARMORGARD HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARMORGARD HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Group. The key laws and relations we considered in this context included the UK Companies Act and Health & Safety regulations. |
Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
o | enquiring of management as to actual and potential litigation and claims; and |
o | reviewing any correspondence with regulators and the Group's legal advisors. |
To address the risk of fraud through management bias and override of controls, we: |
o | performed analytical procedures to identify any unusual or unexpected relationships; |
o | tested journal entries to identify unusual transactions; and |
o | assessed whether judgements and assumptions contained any indication of potential bias. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 25,070,063 | 20,319,052 |
Cost of sales | 13,555,547 | 12,542,334 |
GROSS PROFIT | 11,514,516 | 7,776,718 |
Exceptional items | 867,764 | - |
Administrative expenses | 6,936,976 | 5,319,256 |
7,804,740 | 5,319,256 |
3,709,776 | 2,457,462 |
Other operating income | 4 | 16,444 | 3,480 |
OPERATING PROFIT | 6 | 3,726,220 | 2,460,942 |
Income from interest in associated undertakings |
- |
(28,783 |
) |
Interest receivable and similar income | 106,646 | 11,205 |
106,646 | (17,578 | ) |
3,832,866 | 2,443,364 |
Interest payable and similar expenses | 8 | 8,387 | 1,225 |
PROFIT BEFORE TAXATION | 3,824,479 | 2,442,139 |
Tax on profit | 9 | 623,735 | 187,916 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,200,744 | 2,254,223 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,200,744 | 2,254,223 |
OTHER COMPREHENSIVE INCOME |
Exchange adjustment on consolidation | 5,925 | 3,440 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
5,925 |
3,440 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,206,669 |
2,257,663 |
Total comprehensive income attributable to: |
Owners of the parent | 3,206,669 | 2,257,663 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 6,198 | 156,583 |
Tangible assets | 13 | 965,881 | 995,060 |
Investments | 14 | - | - |
972,079 | 1,151,643 |
CURRENT ASSETS |
Stocks | 15 | 4,261,766 | 2,286,720 |
Debtors | 16 | 5,633,818 | 4,873,807 |
Cash at bank and in hand | 7,754,405 | 6,608,693 |
17,649,989 | 13,769,220 |
CREDITORS |
Amounts falling due within one year | 17 | 5,255,414 | 3,257,551 |
NET CURRENT ASSETS | 12,394,575 | 10,511,669 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,366,654 |
11,663,312 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(364,761 |
) |
(368,424 |
) |
PROVISIONS FOR LIABILITIES | 21 | (162,832 | ) | (162,495 | ) |
NET ASSETS | 12,839,061 | 11,132,393 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 910 | 910 |
Retained earnings | 23 | 12,838,151 | 11,131,483 |
12,839,061 | 11,132,393 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by: |
T Mitchell - Director |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
Company's profit for the financial year | 2,652,176 | 1,990,356 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 910 | 9,873,820 | 9,874,730 |
Changes in equity |
Dividends | - | (1,000,000 | ) | (1,000,000 | ) |
Total comprehensive income | - | 2,257,663 | 2,257,663 |
Balance at 31 December 2022 | 910 | 11,131,483 | 11,132,393 |
Changes in equity |
Dividends | - | (1,500,000 | ) | (1,500,000 | ) |
Total comprehensive income | - | 3,206,669 | 3,206,669 |
Balance at 31 December 2023 | 910 | 12,838,152 | 12,839,062 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,529,346 | 3,895,035 |
Interest paid | (1,138 | ) | (1,225 | ) |
Tax paid | (720,404 | ) | (219,715 | ) |
Net cash from operating activities | 2,807,804 | 3,674,095 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (173,037 | ) |
Purchase of tangible fixed assets | (268,738 | ) | (899,957 | ) |
Sale of tangible fixed assets | - | 1,020 |
Interest received | 106,646 | 9,007 |
Net cash from investing activities | (162,092 | ) | (1,062,967 | ) |
Cash flows from financing activities |
New loans in year | - | 368,424 |
Equity dividends paid | (1,500,000 | ) | (1,000,000 | ) |
Net cash from financing activities | (1,500,000 | ) | (631,576 | ) |
Increase in cash and cash equivalents | 1,145,712 | 1,979,552 |
Cash and cash equivalents at beginning of year |
2 |
