REGISTERED NUMBER: 11932952 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2025

for

The Armour Group (Management) Limited

Page

Statement of Financial Position

1

Statement of Changes in Equity

3

Notes to the Financial Statements

4

FIXED ASSETS

Tangible assets

4

15,733

46,123

Investments

5

-

1,620

15,733

47,743

CURRENT ASSETS

Debtors: amounts falling due within one year

6

569,196

415,532

Debtors: amounts falling due after more than one year

6

96,470

96,470

Cash at bank

185

274

665,851

512,276

CREDITORS

Amounts falling due within one year

7

760,729

615,458

NET CURRENT LIABILITIES

(94,878

)

(103,182

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(79,145

)

(55,439

)

CREDITORS

Amounts falling due after more than one year

8

94,817

90,343

NET LIABILITIES

(173,962

)

(145,782

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Share premium

1,200

1,200

Retained earnings

(175,262

)

(147,082

)

SHAREHOLDERS' FUNDS

(173,962

)

(145,782

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2026 and were signed by:

Mr S J Green - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 December 2023

100

(76,993

)

1,200

(75,693

)

Changes in equity

Total comprehensive income

-

(70,089

)

-

(70,089

)

Balance at 30 November 2024

100

(147,082

)

1,200

(145,782

)

Changes in equity

Total comprehensive income

-

(28,180

)

-

(28,180

)

Balance at 30 November 2025

100

(175,262

)

1,200

(173,962

)

1.	STATUTORY INFORMATION

The Armour Group (Management) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

11932952

Registered office:

3b Castle Court Warwick Road

Fairfield Industrial Estate

Louth

LN11 0YB

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about The Armour Group (Management) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and Machinery - 20% on a reducing balance basis

Improvements to property (leased) - over the period of the lease

Computer Equipment - 33.33% on a straight line method

Fixtures & Fittings - 10% on a straight line method

Motor Vehicles - 25% on a straight line method

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss and included in other operating income.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cashgenerating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including the transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company has no financial assets which are classified as other financial assets in these financial statements.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no financial liabilities which are classified as other financial liabilities in these financial statements.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

During the year ended 30 November 2025 the company recorded a Loss before tax of £20,180 (2024: Loss before tax of £70,089) and at that date its net liabilities were £173,962 (2024: net liabilities of £145,782). The company is reliant upon the ongoing support of its director, external creditors and group companies in order to meet its liabilities as they fall due. This support includes not demanding the repayment of outstanding liabilities and advancing new loans when required. On the basis of his review of forecasts and available data, the director considers the going concern basis of accounting to be appropriate for the business and in these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

Plant and

and

to property

machinery

fittings

£

£

£

COST

At 1 December 2024

10,795

420

4,433

Additions

-

-

1,240

At 30 November 2025

10,795

420

5,673

DEPRECIATION

At 1 December 2024

2,918

200

928

Charge for year

1,079

84

547

At 30 November 2025

3,997

284

1,475

NET BOOK VALUE

At 30 November 2025

6,798

136

4,198

At 30 November 2024

7,877

220

3,505

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2024

107,587

25,276

148,511

Additions

-

-

1,240

At 30 November 2025

107,587

25,276

149,751

DEPRECIATION

At 1 December 2024

79,799

18,543

102,388

Charge for year

23,847

6,073

31,630

At 30 November 2025

103,646

24,616

134,018

NET BOOK VALUE

At 30 November 2025

3,941

660

15,733

At 30 November 2024

27,788

6,733

46,123

Motor vehicles with a net book value at the year end of £3,941 (2024: £27,788) are under hire purchase agreements and the corresponding liability is included in note 8.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2024

1,620

Transfer to Intercompany

(1,620

)

At 30 November 2025

-

NET BOOK VALUE

At 30 November 2025

-

At 30 November 2024

1,620

During the year, the group was reorganized and the company's investment in subsidiary undertakings was transferred to The Armour Group Holdings Limited

6.

