REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
W.J.Armstrong Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
W.J.Armstrong Limited |
W.J.Armstrong Limited (Registered number: 00313435) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
W.J.Armstrong Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
72 Commercial Road |
Paddock Wood |
Tonbridge |
Kent |
TN12 6DP |
W.J.Armstrong Limited (Registered number: 00313435) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Property revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
W.J.Armstrong Limited (Registered number: 00313435) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
W.J.Armstrong Limited (Registered number: 00313435) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
W.J.Armstrong Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern Basis of Accounting |
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the circumstances outlined in Note 15 to the accounts. |
Turnover |
Turnover represents net invoiced sales of goods, excluding VAT and is recognised at the point of sale. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is calculated to write off the cost or valuation, less estimated residual values, of tangible fixed assets over their estimated useful lives to the business. The annual depreciation rates and methods are as follows: |
Equipment, Fixtures and Fittings - 15% to 25% on reducing instalments basis |
Motor Vehicles - 25% on reducing instalments basis |
Freehold Land (acquired July 2015) is not depreciated. Freehold Property has not been depreciated or subject to impairment, as the Directors consider that its open market value at the balance sheet date is not materially different from the valuation carried out by the Directors as at 1 February 2015, being the transition date for the implementation of FRS 102. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. Deferred tax represents the future tax consequences of transactions and events in the accounts of current and previous periods in respect of all timing differences. Timing differences are differences between taxable profits and total profits as stated in the accounts that arise from the inclusion of income and expenses in tax computations in periods different from those in which they are recognised in the accounts. Deferred tax is measured using the tax rates that are expected to apply to the reversal of timing differences. Deferred tax on revalued tangible assets is measured using the rates and allowances that are likely to apply to the sale of the asset. |
Leased assets |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. |
W.J.Armstrong Limited (Registered number: 00313435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs |
Contributions in respect of the Company's defined contribution scheme are charged to the profit and loss account for the year in which they are payable to the scheme. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Equipment, |
Freehold | fixtures |
Land and | and | Motor |
Property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
At the date of transition to FRS 102 (1 February 2015), the Company has elected for its freehold property to be measured at its fair value and for that fair value to be used as the deemed cost of the asset going forward. The valuation of the freehold property was carried out by the Directors. |
5. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Goods for re-sale |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
W.J.Armstrong Limited (Registered number: 00313435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 19,568 | 13,261 |
Other creditors |
Directors' loan accounts | 48,056 | 27,502 |
Accruals and deferred income |
Directors' loans comprise £48,056 (2023 - £27,502) owed to M Armstrong Esq and N Armstrong Esq who are also shareholders in the Company. The loans are unsecured and interest free. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Unsecured loans advanced |
[see Note (i) & (ii)] |
Unsecured loans advanced comprise the following: |
(i) Unsecured loans advanced £4,000 (2023: £4,000) by M Armstrong, Director and without any fixed date for partial or full repayment at an annual interest rate entitlement, although this is not currently being paid, of 8%, but no repayment before 31 January 2026. |
(ii) Unsecured interest free loans advanced £194,832 (2023: £194,832) by M Armstrong, Director and N Armstrong, Director without any fixed date for partial or full repayment, but no repayment before 31 January 2026. |
M Armstrong Esq and N Armstrong Esq are also shareholders in the Company. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
Between one and five years |
W.J.Armstrong Limited (Registered number: 00313435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank overdraft |
11. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 100,134 | 100,134 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Balance at 31 January 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | £1 | 26,000 | 26,000 |
13. | PENSION COMMITMENTS |
The Company has made payments of £4,469 (2023 - £4,892) into defined contribution pension schemes, on behalf of two of its Directors and employees, during the year. The assets of the schemes are held separately from those of the Company in independently administered funds. The Company's liability is limited to the amount of the contributions payable. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is M Armstrong. |
15. | FUTURE TRADING AND THE CURRENT ECONOMIC ENVIRONMENT |
Since the year end the Company’s sales have held up reasonably well and the Company is operating well within its overdraft facility. The Company is paying its suppliers in accordance with terms. At the same time the Directors are committed to providing financial support to the Company as is evidenced by these financial statements and will not seek repayment of amounts due to them as at the year end date until the Company's financial position allows. As a result, the Directors are not aware of any reason why the bank overdraft facilities or similar facilities will not continue and accordingly they have adopted the going concern basis of accounting. |