REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Armadillo Sports Design Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Armadillo Sports Design Limited |
Armadillo Sports Design Limited (Registered number: 03945938) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Armadillo Sports Design Limited (Registered number: 03945938) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserves | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
71,705 | 70,244 |
Armadillo Sports Design Limited (Registered number: 03945938) |
Balance Sheet - continued |
31 March 2024 |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Armadillo Sports Design Limited (Registered number: 03945938) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Armadillo Sports Design Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis not withstanding the deficit in net assets. The company's balance sheet shows an excess of current liabilities over current assets of £110,882 (2023:£112,343) as at 31 March 2024. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment - asset depreciated in full |
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 for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 |
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 |
Research and expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
Armadillo Sports Design Limited (Registered number: 03945938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Patents and trade marks |
Patents and trade marks are valued at five times the amount paid in patent and trade mark fees to date less amortisation to date. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives. In the absence of any established trading figures, Messrs Urguhart-Dykes and Lord, chartered patent and registered trade mark attorneys, advised on this method of valuation and whilst they no longer act as patent attorneys for the company, the directors are satisfied that the method of valuation which has been consistently applied reflects the true value of the intellectual property owned. |
This basis is a departure from the principles of Section 18 of the FRS102 and as such the accounts do not comply with this standard. |
Amortisation is provided on a reducing balance basis over the varying life spans of the patent and trade mark fees. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Patents |
and |
licences |
£ |
Valuation in 2013 | 5,774 |
Valuation in 2014 | (9,851 | ) |
Valuation in 2015 | 7,391 |
Valuation in 2016 | (3,970 | ) |
Valuation in 2017 | (16,584 | ) |
Valuation in 2018 | 27,017 |
Valuation in 2019 | (14,256 | ) |
Valuation in 2020 | (1,564 | ) |
Valuation in 2021 | 22,161 |
Cost | 166,717 |
182,835 |
Valuations up to the year ended 31 March 2013 are cumulative up to that date. |
Armadillo Sports Design Limited (Registered number: 03945938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
8. | RESERVES |
Non |
distributable |
reserves |
£ |
At 1 April 2023 |
and 31 March 2024 |
9. | OTHER FINANCIAL COMMITMENTS |
There is a registered charge relating to the debenture from Royal Bank of Scotland. This is a fixed and floating charge over the undertaking and all property and assets present and future of the company. |