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Company Registration number: 01887378

Ian Armstrong (Carlisle) Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Ian Armstrong (Carlisle) Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Ian Armstrong (Carlisle) Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

186,705

199,558

Investment property

5

3,944,431

1,768,768

Other financial assets

6

938,422

837,646

 

5,069,558

2,805,972

Current assets

 

Debtors

7

3,044,048

3,257,483

Cash at bank and in hand

 

1,233,367

3,002,847

 

4,277,415

6,260,330

Creditors: Amounts falling due within one year

8

(199,605)

(232,715)

Net current assets

 

4,077,810

6,027,615

Total assets less current liabilities

 

9,147,368

8,833,587

Provisions for liabilities

(102,213)

(98,005)

Net assets

 

9,045,155

8,735,582

Capital and reserves

 

Called up share capital

10,520

10,520

Retained earnings

9,034,635

8,725,062

Shareholders' funds

 

9,045,155

8,735,582

 

Ian Armstrong (Carlisle) Limited

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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.

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 25 October 2024
 

.........................................
Mr I Armstrong
Company secretary and director

Company registration number: 01887378

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 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:
Lingy Close Road
Dalston
Carlisle
CA5 7LB
 

These financial statements were authorised for issue by the director on 25 October 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 were 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.

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.


The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

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 corporation 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.

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:

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is initially recorded at cost which includes purchase price and any directly attributable expenditure.

Investment property is revalued to it's fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost and revalued to their fair value at each reporting date. Any changes in fair value are recognised in profit or loss.

Loan debtors

Interest receivable from loan agreement debtors is credited to the profit and loss account on a sum of digit basis over the term of the agreement. The capital element of the future repayments is stated in the balance sheet as debtors.

Hire purchase and leasing

Interest receivable from hire purchase and lease agreements is credited to the profit and loss account on a sum of digits basis over the term of the agreement. The capital element of the future repayments is stated in the balance sheet as debtors.

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.

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

4

TANGIBLE ASSETS

Plant and machinery
£

Motor vehicles
 £

Equipment
 £

Total
£

Cost or valuation

At 1 April 2023

231,925

137,750

24,650

394,325

Additions

25,048

-

-

25,048

At 31 March 2024

256,973

137,750

24,650

419,373

Depreciation

At 1 April 2023

100,473

69,644

24,650

194,767

Charge for the year

20,874

17,027

-

37,901

At 31 March 2024

121,347

86,671

24,650

232,668

Carrying amount

At 31 March 2024

135,626

51,079

-

186,705

At 31 March 2023

131,452

68,106

-

199,558

5

INVESTMENT PROPERTIES

2024
£

At 1 April 2023

1,768,768

Additions

2,175,663

At 31 March 2024

3,944,431

The directors consider this to be the fair value of the property.

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

6

OTHER FINANCIAL ASSETS

Financial assets at cost less impairment
£

Total
£

Other investments

Cost or valuation

At 1 April 2023

837,645

837,645

Revaluations

88,623

88,623

Additions

101,038

101,038

Disposals

(88,884)

(88,884)

At 31 March 2024

938,422

938,422

Carrying amount

At 31 March 2024

938,422

938,422

The investments have been valued during the previous and current financial year as per investment reports received.

In respect of investments held at valuation, the aggregate cost less depreciation, and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model were £680,795 (2023: £658,946).
 

 

Ian Armstrong (Carlisle) Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

134,840

158,143

Prepayments

15,612

16,475

Other debtors

2,893,596

3,082,865

 

3,044,048

3,257,483

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

71,727

123,662

Taxation and social security

116,173

98,713

Accruals and deferred income

11,635

10,170

Other creditors

70

170

199,605

232,715