ACCOUNTS - Final Accounts preparation

CASH AND CASH EQUIVALENTS

Unaudited 30 April

Registered number: 02675574

ARMADILLO ASSOCIATES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2026

ARMADILLO ASSOCIATES LIMITED

REGISTERED NUMBER:02675574

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

	31 March	Unaudited 30 April
	2026	2025 (Restated)
Note	£	£

Fixed assets
Tangible assets	4		275,340		376,269
			275,340		376,269
Current assets
Debtors: amounts falling due within one year	5	1,911,163		760,240
Cash at bank and in hand	6	899,234		1,326,577
		2,810,397		2,086,817
Creditors: amounts falling due within one year	7	(2,160,738)		(1,233,498)
Net current assets			649,659		853,319
Total assets less current liabilities			924,999		1,229,588
Creditors: amounts falling due after more than one year	8		(26,462)		(148,532)
Provisions for liabilities
Deferred tax		(52,498)		(78,333)
			(52,498)		(78,333)
Net assets			846,039		1,002,723

Capital and reserves
Called up share capital	190	190
Capital redemption reserve	10	10
Profit and loss account	845,839	1,002,523
	846,039	1,002,723

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ARMADILLO ASSOCIATES LIMITED

REGISTERED NUMBER:02675574

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A T Brown

Director

Date: 18 October 2026

The notes on pages 3 to 10 form part of these financial statements.

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

1.	GENERAL INFORMATION

Armadillo Associates Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Distillery, 1-2 Avon Street, Bristol, BS2 0GR, United Kingdom.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF 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. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 profit or loss 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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

2.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.7

FINANCE COSTS

Finance costs are charged to profit or loss 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.

2.8

PENSIONS

Defined Contribution Pension Plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods outlined below.

Depreciation is provided on the following basis:

Long-term leasehold property	-		Depreciated over the lifetime of the lease
Motor vehicles	-	25%	Reducing balance
Fixtures and fittings	-	25%	Straight line
Office equipment	-	25%	Straight line

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.

2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

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 profit or loss.

2.15

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.

EMPLOYEES

The average monthly number of employees, including directors, during the period was 44 (2025:70).

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

4.	TANGIBLE FIXED ASSETS

	Long-term leasehold property	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
COST OR VALUATION
At 1 May 2025	382,419	97,623	4,633	116,872	601,547
Additions	-	-	-	1,148	1,148
Disposals	-	(97,623)	-	(2,074)	(99,697)
At 31 March 2026	382,419	-	4,633	115,946	502,998
DEPRECIATION
At 1 May 2025	86,416	51,893	3,099	83,870	225,278
Charge for the period on owned assets	35,055	-	969	19,804	55,828
Disposals	-	(51,893)	-	(1,555)	(53,448)
At 31 March 2026	121,471	-	4,068	102,119	227,658
NET BOOK VALUE
At 31 March 2026	260,948	-	565	13,827	275,340
At 30 April 2025	296,003	45,730	1,534	33,002	376,269

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

DEBTORS

					31 March	Unaudited 30 April
					2026	2025
					£	£


Trade debtors	1,071,298	482,457
Amounts owed by group undertakings	643,299	-
Prepayments and accrued income	196,566	277,783
	1,911,163	760,240

Cash at bank and in hand	899,234	1,326,577
	899,234	1,326,577

Trade creditors	115,784	106,549
Amounts owed to group undertakings	956,714	-
Corporation tax	2,236	142,998
Other taxation and social security	258,801	163,458
Obligations under finance lease and hire purchase contracts	78,486	70,538
Other creditors	26,425	11,300
Accruals and deferred income	722,292	738,655
	2,160,738	1,233,498

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

Net obligations under finance leases and hire purchase contracts	26,462	148,532
	26,462	148,532

Within one year	78,486	70,538
Between 1-5 years	26,462	148,532
	104,948	219,070

Hire purchase and finance lease liabilities are secured against the assets to which they relate.

ALLOTTED, CALLED UP AND FULLY PAID

100 (2025:100) Ordinary Shares shares of £1.00 each	100	100
90 (2025:90) A Shares shares of £1.00 each	90	90

	190	190

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ARMADILLO ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

11.	PRIOR YEAR ADJUSTMENT

During the year, an error was identified in the recognition of revenue. Revenue of £52,692 relating to the year ended 30 April 2025 had been incorrectly included within accruals and deferred income and was subsequently recognised in the year ended 31 March 2026.

The comparative figures have been restated to correct this error. As a result, revenue for the year ended 30 April 2025 increased from £6,665,293 to £6,717,985, while accruals and deferred income decreased from £791,347 to £738,655.

The correction also resulted in an increase in opening retained earnings as at 1 May 2025 of £52,692. Revenue for the year ended 31 March 2026 has decreased by £52,692 to reverse income that had been incorrectly recognised in the current year and which related to the prior period.

12.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £214,416 (2025: £374,273). Contributions totalling £16,005 (2025: £155) were payable to the fund at the reporting date and are included in creditors.

13.	RELATED PARTY TRANSACTIONS
	During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.

14.	PARENT UNDERTAKING

The immediate parent undertaking is Armadillo Associates Holdings Limited. The ultimate parent undertaking is Bond Brand Loyalty Inc. (Business Number: 103525002) by virtue of its indirect ownership of 100% of the share capital of Armadillo Associates Limited through Armadillo Associates Holdings Limited. Bond Brand Loyalty Inc. is incorporated in Canada and has its registered office at 6900 Maritz Drive, Mississauga, Ontario, L5W 1L8, Canada.

15.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 31 March 2026 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

The corresponding figures within these financial statements have not been audited.

The audit report was signed on 19 October 2026 by Christian Crawford FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

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