| REGISTERED NUMBER: 12841180 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| REGISTERED NUMBER: 12841180 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| 1 Merus Court |
| Meridian Business Park |
| Leicester |
| Leicestershire |
| LE19 1RJ |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Introduction |
| The principal activity of the Company is that of a holding company. |
| The principal activities of the Group during the year continued to be that of warehousing, storage, distribution, property development, vehicle maintenance and the operation of a gym. |
| Review of business |
| The Group has maintained its high service performance for its clients. |
| Turnover has increased by £1,795,702 (5.7%) from £31,741,885 to £33,537,587. |
| Operational efficiency projects continue to drive to lower cost with system developments to improve customer service reporting. |
| Gross profit margins have increased from 26.6% in 2023 to 26.9% in 2024. |
| The Group has continued to maintain its high service levels in line with what is now expected each year. |
| Our culture of continuous improvement is driven by our Mission & Vision statements. |
| We will continue to invest in new technology to increase efficiency and ensure added value customer reporting. |
| The Directors will ensure that relationships with existing customers remain strong to enable added value service offerings to be explored continuously. |
| Our HR Policy of "internal promotion" continues to gain traction with staff securing more senior roles within the business. In 2025 we will enhance that Policy with specific staff training modules. |
| We have also offered additional First Aid and Fire Safety courses which has seen good attendance by colleagues. |
| Sustainability |
| In line with our Sustainability Programme, 2024 has seen our small fleet now 100% converted to Electric. |
| 2024 has also seen the successful introduction of our first Electric Truck into the large fleet. |
| Since the introduction of our electric vehicles, we are proud to be on track to save approximately 53 tonnes in CO2 emissions. |
| Our Warehouse Solar Panel project was delayed due to change of Landlord but will be restarted in 2025. |
| Our carbon footprint remains at the forefront of our truck replacement programme and in all aspects of our business strategy. |
| Principal risks and uncertainties |
| The management of the business and the execution of the Group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes are put in place to monitor and mitigate them. |
| Credit risk |
| New credit customers undergo credit checks and are only accepted once approved by the credit controller. The Group undertakes perpetual review processes to ensure debts are collected in a timely manner and to minimise the risk that debts become irrecoverable. |
| Liquidity risk |
| The Group is financed by appropriate long and short term finance to match the needs of the business. |
| The Group is able to make use of factoring account facilities to ensure that sufficient cash reserves are in place to meet liabilities as they fall due. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Financial key performance indicators |
| The key performance indicators used by the Group are as follows: |
| - Turnover; |
| - Gross profit margin; and |
| - Profit before taxation. |
| During the year turnover has increased by £1,795,702 (5.7%) to £33,537,587 compared to £31,741,885 in 2023. |
| During the year gross profit has increased by £578,637 (6.9%) to £9,010,819 compared to £8,432,182 in 2023. |
| During the year, profit before taxation has decreased by £231,132 (70.0%) to £98,854 compared to £329,986 in 2023. |
| Other key performance indicators |
| The Group's adherence to key laws and regulations and maintaining key operating licenses remains a key performance indicator monitored by management. |
| On behalf of the board: |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| Dividends |
| The loss for the year, after taxation, amounted to £129,480 (2023 - profit of £164,768). |
| Particulars of dividends paid are detailed in note 12 to the financial statements. |
| Future developments |
| Going forward the directors are aiming to grow the Group further whilst keeping a tight control over the cost base. |
| Environmental matters |
| Armstrong Group of Companies Limited, Armstrong Logistics Limited, Armstrong Fitness Limited, Armstrong Express Limited, Armstrong Vehicle Services Limited and Armstrong Property Management Limited are individually exempt from the requirement to disclose SECR information. |
| The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations. |
| Directors |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Engagement with employees |
| During the year, the policy of providing employees with information about the Group has been continued through internal methods in which employees have also been encouraged to present their suggestions and views on the Group's performance. Regular meetings are held between local management and employees to allow a free flow of information and idea. |
| Disabled employees |
| The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions as well as providing training and career development to disabled employees wherever appropriate. |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Statement as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Auditors |
