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REGISTERED NUMBER: 03339006 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Network Armour Limited

Network Armour Limited (Registered number: 03339006)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Statement of Financial Position 1

Statement of Changes in Equity 3

Notes to the Financial Statements 4


Network Armour Limited (Registered number: 03339006)

Statement of Financial Position
30 November 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 3,688 5,606
Tangible assets 5 5,188 14,697
8,876 20,303

CURRENT ASSETS
Debtors 6 952,064 1,161,025
Cash at bank and in hand 714 11,308
952,778 1,172,333
CREDITORS
Amounts falling due within one year 7 612,710 683,096
NET CURRENT ASSETS 340,068 489,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

348,944

509,540

CREDITORS
Amounts falling due after more than
one year

8

127,210

150,963
NET ASSETS 221,734 358,577

Network Armour Limited (Registered number: 03339006)

Statement of Financial Position - continued
30 November 2023

2023 2022
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 11 1,575 1,575
Retained earnings 220,159 357,002
SHAREHOLDERS' FUNDS 221,734 358,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





S J Green - Director


Network Armour Limited (Registered number: 03339006)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 December 2021 1,575 67,298 68,873

Changes in equity
Total comprehensive income - 289,704 289,704
Balance at 30 November 2022 1,575 357,002 358,577

Changes in equity
Total comprehensive income - (136,843 ) (136,843 )
Balance at 30 November 2023 1,575 220,159 221,734

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Network Armour Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03339006

Registered office: 3b Castle Court Warwick Road
Fairfield Industrial Estate
Louth
LN11 0YB

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

If there has been an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - straight line over 10 years
Drones - straight line over 3 years
Computer Equipment - straight line over 4 years

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset it it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Going concern
During the year ended 30 November 2023, the company recorded a loss before tax of £136,843 (2022: profit before tax of £289,704) and at that date its net assets were £221,734 (2022: £358,577). The company is reliant upon the ongoing support of its director, group companies and it's related party Staccato Property Management Limited to be able to meet its liabilities as they fall due. This support includes not demanding the repayment of outstanding loans and advancing new loans when required. On the basis of his review of forecasts and available data, the director considers the going concern basis of accounting to be appropriate for the business and in these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 December 2022 58,869
Disposals (316 )
At 30 November 2023 58,553
AMORTISATION
At 1 December 2022 53,263
Charge for year 1,802
Eliminated on disposal (200 )
At 30 November 2023 54,865
NET BOOK VALUE
At 30 November 2023 3,688
At 30 November 2022 5,606

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 December 2022 81,975
Additions 1,330
Disposals (22,757 )
At 30 November 2023 60,548
DEPRECIATION
At 1 December 2022 67,278
Charge for year 6,473
Eliminated on disposal (18,391 )
At 30 November 2023 55,360
NET BOOK VALUE
At 30 November 2023 5,188
At 30 November 2022 14,697

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 41,637 26,363
Amounts owed by group undertakings 861,914 1,065,417
S455 Tax recoverable 6,714 -
Directors' current accounts 20,537 17,406
Prepayments 21,262 51,839
952,064 1,161,025

Amounts owed by group undertakings includes £855,990 (2022: £1,065,325) from Dark Armour Limited, See Note 12 for Directors' loans and advances.

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 9)
61,822

64,192
Trade creditors 112,247 34,663
Amounts owed to group undertakings 121,532 176,500
Tax 6,714 -
Social security and other taxes 46,344 64,085
VAT 240,708 280,180
Accruals and deferred income 23,343 63,476
612,710 683,096

Amounts owed to group undertakings includes £100,103 (2022: £108,660) to Staccato Property Management Limited for rent and utilities costs for the group's office. Staccato Property Management Limited is a related undertaking due to common director / shareholders. See Note 12 for Directors' loans and advances.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£ £
Bank loans (see note 9) 30,740 54,493
Amounts owed to group undertakings 96,470 96,470
127,210 150,963

On 16 May 2019 the company received a loan for £50,000 from Barclays Bank plc. The loan is secured by a personal guarantee from the Director and is repayable over five years at an interest rate of 7.35%.

On 4 December 2020 the company received a loan for £65,000 from the Midlands Engine Investment Fund. The loan is secured by a personal guarantee from the Director and is repayable over five years at an interest rate of 11.75%

On 9 July 2020, the company received a loan for £50,000 from Barclays Bank plc. The loan is unsecured and repayable in instalments over six years. The interest rate is fixed at 2.5% per annum for the term of the loan and HM Government is committed to pay the first year of interest on behalf of the Company. HM Government has guaranteed 100% of the value of the loan.

Loans due to group undertakings are unsecured, interest free and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shortern this if circumstances change.

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 30,266 29,541
Bank loans 31,556 34,651
61,822 64,192

Amounts falling due between one and two years:
Bank loans - 1-2 years 13,458 31,695

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,282 22,798

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year - 1,455

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary shares £1 1,000 1,000
2,300 A Ordinary Shares £0.25 575 575
1,575 1,575

A Ordinary shares have no voting rights and dividends are at the discretion of the Director.

Network Armour Limited (Registered number: 03339006)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£ £
S J Green
Balance outstanding at start of year 17,407 15,067
Amounts advanced 3,131 3,054
Amounts repaid - (714 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,538 17,407

Directors' loans and advances are interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The controlling party is The Armour Group of Companies Ltd.

The ultimate controlling party is S J Green.