FOR THE YEAR ENDED 31 MARCH 2025
ARMADA INVESTMENTS LIMITED
COMPANY INFORMATION
ARMADA INVESTMENTS LIMITED
CONTENTS
ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the strategic report for the year ended 31 March 2025.
The company provides business asset funding to a range of commercial enterprises mainly in the SME market.
The company continues to maintain a consistently profitable financial performance, with net profit before tax for the year of £3.7m (2024: £3.7m). The company had excellent levels of new business in the year outperforming budget once more. The current financial year has begun well with new business performing strongly and slightly above expectations. The company continues to maintain its strong and proactive management of risk.
Forecasts are regularly produced and reviewed by the directors.
The full results are set out in the financial statements, the main highlights of which are:
The company continues to maintain a consistently profitable financial performance, with net profit before tax for the year of £3.7m (2024: £3.7m). The company had excellent levels of new business in the year outperforming budget once more. The current financial year has begun well with new business performing strongly and slightly above expectations. The company continues to maintain its strong and proactive management of risk.
Forecasts are regularly produced and reviewed by the directors.
The full results are set out in the financial statements, the main highlights of which are:
The company's operating profit has increased from £5.52m in 2024 to £5.82m in 2025. In achieving this continuing profitable performance the focus of the business remains on its core business strengths whilst maintaining a robust control of its risk profile. Part of that control process involves writing off and providing for bad debts. The cost of bad debts was £742k in the year slightly lower than the £841k which was incurred in 2024. Net assets increased by £1.89m in the year.
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ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Below is a table showing the GHG (Greenhouse Gas) emissions being reported by the company. These have been broken into the three scopes required by the greenhouse gas protocol. The quantities shown are measured in metric tonnes of CO2e (carbon dioxide equivalent) the common unit used for measuring the global warming impact of various greenhouse gases.
Whilst the information above is not yet fully complete the company has taken huge strides over the year in producing this as part of its continuing journey to zero greenhouse gas emissions.
The company is forecasting another very strong year in new business funding, matching this with a continued profitable performance.
We are keen to maintain our niche position in the market space, maximising the good understanding of the types of business we seek to support and of those brokers who introduce proposals to us. We continue to endeavour to give maximum support to the introducers and their clients.
We believe and continue to show that we are well placed to maintain and enhance the companies’ position within the market in the years ahead.
We are keen to maintain our niche position in the market space, maximising the good understanding of the types of business we seek to support and of those brokers who introduce proposals to us. We continue to endeavour to give maximum support to the introducers and their clients.
We believe and continue to show that we are well placed to maintain and enhance the companies’ position within the market in the years ahead.
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ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors have assessed the risks and uncertainties which could have an impact on the company's long-term performance. The company has a risk management structure in place which is designed to highlight business risks at an early stage so that they may be managed within the business cycle. The principal risks facing the business are reviewed regularly by the board and a risk register has been compiled to identify these risks. The register also identifies the key controls in place to mitigate the risks faced. The broad categories of risk identified are as follows:
Funding
We continue to have sufficient funding from the Block Discounting Market and other lenders to meet all our anticipated new lending requirements.
Financial risk management
Companies in the lending sector are exposed to a number of financial risks that include the underlying security of the contracts we underwrite and the ability of the clients to repay. We have in place a comprehensive underwriting procedure backed up by strong management, underwriting, and collections teams who have a complete understanding of the market sector and risks. We limit our exposures to any single organisation or group. Our client base is broadly spread both geographically and by type of business. The combination of these factors limits the risk of one single impairment having a significant impact upon results.
As with many businesses in our sector, our company is exposed to an increase in the cost of funds. We are well aware of the impacts of inflation and therefore interest rates and continue to reflect a realistic and pragmatic view in our forecasts. The situation is constantly monitored.
Regulatory Risks
Armada Investments Limited subscribes to the Financial Conduct Authority (FCA) which gives permission for the company to provide regulated products and services to customers such as consumer credit for sole traders. There is a risk that the company could fail to comply with the FCA regulations, however the company reviews the FCA requirements regularly to ensure compliance.
There is also a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed.
Commercial and Reputation Risks
The company is reliant on its reputation to attract new customers and as such the company has systems in place to ensure it maintains that reputation.
General Risks
There is a risk of losses of assets from fire, flood, or theft, however the company has adequate insurance in place to cover any potential losses.
IT Risk
There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated by third party assistance and regular computer back-ups.
Funding
We continue to have sufficient funding from the Block Discounting Market and other lenders to meet all our anticipated new lending requirements.
Financial risk management
Companies in the lending sector are exposed to a number of financial risks that include the underlying security of the contracts we underwrite and the ability of the clients to repay. We have in place a comprehensive underwriting procedure backed up by strong management, underwriting, and collections teams who have a complete understanding of the market sector and risks. We limit our exposures to any single organisation or group. Our client base is broadly spread both geographically and by type of business. The combination of these factors limits the risk of one single impairment having a significant impact upon results.
As with many businesses in our sector, our company is exposed to an increase in the cost of funds. We are well aware of the impacts of inflation and therefore interest rates and continue to reflect a realistic and pragmatic view in our forecasts. The situation is constantly monitored.