| The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| On behalf of the board: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| Opinion |
| We have audited the financial statements of Armstrong Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Extent to which the audit was considered capable of detecting irregularities, including fraud |
| The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. |
| Our approach was as follows: |
| - | We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; |
| - | We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; |
| - | We considered the nature of the industry, the control environment and business performance,including the key drivers for management's remuneration; |
| - | We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; |
| - | We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. |
| Based on this understanding we designed our audit procedures to identify non-compliance with such laws and |
| regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified |
| fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations |
| (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently |
| limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities |
| occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or |
| misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect |
| non-compliance with all laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ARMSTRONG GROUP OF COMPANIES LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 1 Merus Court |
| Meridian Business Park |
| Leicester |
| Leicestershire |
| LE19 1RJ |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| CONSOLIDATED |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Turnover | 4 | 33,537,587 | 31,741,885 |
| Cost of sales | 24,526,768 | 23,309,703 |
| Gross profit | 9,010,819 | 8,432,182 |
| Administrative expenses | 8,706,292 | 7,961,984 |
| 304,527 | 470,198 |
| Other operating income | 5 | - | 30,300 |
| Operating profit | 7 | 304,527 | 500,498 |
| Interest receivable and similar income | 14,290 | 11,030 |
| 318,817 | 511,528 |
| Interest payable and similar expenses | 9 | 219,963 | 181,542 |
| Profit before taxation | 98,854 | 329,986 |
| Tax on profit | 10 | 228,334 | 165,218 |
| (Loss)/profit for the financial year | ( |
) |
| Other comprehensive income | - | - |
| Total comprehensive income for the year | (129,480 | ) | 164,768 |
| (Loss)/profit attributable to: |
| Owners of the parent | (129,480 | ) | 164,768 |
| Total comprehensive income attributable to: |
| Owners of the parent | (129,480 | ) | 164,768 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| CONSOLIDATED BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 13 | 2,224,398 | 2,597,724 |
| Tangible assets | 14 | 6,387,225 | 6,141,912 |
| Investments | 15 | - | - |
| 8,611,623 | 8,739,636 |
| Current assets |
| Stocks | 16 | 41,632 | 50,612 |
| Debtors | 17 | 5,334,735 | 4,927,806 |
| Cash at bank | 3,259,452 | 2,471,916 |
| 8,635,819 | 7,450,334 |
| Creditors |
| Amounts falling due within one year | 18 | (11,175,306 | ) | (9,272,372 | ) |
| Net current liabilities | (2,539,487 | ) | (1,822,038 | ) |
| Total assets less current liabilities | 6,072,136 | 6,917,598 |
| Creditors |
| Amounts falling due after more than one year |
19 |
(4,713,893 |
) |
(5,229,964 |
) |
| Provisions for liabilities | 22 | (945,836 | ) | (717,502 | ) |
| Net assets | 412,407 | 970,132 |
| Capital and reserves |
| Called up share capital | 23 | 200 | 200 |
| Share premium | 24 | 2,499,800 | 2,499,800 |
| Retained earnings | 24 | (2,087,593 | ) | (1,529,868 | ) |
| Shareholders' funds | 412,407 | 970,132 |
| The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by: |
| J D Armstrong - Director |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| COMPANY BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 13 |
| Tangible assets | 14 |
| Investments | 15 |
| Current assets |
| Debtors | 17 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 18 | ( |
) | ( |
) |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 23 |
| Share premium | 24 |
| Retained earnings | 24 |
| Shareholders' funds |
| Company's profit for the financial year | 189,240 | 191,010 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 200 | (1,274,895 | ) | 2,499,800 | 1,225,105 |
| Changes in equity |
| Dividends | - | (419,741 | ) | - | (419,741 | ) |
| Total comprehensive income | - | 164,768 | - | 164,768 |
| Balance at 30 September 2023 | 200 | (1,529,868 | ) | 2,499,800 | 970,132 |
| Changes in equity |
| Dividends | - | (428,245 | ) | - | (428,245 | ) |
| Total comprehensive income | - | (129,480 | ) | - | (129,480 | ) |
| Balance at 30 September 2024 | 200 | (2,087,593 | ) | 2,499,800 | 412,407 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (120,940 | ) | 2,104,491 |
| Interest paid | (25,495 | ) | (35,791 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
(194,468 |
) |
(145,751 |
) |
| Tax paid | - | 3,773 |
| Net cash from operating activities | (340,903 | ) | 1,926,722 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (594,910 | ) | (15,410 | ) |
| Sale of tangible fixed assets | 24,098 | 105,000 |
| Sale of fixed asset investments | - | 10,000 |
| Interest received | 14,290 | 11,030 |
| Net cash from investing activities | (556,522 | ) | 110,620 |
| Cash flows from financing activities |
| Loan repayments in year | (250,266 | ) | (95,910 | ) |