DEBTORS

30/11/25

30/11/24

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

391,487

271,058

Other debtors

56,617

42,967

S455 Tax recoverable

30,455

24,209

Directors' current accounts

90,637

72,809

Prepayments

-

4,489

569,196

415,532

Amounts falling due after more than one year:

Amounts owed by group undertakings

96,470

96,470

Aggregate amounts

665,666

512,002

Loans due from group undertakings are unsecured, interest free and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shortern this if circumstances change.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/25

30/11/24

£

£

Bank loans and overdrafts (see note 9)

6,000

6,000

Hire purchase contracts (see note 10)

17,555

32,758

Trade creditors

32,695

33,991

Amounts owed to group undertakings

192,180

138,960

Tax

33,692

26,584

Social security and other taxes

187,216

160,089

Pension payable

9,015

7,988

VAT

260,211

183,125

Other Creditors - Wages

13,273

15,691

Accrued expenses

8,892

10,272

760,729

615,458

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/25

30/11/24

£

£

Bank loans (see note 9)

36,443

36,443

Hire purchase contracts (see note 10)

11,694

14,400

Amounts owed to group undertakings

46,680

39,500

94,817

90,343

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

12,443

12,443

On 22 June 2020, the company received a loan for £50,000 from Barclays Bank plc. The loan was unsecured and repayable in instalments over six years. The interest rate was fixed at 2.5% per annum for the term of the loan and HM Government paid the first year of interest on behalf of the Company. HM Government has guaranteed 100% of the value of the loan.

During 2021, the Company took the option to extend the repayment term to ten years, there was no impact on the other loan terms.

On 9 November 2022, the loan was transferred to Credit Style Limited. The interest was frozen and the repayment term remains unchanged.

Loans due to group undertakings are unsecured, interest free and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shorten this if circumstances change.

9.

LOANS

An analysis of the maturity of loans is given below:

30/11/25

30/11/24

£

£

Amounts falling due within one year or on demand:

Bank loans

6,000

6,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

6,000

6,000

30/11/25

30/11/24

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

18,000

18,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

12,443

12,443

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/11/25

30/11/24

£

£

Net obligations repayable:

Within one year

17,555

32,758

Between one and five years

11,694

14,400

29,249

47,158

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/11/25

30/11/24

value:

£

£

100

Ordinary Shares

£1

100

100

During the year, the company's shareholding was transferred to The Armour Group Holdings Limited.

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2025 and 30 November 2024:

30/11/25

30/11/24

£

£

Mr S J Green

Balance outstanding at start of year

72,809

42,466

Amounts advanced

53,828

69,494

Amounts repaid

(36,000

)

(39,151

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,637

72,809

Loans to Directors are interest-free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

For the year ended 30 November 2025, turnover of £478,800 is in respect of management charges invoiced to wholly owned subsidiary undertakings (2024: £439,200), of which £386,834 was outstanding at the year end and is included in debtors (2024: £266,868).

In November 2020, Reaper Holdings Limited advanced the company a loan of £37,000 and in December 2020 a further £2,500 was advanced. The loan is interest free, unsecured and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shorten this if circumstances change. During the year ended 30 November 2025, further advances of £350 were made. At the year end, the amount outstanding was £39,850 (2024: £39,500) and this is included in creditors due after more than one year.

During 2020, a loan of £82,000 was advanced to subsidiary undertaking Network Armour Limited, in 2021 a further £7,700 was advanced and in 2022 a further £9,170 was advanced. The loan is interest free, unsecured and with no fixed repayment dates. The agreement provides for an initial loan term of ten years but with the option to extend or shorten this if circumstances change. At the year end, the amount outstanding was £96,470 (2024: £96,470) and this is included in debtors due after more than one year.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is The Armour Group Holdings Limited.

The ultimate controlling party is Mr S J Green.