REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
The Armour Group Of Companies Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
The Armour Group Of Companies Limited |
The Armour Group Of Companies Limited (Registered number: 11932952) |
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 |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
6 |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Statement of Financial Position - continued |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 November 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 November 2023 | ( |
) | ( |
) |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
The Armour Group Of Companies 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 |
Preparation of consolidated financial statements |
The financial statements contain information about The Armour Group Of Companies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and Machinery - 20% on a reducing balance basis |
Improvements to property (leased) - over the period of the lease |
Computer Equipment - 33.33% on a straight line method |
Fixtures & Fittings - 10% on a straight line method |
Motor Vehicles - 25% on a straight line method |
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. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cashgenerating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including the transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
The company has no financial assets which are classified as other financial assets in these financial statements. |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
The company has no financial liabilities which are classified as other financial liabilities in these financial statements. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The Armour Group Of Companies Limited (Registered number: 11932952) |
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 £31,147 (2022: Loss before tax of £80,702) and at that date its net liabilities were £75,693 (2022: net liabilities of £44,546). The company is reliant upon the ongoing support of its director and group companies in order 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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | Plant and | and |
to property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Motor vehicles with a net book value at the year end of £54,127 (2022: £81,024) are under hire purchase agreements and the corresponding liability is included in note 8. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
On 1 September 2022 the company acquired 100% of the ordinary share capital of Coded Armour Limited and increased its investment in the company during the year ended 30 November 2023. |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
S455 Tax recoverable | 14,198 | - |
Directors' current accounts | 42,466 | 24,362 |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Loans due from 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. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Pension payable | 7,988 | 7,988 |
VAT | 112,806 | 53,781 |
Other Creditors - Wages | 11,091 | 9,593 |
Accrued expenses |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
Amounts owed to group undertakings |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 12,943 | 18,943 |
On 22 June 2020, the company received a loan for £50,000 from Barclays Bank plc. The loan was unsecured and repayable in instalments over six years. The interest rate was fixed at 2.5% per annum for the term of the loan and HM Government paid the first year of interest on behalf of the Company. HM Government has guaranteed 100% of the value of the loan. |
During 2021, the Company took the option to extend the repayment term to ten years, there was no impact on the other loan terms. |
On 9 November 2022, the loan was transferred to Credit Style Limited. The interest was frozen and the repayment term remains unchanged. |
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 shorten this if circumstances change. |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
The Armour Group Of Companies Limited (Registered number: 11932952) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 12,943 | 18,943 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
The Armour Group Of Companies Limited (Registered number: 11932952) |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to Directors are interest-free and repayable on demand. |
13. | RELATED PARTY DISCLOSURES |
On 6 April 2019, the company's parent undertaking, Reaper Holdings Limited transferred its 100% investment in subsidiary undertakings to The Armour Group of Companies Limited in a share for share exchange. |
For the year ended 30 November 2023, turnover of £389,933 is in respect of management charges invoiced to wholly owned subsidiary undertakings (2022: £251,525), of which £207,860 was outstanding at the year end and is included in debtors (2022: £117,109). |
In November 2020, Reaper Holdings Limited advanced the company a loan of £37,000 and in December 2020 a further £2,500 was advanced. The loan is interest free, unsecured and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shorten this if circumstances change. At the year end, the amount outstanding was £39,500 (2022: £39,500) and this is included in creditors due after more than one year. |
During 2020, a loan of £82,000 was advanced to subsidiary undertaking Network Armour Limited, in 2021 a further £7,700 was advanced and in 2022 a further £9,170 was advanced. The loan is interest free, unsecured and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shorten this if circumstances change. At the year end, the amount outstanding was £96,470 (2022: £96,470) and this is included in debtors due after more than one year. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Reaper Holdings Limited. |
The ultimate controlling party is |