| Repayment of/new finance leases | 2,363,472 | (915,128 | ) |
| - | (14,308 | ) |
| Equity dividends paid | (428,245 | ) | (419,741 | ) |
| Net cash from financing activities | 1,684,961 | (1,445,087 | ) |
| Increase in cash and cash equivalents | 787,536 | 592,255 |
| Cash and cash equivalents at beginning of year |
2 |
2,471,916 |
1,879,661 |
| Cash and cash equivalents at end of year | 2 | 3,259,452 | 2,471,916 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit for the financial year | (129,480 | ) | 164,768 |
| Depreciation charges | 1,046,501 | 971,890 |
| Loss on disposal of fixed assets | 15,640 | 50,294 |
| Amortisation charges | 373,326 | 373,326 |
| Decrease in amounts owed to associates | - | (6,855 | ) |
| Finance costs | 219,963 | 181,542 |
| Finance income | (14,290 | ) | (11,030 | ) |
| Taxation | 228,334 | 165,218 |
| 1,739,994 | 1,889,153 |
| Decrease in stocks | 8,980 | 26,346 |
| (Increase)/decrease in trade and other debtors | (406,929 | ) | 3,177,155 |
| Decrease in trade and other creditors | (1,462,985 | ) | (2,988,163 | ) |
| Cash generated from operations | (120,940 | ) | 2,104,491 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 3,259,452 | 2,471,916 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 2,471,916 | 1,879,661 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 2,471,916 | 787,536 | 3,259,452 |
| 2,471,916 | 787,536 | 3,259,452 |
| Debt |
| Debts falling due within 1 year | (106,446 | ) | 56,446 | (50,000 | ) |
| Debts falling due after 1 year | (227,153 | ) | 193,820 | (33,333 | ) |
| (333,599 | ) | 250,266 | (83,333 | ) |
| Total | 2,138,317 | 1,037,802 | 3,176,119 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Armstrong Group of Companies Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
| After reviewing the Group's financial position and taking into account the Group's working capital requirements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information. |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). |
| The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive income in these financial statements. |
| The following principal accounting policies have been applied: |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - the amount of revenue can be measured reliably; |
| - it is probable that the Group will receive the consideration due under the contract; |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Functional and presentation currency |
| The Company's functional and presentational currency is British Pound Sterling (£). |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'. |
| Operating leases: the group as lessee |
| Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| Defined contribution pension plan |
| The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. |
| Government grants |
| Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Consolidated Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
| Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure. |
| Interest income |
| Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Finance costs |
| Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| Borrowing costs |
| All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred. |
| Debtors |
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
| Creditors |
| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Provisions for liabilities |
| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. |
| Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. |
| Increases in provisions are generally charged as an expense to the Consolidated Statement of Comprehensive Income. |
| Financial instruments |
| The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
| The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. |
| Financial instruments are recognised in the Group's Balance Sheet when the Group 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 to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. |
| Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. |
| Impairment of financial assets |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial assets are assessed for indicators of impairment at each reporting date. |
| Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Consolidated Statement of Comprehensive Income. |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. |
| Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
| Other financial instruments |
| Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Statement of Comprehensive Income. They are subsequently measured at fair value with changes in the Consolidated Statement of Comprehensive Income. |
| Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Consolidated Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. |
| Derecognition of financial instruments |
| Derecognition of financial assets |
| Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Impairment of intangible assets and goodwill |
| The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. |
| (ii) Useful economic lives of tangible fixed assets |
| The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| (iii) Impairment of debtors |
| The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
| (iv) Provisions |
