Company registration number 07301258 (England and Wales)
DAVID ARMFIELD LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DAVID ARMFIELD LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DAVID ARMFIELD LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
200,959
73,040
Investments
6
5,000
5,000
Cash at bank and in hand
36,708
5,748
242,667
83,788
Creditors: amounts falling due within one year
7
(91,651)
(51,713)
Net current assets
151,016
32,075
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
151,014
32,073
Total equity
151,016
32,075

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 February 2025
Mr D Armfield
Director
Company registration number 07301258 (England and Wales)
DAVID ARMFIELD LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

David Armfield Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cleveley Mill, Cleveley, Chipping Norton, Oxfordshire, OX7 4DY.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover represents income receivable by the company including its share of profits of Kinetix Corporate Finance LLP.

2.3
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.4
Financial instruments
Basic financial assets

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

DAVID ARMFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities

 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.5
Equity instruments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are intially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in profit o 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 income 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.

2.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
5,000
5,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
200,959
73,040
DAVID ARMFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
6
Current asset investments
2024
2023
£
£
Other investments
5,000
5,000
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
65,563
15,624
Other creditors
26,088
36,089
91,651
51,713
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