REGISTERED NUMBER: 03339006 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2024

for

Network Armour Limited

Page

Statement of Financial Position

1

Statement of Changes in Equity

3

Notes to the Financial Statements

4

FIXED ASSETS

Intangible assets

4

2,313

3,688

Tangible assets

5

7,137

5,188

9,450

8,876

CURRENT ASSETS

Debtors

6

846,733

952,064

Cash at bank and in hand

14,750

714

861,483

952,778

CREDITORS

Amounts falling due within one year

7

574,601

612,710

NET CURRENT ASSETS

286,882

340,068

TOTAL ASSETS LESS CURRENT LIABILITIES

296,332

348,944

CREDITORS

Amounts falling due after more than one year

8

118,675

127,210

NET ASSETS

177,657

221,734

CAPITAL AND RESERVES

Called up share capital

10

1,575

1,575

Retained earnings

176,082

220,159

SHAREHOLDERS' FUNDS

177,657

221,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 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 27 November 2025 and were signed by:

Mr S J Green - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

1,575

357,002

358,577

Changes in equity

Total comprehensive income

-

(136,843

)

(136,843

)

Balance at 30 November 2023

1,575

220,159

221,734

Changes in equity

Total comprehensive income

-

(44,077

)

(44,077

)

Balance at 30 November 2024

1,575

176,082

177,657

1.	STATUTORY INFORMATION

Network Armour 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:

03339006

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.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

If there has been an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

Tangible fixed assets

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

Plant and machinery - straight line over 10 years

Drones - straight line over 3 years

Computer Equipment - straight line over 4 years

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset it it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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.

Going concern

During the year ended 30 November 2024, the company recorded a loss before tax of £44,077 (2023: loss before tax of £136,843) and at that date its net assets were £177,657 (2023: £221,734). The company is reliant upon the ongoing support of its director, group companies and it's related party Staccato Property Management Limited to be able to meet its liabilities as they fall due. This support includes not demanding the repayment of outstanding loans 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 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 December 2023

and 30 November 2024

58,553

AMORTISATION

At 1 December 2023

54,865

Charge for year

1,375

At 30 November 2024

56,240

NET BOOK VALUE

At 30 November 2024

2,313

At 30 November 2023

3,688

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2023

60,548

Additions

3,157

At 30 November 2024

63,705

DEPRECIATION

At 1 December 2023

55,360

Charge for year

1,208

At 30 November 2024

56,568

NET BOOK VALUE

At 30 November 2024

7,137

At 30 November 2023

5,188

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

46,532

41,637

Amounts owed by group undertakings

753,589

861,914

S455 Tax recoverable

7,617

6,714

Other Debtors

131

-

Directors' current accounts

23,213

20,537

Prepayments

15,651

21,262

846,733

952,064

Amounts owed by group undertakings includes £752,360 (2023: £855,990) from Dark Armour Limited, See Note 11 for Directors' loans and advances.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

42,406

61,822

Trade creditors

165,873

112,247

Amounts owed to group undertakings

136,197

121,532

Corporation Tax

9,110

6,714

Social security and other taxes

35,999

46,344

VAT

185,016

240,708

Accruals and deferred income

-

23,343

574,601

612,710

Amounts owed to group undertakings includes £92,623 (2023: £100,103) to Staccato Property Management Limited for rent and utilities costs for the group's office. Staccato Property Management Limited is a related undertaking due to common director / shareholders. See Note 11 for Directors' loans and advances.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

22,205

30,740

Amounts owed to group undertakings

96,470

96,470

118,675

127,210

On 16 May 2019 the company received a loan for £50,000 from Barclays Bank plc. The loan was secured by a personal guarantee from the Director and was repayable over five years at an interest rate of 7.35%.

On 4 December 2020 the company received a loan for £65,000 from the Midlands Engine Investment Fund. The loan is secured by a personal guarantee from the Director and is repayable over five years at an interest rate of 11.75%

On 9 July 2020, the company received a loan for £50,000 from Barclays Bank plc. The loan is unsecured and repayable in instalments over six years. The interest rate is fixed at 2.5% per annum for the term of the loan and HM Government is committed to pay the first year of interest on behalf of the Company. HM Government has guaranteed 100% of the value of the loan.

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 shortern this if circumstances change.

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

30,447

30,266

Bank loans

11,959

31,556

42,406

61,822

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,781

13,458

Amounts falling due between two and five years:

Bank loans - 2-5 years

11,424

17,282

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

2,300

A Ordinary Shares

£0.25

575

575

1,575

1,575

During the financial year there was a group reorganisation and 100% of the share capital of the Company was transferred to The Armour Group Holdings Limited in a share for share exchange. Dividends in respect of the A Ordinary Shares are at the discretion of the Director.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

2024

2023

£

£

Mr S J Green

Balance outstanding at start of year

20,538

17,407

Amounts advanced

15,638

3,131

Amounts repaid

(12,963

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,213

20,538

Directors' loans and advances are interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is The Armour Group Holdings Limited. The ultimate controlling party is Stuart J Green.