| Management make provision for excess mileage and repair costs in respect of the anticipated future costs of returning vehicles used by the Group on operating leases. Management make provisions for dilapidation costs in respect of the anticipated future costs of returning the leased property back to rental condition used by the Group on operating leases. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Storage, haulage and distrib. | 33,353,643 | 31,548,205 |
| Vehicle maintenance | 92,299 | 125,740 |
| Fitness | 91,645 | 67,940 |
| 33,537,587 | 31,741,885 |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 26,402,128 | 27,454,885 |
| Europe | 7,135,459 | 4,287,000 |
| 33,537,587 | 31,741,885 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Government grants | - | 30,300 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 9,554,333 | 9,160,032 |
| Social security costs | 930,422 | 825,622 |
| Other pension costs | 156,958 | 173,623 |
| 10,641,713 | 10,159,277 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 2 |
| Administration | 11 | 11 |
| Transport and Warehouse | 305 | 312 |
| During the year, directors' emoluments totalled £20,471 (2023 - £25,672). |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 36,241 | 86,932 |
| Depreciation - owned assets | 139,329 | 226,338 |
| Depreciation - assets on hire purchase contracts or finance leases | 907,172 | 745,552 |
| Loss on disposal of fixed assets | 15,640 | 50,294 |
| Goodwill amortisation | 373,326 | 373,326 |
| Foreign exchange differences | (50,839 | ) | (87,841 | ) |
| Other operating lease rentals | 3,050,955 | 3,850,077 |
| Plant and machinery operating leases | 1,243,635 | 842,241 |
| 8. | AUDITORS' REMUNERATION |
| During the year, the Group obtained the following services from the Company's auditor: |
| 2024 | 2023 |
| Fees payable to the Company's auditor for the audit of the Group's financial statements |
23,500 |
24,500 |
| Fees payable to the Group's auditor and its associates in respect of: |
| Taxation compliance services | 7,000 | 6,750 |
| All other services | 12,400 | 12,753 |
| 19,400 | 19,503 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 25,495 | 35,791 |
| Hire purchase | 194,468 | 145,751 |
| 219,963 | 181,542 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 228,334 | 165,218 |
| Tax on profit | 228,334 | 165,218 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 98,854 | 329,986 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
24,714 |
72,597 |
| Effects of: |
| Expenses not deductible for tax purposes | - | 5,830 |
| Capital allowances in excess of depreciation | (65,528 | ) | (77,159 | ) |
| Utilisation of tax losses | (129,205 | ) | - |
| Non-tax deductible amortisation of goodwill and impairment | 93,332 | 82,132 |
| Other timing differences leading to an increase in taxation | 1,236 | 4 |
| Loss on disposal of tangible fixed assets | 4,502 | 11,065 |
| Changes in provisions leading to an decrease in the tax charge | 8,970 | 3,177 |
| Unrelieved tax losses carried forward | 61,979 | 67,572 |
| Movement in deferred tax | 228,334 | - |
| Total tax charge | 228,334 | 165,218 |
| 11. | PARENT COMPANY PROFIT FOR THE YEAR |
| The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £189,240 (2023 - £191,010). |
| 12. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| A Ordinary shares of 1 each |
| Final | 428,245 | 419,741 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 13. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 | 3,733,257 |
| Amortisation |
| At 1 October 2023 | 1,135,533 |
| Amortisation for year | 373,326 |
| At 30 September 2024 | 1,508,859 |
| Net book value |
| At 30 September 2024 | 2,224,398 |
| At 30 September 2023 | 2,597,724 |
| 14. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Short | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 October 2023 | 1,067,317 | 6,745,610 | 240,252 | 2,259,887 | 10,313,066 |
| Additions | 197,316 | 20,059 | 317 | 1,113,860 | 1,331,552 |
| Disposals | - | (125,947 | ) | (15,917 | ) | - | (141,864 | ) |
| At 30 September 2024 | 1,264,633 | 6,639,722 | 224,652 | 3,373,747 | 11,502,754 |
| Depreciation |
| At 1 October 2023 | 387,498 | 3,076,596 | 165,192 | 541,868 | 4,171,154 |
| Charge for year | 72,233 | 527,546 | 13,172 | 433,550 | 1,046,501 |
| Eliminated on disposal | - | (93,097 | ) | (9,029 | ) | - | (102,126 | ) |
| At 30 September 2024 | 459,731 | 3,511,045 | 169,335 | 975,418 | 5,115,529 |
| Net book value |
| At 30 September 2024 | 804,902 | 3,128,677 | 55,317 | 2,398,329 | 6,387,225 |
| At 30 September 2023 | 679,819 | 3,669,014 | 75,060 | 1,718,019 | 6,141,912 |
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: |
| 2024 | 2023 |
| £ | £ |
| Long-term leasehold property | 9,422 | 15,058 |
| Plant and machinery | 2,955,010 | 2,902,324 |
| Motor vehicles | 2,039,608 | 1,704,479 |
| 5,004,041 | 4,621,861 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | FIXED ASSET INVESTMENTS |
| Company |
| 2024 | 2023 |
| £ | £ |
| Shares in group undertakings |
| Additional information is as follows: |
| Group |
| Unlisted |
| investments |
| £ |
| Cost |
| At 1 October 2023 | 204,000 |
| Disposals | (204,000 | ) |
| At 30 September 2024 | - |
| Provisions |
| At 1 October 2023 | 204,000 |
| Eliminated on disposal | (204,000 | ) |
| At 30 September 2024 | - |
| Net book value |
| At 30 September 2024 | - |
| At 30 September 2023 | - |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| £ | £ |
| Other fixed asset investments cost b/fwd | - | 10,000 |
| Other fixed asset investments disposal | - | (10,000 | ) |