6,608,693 |
4,629,141 |
Cash and cash equivalents at end of year | 2 | 7,754,405 | 6,608,693 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,824,479 | 2,442,139 |
Depreciation charges | 285,869 | 311,565 |
Loss/(profit) on disposal of fixed assets | 190 | (288 | ) |
Amortisation | 36,673 | 26,784 |
Movement in provisions | 744,210 | - |
Fixed asset impairments | 123,554 | - |
Finance costs | 8,387 | 1,225 |
Finance income | (106,646 | ) | 17,578 |
4,916,716 | 2,799,003 |
Increase in stocks | (2,150,046 | ) | (164,797 | ) |
(Increase)/decrease in trade and other debtors | (1,232,216 | ) | 771,767 |
Increase in trade and other creditors | 1,994,892 | 489,062 |
Cash generated from operations | 3,529,346 | 3,895,035 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 7,754,405 | 6,608,693 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 6,608,693 | 4,629,141 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1/1/23 | Cash flow | changes | At 31/12/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 6,608,693 | 1,145,712 | 7,754,405 |
6,608,693 | 1,145,712 | 7,754,405 |
Debt |
Debts falling due |
after 1 year | (368,424 | ) | - | 3,663 | (364,761 | ) |
(368,424 | ) | - | 3,663 | (364,761 | ) |
Total | 6,240,269 | 1,145,712 | 3,663 | 7,389,644 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Armorgard Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The registered office address is Units 14-16 Fareham Industrial Park, Standard Way, Fareham, Hampshire, PO16 8XB.The company's registered number is 10893427. |
The principal activity of the Group is that of the manufacture of fabricated metal products. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The presentation currency is £ sterling. |
Going concern |
The financial statements have been prepared on the going concern basis. |
Financial reporting standard 102 - reduced disclosure exemptions |
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
o the requirements of Section 7 Statement of Cash Flows; |
o the requirement of paragraph 3.17(d); |
o the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) |
o the requirement of paragraph 33.7. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Armorgard Holdings Limited and all its subsidiary undertakings. These financial statements are made up to 31 December 2023. |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. See Note 10 for further details. |
Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method the results of the subsidiary companies acquired or disposed of in the year are included in the Consolidated Income Statement from the date of acquisition or up to the date of disposal. |
Investments in associate undertakings are recognised using the equity accounting method. After initial investment being recognised at cost, the share of profit or loss, other comprehensive income and possible impairment losses will account for an increase/decrease in the net book value of the investment. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Leases |
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included on the balance sheet. |
Other key sources of estimation uncertainty |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover represents net sales during the year (excluding Value Added Tax) adjusted for accrued and deferred income where applicable. |
Turnover is derived from the sale of secure boxes and is recognised upon despatch of the goods. |
Intangible fixed assets |
Intangible fixed assets are initially measured at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible fixed assets are amortised over their estimated useful life of 5 years. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. |
Depreciation is provided to write off the cost, less estimated residual values, evenly over their expected useful lives. It is calculated at the following rates: |
Asset class | Depreciation method and rate |
Leasehold improvements | Over the period of the lease |
Furniture, fittings and equipment | 20 - 25% straight line |
Motor vehicles | 20 - 25% straight line |
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement. |
Investments |
Investment in subsidiary and associate undertakings are recognised at cost. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a 'weighted-average cost' basis. Work in progress and finished goods include labour and attributable overheads. |
