Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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183,821 | ||
Current assets | ||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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1,467,156 | ||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (168,889) | |
Total assets less current liabilities | 14,932 | |
Creditors: amounts falling due after more than one year | 9 | (
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Net liabilities | (
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Capital and reserves | ||
Called-up share capital | 10 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Armadilla Accommodation Ltd (registered number:
R Hunter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Armadilla Accommodation Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Orchard House, The Walled Garden, Rosewell, EH24 9EQ, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £525,008. The Company is supported through loans from an associated Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the associated Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Following incorporation of the Company on 17th February 2023, the reporting period length for the first financial period is 17th February 2023 to 31 March 2024.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Development costs |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Office equipment |
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Computer equipment |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.
Valuation of work in progress and amounts recoverable on contracts - The Company uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period. The value is calculated by reference to the value of work done at the year end compared to the total value of the contract on completion. The percentage completed at the year end is included within other debtors in the financial statements. The value of amounts recoverable on contracts at the year end is £566,973, less a provision of £285,819.
Period from 17.02.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including the director |
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Development costs | Total | ||
£ | £ | ||
Cost | |||
At 17 February 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 17 February 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Computer equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 17 February 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||||
At 17 February 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||||||||||
At 31 March 2024 |
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Investments in subsidiaries
31.03.2024 | |
£ | |
Cost | |
At 17 February 2023 | 0 |
Additions |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Investments in shares
Name of entity | Registered office | Class of shares |
Ownership 31.03.2024 |
Held |
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Unit 1 Mayfield Industrial Estate, Dalkeith, Scotland, EH22 4AD |
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Direct |
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Unit 1 Mayfield Industrial Estate, Dalkeith, Scotland, EH22 4AD |
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Direct |
31.03.2024 | |
£ | |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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31.03.2024 | |
£ | |
Trade creditors |
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Amounts owed to related parties |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | |
£ | |
Amounts owed to related parties |
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31.03.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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Commitments
31.03.2024 | |
£ | |
Total future minimum lease payments under non-cancellable operating lease |
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Transactions with owners holding a participating interest in the entity
31.03.2024 | |
£ | |
Amounts owed to shareholders | 745 |
Transactions with entities in which the entity itself has a participating interest
31.03.2024 | |
£ | |
Amounts owed by Subsidiaries | 19,958 |
Transactions with the entity's director
31.03.2024 | |
£ | |
Amounts owed to Directors | 2,699 |
Other related party transactions
31.03.2024 | |
£ | |
Amounts owed to associated Companies | 1,880,664 |
Parent Company:
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Mühlstr. 71 a, D-64367 Mühltal |