Regulatory Risks
Armada Investments Limited subscribes to the Financial Conduct Authority (FCA) which gives permission for the company to provide regulated products and services to customers such as consumer credit for sole traders. There is a risk that the company could fail to comply with the FCA regulations, however the company reviews the FCA requirements regularly to ensure compliance.
There is also a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed.
Commercial and Reputation Risks
The company is reliant on its reputation to attract new customers and as such the company has systems in place to ensure it maintains that reputation.
General Risks
There is a risk of losses of assets from fire, flood, or theft, however the company has adequate insurance in place to cover any potential losses.
IT Risk
There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated by third party assistance and regular computer back-ups.
This report was approved by the board on 20 November 2025 and signed on its behalf.
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ARMADA INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,694,846 (2024: £2,738,157).
Ordinary dividends were paid amounting to £733,236 (2024: £763,953). The directors do not recommend payment of a further dividend.
The directors who served during the year were:
The directors have considered the Company's future developments within the strategic report.
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ARMADA INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED
We have audited the financial statements of Armada Investments Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Managing Director, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legilsation and FCA and consumer credit regulations.
Our proceedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements,
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legilsation and FCA and consumer credit regulations.
Our proceedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements,
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙enquiring of management concerning actual and potential litigation claims and assessement of the carrying value of any associated provisions;
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ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED (CONTINUED)
∙performing analytical proceedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙in addressing the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' 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 an Auditors' report 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
Chartered Accountants
Statutory Auditors
Brook House
Winslade Park
Manor Drive
Exeter
EX5 1GD
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ARMADA INVESTMENTS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
REGISTERED NUMBER:01140855
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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ARMADA INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Armada Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Armada House, Odhams Wharf, Topsham, Exeter, Devon, United Kingdom, EX3 0PB.
2.Accounting policies
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have taken into account the impact of the issues both within the UK, and worldwide, with rising inflation and interest rates. The directors continue to adopt the going concern basis of accounting when preparing the financial statements.
Finance lease income recognised in the year includes both the capital repayment and interest calculated under the terms of the finance lease agreement with the customer, with the capital element reflected as cost of sales. Amounts are recognised on a montlhy basis using the actuarial method to recognise the capital element of the cost over the life of the agreement.
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows,
Provisions on lease receivables
The company assesses at each quarter whether there is evidence that leased assets will not be recovered in full and where necessary, recognises an impairment loss in the statement of income and retained earnings. Losses are recognised where a specific event has occured that has adversely impacted the estimated future cashflows that will be received from a leased asset.
Revaluation of Investment property
Investment property is carried at fair value, with changes in fair value being recognised in the profit and loss account. The directors of the company have valued the investment property based on their knowledge of the property's cost value and their interpretation of a reasonable fair value. No standard valuation method has been adopted to calculate fair value. The key assumptions used to determine the fair value of investment property are further explained in note 14.
Taxation
The company establishes and calculates provisions based on reliable estimates having regard to HMRC requirements and guidelines. The amount of any provisions are based on various factors taking into account interpretations of HMRC regulations.
Estimation is required in order to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect furture tax charges.
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The 2025 valuations were made by property consultants Stratton Creber, on an open market value for existing use basis.
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Following the year end, the company was informed that it has been the victim of a potential fraud relating to a small number of finance lease agreements introduced by one broker.
This matter is ongoing, and the directors understand that, depending on the outcome, the company may be required to repay input VAT, which could result in amounts becoming payable to HMRC. At the date of this report, it is not possible to reliably estimate what, if any, amounts will become payable. The likelihood of this event having a significant impact on the company’s ongoing profitability, cash flow or balance sheet is considered remote.
This matter is ongoing, and the directors understand that, depending on the outcome, the company may be required to repay input VAT, which could result in amounts becoming payable to HMRC. At the date of this report, it is not possible to reliably estimate what, if any, amounts will become payable. The likelihood of this event having a significant impact on the company’s ongoing profitability, cash flow or balance sheet is considered remote.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £77,362 (2024: £72,259). Contributions totalling £8,216 (2024: £7,822) were payable to the fund at the reporting date and are included in creditors.
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ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Dividends totalling £568,498 (2024: £592,313) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date, two directors held joint unsecured loans advanced to the company totalling £1,000,000 (2024: £1,000,000) of which £1,000,000 (2024: £Nil) are repayable within one year and £Nil (2024: £1,000,000) are repayable after more than one year. Interest is paid on these loans at rates of 8% and 10% per annum. Net interest paid during the year ended 31 March 2025 was £67,200 (2024: £40,800).
At the balance sheet date, two directors held joint unsecured loans advanced to the company totalling £1,000,000 (2024: £1,000,000) of which £1,000,000 (2024: £Nil) are repayable within one year and £Nil (2024: £1,000,000) are repayable after more than one year. Interest is paid on these loans at rates of 8% and 10% per annum. Net interest paid during the year ended 31 March 2025 was £67,200 (2024: £40,800).
The ultimate controlling party is K M Smith , the majority shareholder, a director and chairman of the company.
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