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 the Consolidated Income Statement. |
Financial instruments |
The Group only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution pension scheme. Contributions payable to the Group's pension scheme are charged to the Consolidated Income Statement in the period to which they relate. |
Leasing commitments |
Rentals payable under operating leases, including any lease incentives received, are charged to the Consolidated Income Statement on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
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. |
Exceptional items |
Exceptional items are one off, material items outside of the normal course of business which are not related to the Group's trading activities. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 20,269,285 | 19,800,358 |
Europe | 2,974,269 | 518,694 |
United States of America | 1,086,031 | - |
Canada | 563,857 | - |
Rest of the world | 176,621 | - |
25,070,063 | 20,319,052 |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Sundry receipts | 10,000 | - |
Management charges receivable | 6,444 | 3,480 |
16,444 | 3,480 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,749,028 | 3,032,178 |
Social security costs | 383,663 | 313,128 |
Other pension costs | 84,286 | 39,235 |
4,216,977 | 3,384,541 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Operations | 24 | 19 |
Administration and support | 13 | 20 |
Research and development | 6 | 6 |
Sales | 23 | 17 |
Marketing | 4 | 5 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 70,796 | 69,000 |
Directors' pension contributions to money purchase schemes | 183 | - |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | - |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 285,869 | 311,565 |
Loss/(profit) on disposal of fixed assets | 190 | (288 | ) |
Goodwill amortisation | 24,716 | 20,597 |
Patents and licences amortisation | 11,957 | 6,187 |
Auditors' remuneration | - | 7,975 |
Foreign exchange differences | 47,959 | (25,071 | ) |
Research and development cost | 94,288 | 69,451 |
Operating lease expense | 590,102 | 460,741 |
7. | EXCEPTIONAL ITEMS |
Exceptional items relate to provisions against items which aren't considered to be recoverable based on a decision made by the directors to cease activities with related entities. The expense is made up as follows: |
2023 |
£ |
Provision against amounts owed by related parties | 569,211 |
Provision against stock | 175,000 |
Provision against intangible fixed assets | 113,711 |
Provision against tangible fixed assets | 9,842 |
867,764 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest payable | 1,138 | - |
Loan interest | 7,249 | 1,225 |
8,387 | 1,225 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 623,398 | 74,293 |
Over/under provision in prior |
year | - | (1,542 | ) |
Total current tax | 623,398 | 72,751 |
Deferred tax | 337 | 115,165 |
Tax on profit | 623,735 | 187,916 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,824,479 | 2,442,139 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.521 % (2022 - 19 %) |
899,556 |
464,006 |
Effects of: |
Expenses not deductible for tax purposes | 28,128 | 4,773 |
Adjustments to tax charge in respect of previous periods | - | (1,542 | ) |
Movement in deferred tax previously unprovided | 80,147 | 10,351 |
Impact of super deduction | (161 | ) | (37,263 | ) |
Research and development tax credit | (321,154 | ) | (311,504 | ) |
Other timing differences | (35,959 | ) | 55,004 |
Overseas activities | - | 4,091 |
Patent box deduction | (24,789 | ) | - |
Difference in tax rate | (2,033 | ) | - |
Total tax charge | 623,735 | 187,916 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustment on consolidation | 5,925 | - | 5,925 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustment on consolidation | 3,440 | - | 3,440 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2023 | 2022 |
Ordinary shares of £1 each | £ | £ |
Interim | 1,500,000 | 1,000,000 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Patents and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 2,023,582 | 59,785 | 2,083,367 |
AMORTISATION |
At 1 January 2023 | 1,920,597 | 6,187 | 1,926,784 |
Amortisation for year | 24,716 | 11,957 | 36,673 |
