Company registration number 06668970 (England and Wales)
APP YORKSHIRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
APP YORKSHIRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
APP YORKSHIRE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
180,792
267,147
Tangible assets
4
77,102
249,772
Investment properties
5
-
0
341,891
257,894
858,810
Current assets
Debtors
6
2,116,106
632,928
Cash at bank and in hand
66,128
1,180,440
2,182,234
1,813,368
Creditors: amounts falling due within one year
7
(533,147)
(1,099,036)
Net current assets
1,649,087
714,332
Total assets less current liabilities
1,906,981
1,573,142
Creditors: amounts falling due after more than one year
8
(133,056)
(166,667)
Provisions for liabilities
(62,058)
(76,153)
Net assets
1,711,867
1,330,322
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
1,710,867
1,329,322
Total equity
1,711,867
1,330,322

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

APP YORKSHIRE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
P Docwra
Director
Company Registration No. 06668970
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

APP Yorkshire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bootham, York, North Yorkshire, YO30 7BN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover from property exchange services is recognised on completion of contract.

 

Commission earned from services provided as a letting agent is recognised in the period to which the service relates.

1.3
Intangible fixed assets - goodwill

Goodwill represents intangible assets acquired from a third party business. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including 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.

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, bank loans and loans from fellow group companies that are classified as debt, 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 payments 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
44
46
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
1,450,652
Revaluation
(7,764)
At 31 March 2023
1,442,888
Amortisation and impairment
At 1 April 2022
1,183,505
Amortisation charged for the year
78,591
At 31 March 2023
1,262,096
Carrying amount
At 31 March 2023
180,792
At 31 March 2022
267,147
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
137,859
6,156
44,820
62,705
102,689
354,229
Additions
-
0
-
0
11,855
10,019
52,000
73,874
Disposals
(137,859)
-
0
-
0
(43,904)
(102,689)
(284,452)
At 31 March 2023
-
0
6,156
56,675
28,820
52,000
143,651
Depreciation and impairment
At 1 April 2022
-
0
2,495
33,775
50,713
17,474
104,457
Depreciation charged in the year
-
0
1,431
8,210
8,857
20,645
39,143
Eliminated in respect of disposals
-
0
-
0
-
0
(43,904)
(33,147)
(77,051)
At 31 March 2023
-
0
3,926
41,985
15,666
4,972
66,549
Carrying amount
At 31 March 2023
-
0
2,230
14,690
13,154
47,028
77,102
At 31 March 2022
137,859
3,661
11,045
11,992
85,215
249,772
5
Investment property
2023
£
Fair value
At 1 April 2022
341,891
Disposals
(341,891)
At 31 March 2023
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
107,353
243,137
Amounts owed by group undertakings
1,563,683
-
0
Other debtors
445,070
389,791
2,116,106
632,928
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
26,123
285,342
Taxation and social security
340,532
454,792
Other creditors
116,492
308,902
533,147
1,099,036

 

Included within bank loans is a Coronavirus Business Interruptions Loan Scheme loan which is secured by way of government guarantee, with £50,000 (2022: £50,000) due within one year.

 

Included within other creditors is a hire purchase loan which is secured against the assets it relates to, with £12,177 (2022: £nil) due within one year.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
116,667
166,667
Other creditors
16,389
-
0
133,056
166,667

Included within bank loans and overdrafts is a Coronavirus Business Interruptions Loan Scheme loan which is secured by way of government guarantee, with £116,667 (2022: £166,667) due after one year.

 

Included within other creditors is a hire purchase loan which is secured against the assets it relates to, with £16,389 (2022: £nil) due after one year.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
241,250
107,875
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
11
Pension commitments

The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in independently administered funds. The charge to the profit and loss in respect of pension contributions in the year was £72,297 (2022: £112,364). At the balance sheet date, unpaid contributions of £10,389 (2022: £7,897) were due to the fund. They are included in other creditors.

12
Related party transactions

During the year the company bought advertising and marketing services from Ashtons Yorkshire LLP, a limited liability partnership in which the Directors of the company are partners, amounting to £156,313 (2022: £270,963).

 

As at 31 March 2023, the company is owed £100,376 (2022: £100,376) by Peanut Investments Limited, a company that is under common ultimate control. No interest is being charged on this amount and there is no fixed date of repayment.

 

13
Directors' transactions

Balances owed by the directors to the company:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
-
289,782
-
289,782
Director 2
-
20,911
36,203
(20,911)
36,203
Director 3
-
-
2,514
-
2,514
Director 4
-
638
3,917
(638)
3,917
21,549
332,416
(21,549)
332,416
14
Prior period adjustment

A prior period adjustment has been made to restate current assets, bank and cash, and other creditors due within one year. The company holds material cash balances on behalf of landlords and tenants in designated client bank accounts.

 

Previously, these had been recognised as both an asset and a liability on the balance sheet.

Changes to the balance sheet
Adjustment at 31 Mar 2022
£
Current assets
Bank and cash
(994,556)
Creditors due within one year
Other creditors
994,556
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
15
Discontinued activity

On 19 January 2023 the trade and assets relating to the property exchange services and holiday letting management services were transferred to fellow subsidiaries. Assets were transferred at book value and the underlying trade at a nominal value of £1. Accordingly no gain or loss has been recognised on the transactions.

16
Parent company

The immediate and ultimate parent undertaking and controlling party is APP Group Holdings Limited. The registered office of APP Group Holdings Limited is 1 Bootham, York, North Yorkshire, YO30 7BN.

 

APP Group Holdings Limited acquired the shares of APP Yorkshire Limited during the year. Shares were acquired by way of a share for share exchange. All shares rank pari passu in the event of a winding up.

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