| - | - |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Plot 2400 Wellington Parkway, Magna Park, Lutterworth, England, LE17 4XW |
| Nature of business: |
| % |
| Class of shares: | holding |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Plot 2400 Wellington Parkway, Magna Park, Lutterworth, England, LE17 4XW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Plot 2400 Wellington Parkway, Magna Park, Lutterworth, England, LE17 4XW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Plot 2400 Wellington Parkway, Magna Park, Lutterworth, England, LE17 4XW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Plot 2400 Wellington Parkway, Magna Park, Lutterworth, England, LE17 4XW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Armstrong Fitness Limited, Company No: 12969112; Armstrong Property Management Limited, Company No: 12971138; Armstrong Express Limited, Company No: 05564001 and Armstrong Vehicle Services Limited, Company No: 12969170 have taken exemption from audit under section S479A of the Companies Act 2006. In accordance with this subsection, Armstrong Group of Companies Limited has given a guarantee as set out in S479C over the liabilities of these companies. |
| 16. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Finished goods | 41,632 | 50,612 |
| 17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 3,547,802 | 3,565,839 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 200,788 | 107,816 |
| Prepayments and accrued income | 1,586,145 | 1,254,151 |
| 5,334,735 | 4,927,806 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 20) | 50,000 | 106,446 |
| Trade creditors | 3,930,450 | 3,247,615 |
| Amounts owed to group undertakings | - | - |
| Tax | 3,773 | 3,773 |
| Social security and other taxes | 217,003 | 211,408 |
| VAT | 234,222 | 350,165 | - | - |
| Other creditors | 3,011,838 | 3,323,967 |
| Obligations under finance |
| lease and hire purchase |
| contracts | 1,696,342 | 1,315,795 | - | - |
| Bank overdrafts | - | 19 | - | - |
| Accruals and deferred income | 2,031,678 | 713,184 |
| 11,175,306 | 9,272,372 |
| HSBC Bank Plc holds a fixed and floating charge (including a negative pledge) over all assets of the Group. |
| Bank overdrafts and loans amounting to £50,000 (2023 - £106,446) are secured by the Group. |
| Obligations under finance lease and hire purchase contracts amounting to £1,696,342 (2023 - £1,315,795) are secured against the fixed assets to which they relate. |
| Factoring creditors amounting to £2,762,976 (2023 - £3,067,422) are secured by the Group. |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 20) | 33,333 | 187,422 |
| Other loans (see note 20) | - | 39,731 |
| Other creditors | 1,960,993 | 2,157,145 |
| Obligations under finance lease and hire purchase contracts |
2,719,567 |
2,845,666 |
| 4,713,893 | 5,229,964 |
| HSBC Bank Plc holds a fixed and floating charge (including a negative pledge) over the assets of the Company. |
| Bank overdrafts and loans amounting to £33,333 (2023 - £227,153) are secured by the Group. |
| Obligations under finance lease and hire purchase contracts amounting to £2,719,567 (2023 - £2,845,666) are secured against the fixed assets to which they relate. |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 20. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 50,000 | 106,446 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 33,333 | 50,773 |
| Other loans - 1-2 years | - | 39,731 |
| 33,333 | 90,504 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | - | 136,649 |
| 21. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 4,199,546 | 4,712,318 |
| Between one and five years | 13,122,152 | 11,798,392 |
| In more than five years | 17,175,333 | 19,615,116 |
| 34,497,031 | 36,125,826 |
| 22. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 945,836 | 717,502 |
| Group |
| Deferred tax |
| £ |
| Balance at 1 October 2023 | 717,502 |
| Provided during year | 228,334 |
| Balance at 30 September 2024 | 945,836 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| A Ordinary | 1 | 100 | 100 |
| B Ordinary | 1 | 100 | 100 |
| 200 | 200 |
| ARMSTRONG GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 12841180) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 24. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 October 2023 | (1,529,868 | ) | 2,499,800 | 969,932 |
| Deficit for the year | (129,480 | ) | (129,480 | ) |
| Dividends | (428,245 | ) | (428,245 | ) |
| At 30 September 2024 | (2,087,593 | ) | 2,499,800 | 412,207 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 October 2023 | 2,512,345 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 2,526,585 |
| Retained earnings |
| Includes all current period retained profits and losses. All amounts are distributable. |
| Share premium |
| Includes any premiums received on the issue of shares. Any transaction costs associated with issuing of shares are deducted from share premium. |
| 25. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption available under FRS102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group. |
| Transactions and balances with related parties are as follows: |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by directors | 94,470 | 11,473 |
| Dividends paid to directors | 175,000 | 180,000 |
| Key management personnel remuneration | 59,569 | 51,709 |
| Balances owed to other related parties | - | 6,855 |
| 26. | CONTROLLING PARTY |
| The directors do not consider there to be an ultimate controlling party. |