Impairments | 78,269 | 35,443 | 113,712 |
At 31 December 2023 | 2,023,582 | 53,587 | 2,077,169 |
NET BOOK VALUE |
At 31 December 2023 | - | 6,198 | 6,198 |
At 31 December 2022 | 102,985 | 53,598 | 156,583 |
13. | TANGIBLE FIXED ASSETS |
Group |
Furniture, |
fittings |
Leasehold | and | Motor |
improvements | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 674,981 | 890,792 | 390,760 | 1,956,533 |
Additions | 86,317 | 88,195 | 94,226 | 268,738 |
Disposals | - | (644 | ) | - | (644 | ) |
Exchange differences | - | (211 | ) | (2,211 | ) | (2,422 | ) |
At 31 December 2023 | 761,298 | 978,132 | 482,775 | 2,222,205 |
DEPRECIATION |
At 1 January 2023 | 286,737 | 476,424 | 198,312 | 961,473 |
Charge for year | 90,879 | 120,323 | 74,667 | 285,869 |
Eliminated on disposal | - | (644 | ) | - | (644 | ) |
Impairments | - | 9,842 | - | 9,842 |
Exchange differences | - | 585 | (801 | ) | (216 | ) |
At 31 December 2023 | 377,616 | 606,530 | 272,178 | 1,256,324 |
NET BOOK VALUE |
At 31 December 2023 | 383,682 | 371,602 | 210,597 | 965,881 |
At 31 December 2022 | 388,244 | 414,368 | 192,448 | 995,060 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 81,226 |
PROVISIONS |
Impairments | - | 71,309 | 71,309 |
At 31 December 2023 | - | 71,309 | 71,309 |
NET BOOK VALUE |
At 31 December 2023 | 9,917 |
At 31 December 2022 | 81,226 |
Details of the investments in which the company holds 20% or more of the ordinary share capital are as follows: |
Subsidiary | Registered office | Direct % | Indirect % | Total % |
Armorgard Limited | Units 14-16 Fareham Industrial Park, Standard Way, Fareham, PO16 8XB, United Kingdom |
100 | - | 100 |
Armorgard France | Île Chambenier Sud, 10 Parc Industriel Rhône Vallée Sud, 07250 Le Pouzin, France |
100 | - | 100 |
Armorgard USA Inc | 185 Alewife Brook Pkwy Ste 210, Cambridge, MA 02138, United States |
100 | - | 100 |
Armorgard Canada Inc | 251 Saulteaux Cresent Unit 207, Winnipeg, MB R3J 3C7, Canada |
100 | - | 100 |
Associates |
Armorgard Australia Pty Limited | 100 Silverwater Road, Silverwater, NSW 128, Australia |
43.75 | - | 43.75 |
Armorgard NZ Ltd | 13 Raiha Street, Elsdon, Porirua 5022, New Zealand |
19 | 12.69 | 31.69 |
The principal activity of the group is the manufacture of fabricated metal products. |
The indirect shareholding in Armorgard NZ Ltd is due to 29% of the shares being held by Armorgard Australia Pty Limited. |
All of the above companies are included in the consolidated accounts. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 4,261,766 | 2,286,720 |
A provision for impairment has been recognised during the year as an expense to the Consolidated Income Statement totalling £175,000 (2022: £Nil). |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 3,659,052 | 3,239,062 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 202,087 | 779,084 |
Other debtors | 952,983 | 243,876 |
Corporation tax | 381,129 | 284,123 |
Prepayments and accrued income | 438,567 | 327,662 |
5,633,818 | 4,873,807 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 1,745,310 | 1,019,080 |
Amounts owed to group undertakings | - | - |
Corporation tax | - | - |
Social security and other taxes | 812,587 | 672,860 |
Other creditors | 1,723,734 | 888,895 |
Accruals and deferred income | 973,783 | 676,716 |
5,255,414 | 3,257,551 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 19) | 364,761 | 368,424 |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due between two and five | years: |
Other loans - 2-5 years | 50,656 | 104,216 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 314,105 | 264,208 | 314,105 | 264,208 |
The other loans are due for repayment in full on 1 October 2032. Across the life of the loan interest is accrued at a rate of 2% with payments commencing on 1 October 2025 for 84 consecutive months. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 599,938 | 590,102 |
Between one and five years | 1,411,723 | 1,999,670 |
2,011,661 | 2,589,772 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 162,832 | 162,495 |
Group |
Deferred tax |
£ |
Balance at 1 January 2023 | 162,495 |
Provided during year | 337 |
Balance at 31 December 2023 | 162,832 |
The provision for deferred tax relates solely to accelerated capital allowances. |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
£ | No. | No. | £ |
Ordinary A Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary B Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary C Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary D Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary E Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary F Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary G Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary H Shares of £1 each | 100 | 100 | 100 | 100 |
Ordinary I Shares of £1 each | 50 | 50 | 50 | 50 |
Ordinary J Shares of £1 each | 50 | 50 | 50 | 50 |
Ordinary K Shares of £1 each | 10 | 10 | 10 | 10 |
910 | 910 | 910 | 910 |
The ordinary shares rank equally in respect of voting rights and any dividend declared, and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company. |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 11,131,482 |
Profit for the year | 3,200,744 |
Dividends | (1,500,000 | ) |
Other recognised gains and losses relating to the period |
5,925 |
At 31 December 2023 | 12,838,151 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
Retained earnings are the accumulated profits and losses to date. |
24. | PENSION COMMITMENTS |
The Group operates a defined contribution pension scheme for all its employees. The schemes and their assets are held by independent managers. The pension charge represents contributions due from the group and amounted to £45,956 (2022: £39,235). |
ARMORGARD HOLDINGS LIMITED (REGISTERED NUMBER: 10893427) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
25. | ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
At the year end there was no ultimate controlling party. Post year end, the ultimate parent company was Armorgard Group Holdings Limited. |
The directors do not consider any one party to have ultimate control of the company and Group. |
26. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Loans due (to)/from related parties |
2023 | 2022 |
£ | £ |
At start of period | (788,759 | ) | (576,678 | ) |
Advanced | 1,551,028 | 1,242,844 |
Repaid | (1,500,000 | ) | (1,454,925 | ) |
At end of period | (737,731 | ) | (788,759 | ) |
The loans have been analysed as per the following: |
2023 | 2022 |
£ | £ |
Debtors: due within one year | 855,017 | 46,517 |
Creditors: due within one year | (1,592,748 | ) | (835,266 | ) |
At end of period | (737,731 | ) | (788,759 | ) |
The loans are repayable on demand and no interest is charged. |
During the year dividends totalling £1,500,000 (2022: £1,000,000) were paid to related parties. |
Amounts owed to/from associates |
During the year, Armorgard Australia Pty Limited and Armorgard NZ Limited traded with Armorgard Limited. During the year, Armorgard Limited made sales of £154,841 (2022: £240,781) to these associates. At the year end, a balance of £733,647 (2022: £741,372) was owed to Armorgard Limited (before taking into account any provisions) and is included within 'Debtors: amounts falling due within one year.' A provision of £531,560 has been recognised in relation to this amount owed and is included within exceptional items. |
In a prior year, Armorgard Holdings Limited provided a loan to Armorgard Australia Pty Limited. The loan is repayable on demand and no interest is charged. The balance at the year end (before taking into account any provisions) is £18,163 (2022: £18,163) and is included in 'Debtors: amount falling due within one year.' A provision of £18,163 has been recognised in relation to this amount owed and is included within exceptional items. |
In a prior year, Armorgard Holdings Limited provided a loan to Armorgard NZ Limited. The loan is repayable on demand and no interest is charged. The balance at the year end (before taking into account any provisions) is £19,487 (2022: £19,487) and is included within 'Debtors: amounts falling due within one year.' A provision of £19,487 has been recognised in relation to this amount owed and is included within exceptional items. |
Armorgard Holdings Limited provided a convertible loan note to Bellsure Holdings Limited, a company in which Mr T Mitchell is also a director. This loan note had the option to be converted into shares, however, was fully repaid during the period. The balance at the previous year end was £125,000 and was included in 'Debtors: amounts falling due within one year'. |