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Registered number: 03066977









APOL SILVA & ORCHARDS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
APOL SILVA & ORCHARDS LIMITED
REGISTERED NUMBER: 03066977

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
                                                                        Note
£
£

Fixed assets
  

Tangible assets
 5 
18,355,389
14,874,775

Investments
 6 
1,501,179
2,303,997

Investment property
 7 
347,457
347,457

  
20,204,025
17,526,229

Current assets
  

Stocks
  
1,576
-

Debtors: amounts falling during within one year
 8 
6,394,392
1,344,898

Cash at bank and in hand
 9 
1,595,851
136,230

  
7,991,819
1,481,128

Creditors: amounts falling due within one year
 10 
(6,694,867)
(6,796,211)

Net current liabilities
  
 
 
1,296,952
 
 
(5,315,083)

Total assets less current liabilities
  
21,500,977
12,211,146

Creditors: amounts falling due after more than one year
 11 
(10,529,857)
(273,405)

Provisions for liabilities
  

Deferred tax
 13 
(7,391)
(7,391)

  
 
 
(7,391)
 
 
(7,391)

Net assets
  
10,963,729
11,930,350


Capital and reserves
  

Called up share capital 
 14 
2
2

Revaluation reserve
 15 
3,904,567
3,904,567

Profit and loss account
 15 
7,059,160
8,025,781

  
10,963,729
11,930,350


Page 1

 
APOL SILVA & ORCHARDS LIMITED
REGISTERED NUMBER: 03066977
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

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 comprehensive income 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 on 25 October 2023.




Mr S J O'Leary
Director

The notes on pages 3 to 16 form part of these financial statements.

Page 2

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Apol Silva & Orchards Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, Hanbury Drive, London, E11 1GA. The principal activities of the company are those of property rental and apple sales. 

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 Section 1A of 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of O'Leary Group Limited as at 31 January 2023 and these financial statements may be obtained from Online House, 240 Freshwater Road, Chadwell Heath, Essex, RM8 1RX.

Page 3

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property rentals
Rental income from operating leases is recognised on a straight line basis over the term of the lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is generated from fixed assets and investment properties and is recognised within turnover.

 
2.4

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 straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
See 2.5 and 2.6
Long-term leasehold property
-
5% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
Other fixed assets
-
10% 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.

Page 4

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.5

Freehold land and buildings

Freehold buildings are not depreciated on the grounds that the depreciation amount would be immaterial given the estimated remaining useful economic life of the buildings. 
The treatment is a departure from the Companies Act 2006, but is necessary in order for the financial statements to show and true and fair view.
The difference to the accounts from this treatment instead of that laid down by the Companies Act 2006 is immaterial. 

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

 
2.10

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.

Page 5

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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
Page 6

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

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.

 
2.13

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

 
2.14

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.

Page 7

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.15

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.16

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.

 
2.17

Interest income

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

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 8

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the entity's accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
(i) The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 5 for the carrying amount of the property, plant and equipment, and note 2.4 for useful economic lives for each class of assets.
(ii) Deferred taxation on revalued property is calculated using current tax rates and after allowing for indexation since acquisition. The directors consider the estimated impact of deferred taxation on the revalued property not to be material to the accounts.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 9

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
14,865,036
340,821
102,091
48,306
15,356,254


Additions
3,560,474
1,250
3,000
-
3,564,724



At 31 January 2023

18,425,510
342,071
105,091
48,306
18,920,978



Depreciation


At 1 February 2022
182,742
231,706
18,758
48,273
481,479


Charge for the year on owned assets
15,047
68,746
313
4
84,110



At 31 January 2023

197,789
300,452
19,071
48,277
565,589



Net book value



At 31 January 2023
18,227,721
41,619
86,020
29
18,355,389



At 31 January 2022
14,682,294
109,115
83,333
33
14,874,775




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
18,227,721
14,682,294

18,227,721
14,682,294


The land and buildings are included at the director's estimate of the open market value for exisiting use as at 31 Janaury 2023.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
14,520,942
10,960,468

Page 10

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 February 2022
2,303,997


Additions
3,119,920


Disposals
(3,922,738)



At 31 January 2023
1,501,179




The market value of the listed investments at 31 January 2023 was £1,448,211 (2022 - £2,366,202).


7.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
347,457



At 31 January 2023
347,457

The directors consider the investment property values above are not materially different from the market value at the balance sheet date.
Rental income generated from these investment properties in the year amounted to £70,245 
(2022 - £55,463).

The 2023 valuations were made by the directors, on an open market value for existing use basis.






Page 11

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Debtors


2023
2022
£
£


Trade debtors
182,276
74,472

Amounts owed by group undertakings
5,865,939
164,287

Other debtors
346,177
1,106,139

6,394,392
1,344,898



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,595,851
136,230



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
37,226
37,227

Trade creditors
1,073,754
468,045

Amounts owed to group undertakings
4,642,305
4,536,158

Corporation tax
8,404
135,078

Other taxation and social security
-
155,065

Other creditors
336,621
868,081

Accruals and deferred income
596,557
596,557

6,694,867
6,796,211


Page 12

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
10,529,857
273,405

10,529,857
273,405


Secured loans
A debenture is in place over all the assets of the Company. A cross corporate guarantee of £1,200,000 is in place. There is a first legal charge over units 2-5 and 6, 240 Freshwater Road, Essex.
An unlimited guarantee from a connected party is in place in respect of a bank loan. There is also a legal charge over the property The Marquis of Cornwallis, Upper Street, Layham, Ipswich, Suffolk, IP7 5JZ.
Other loans are secured against property owned by the company.


12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
37,226
37,227

Amounts falling due 1-2 years

Bank loans
10,317,486
37,226

Amounts falling due 2-5 years

Bank loans
111,679
111,679

Amounts falling due after more than 5 years

Bank loans
100,692
124,500

10,567,083
310,632


Page 13

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Deferred taxation




2023
2022


£

£






At beginning of year
(7,391)
(7,391)



At end of year
(7,391)
(7,391)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,391)
(7,391)

(7,391)
(7,391)

Page 14

 
APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



15.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative revaluation gains and losses which have arisen in respect of tangible fixed assets, inclusive of any consideration of deferred tax.

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


16.


Contingent liabilities

The Company is involved in a number of legal disputes, all of which are ongoing and the outcomes of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any of the potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in the consolidated financial statements of the ultimate parent undertaking as an exceptional item in the financial year ended 31 January 2022. It is impossible at this stage to determine reliably the proportion of this group economic outflow that applies to the company individually, and as such no provision has been made in these company financial statements. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage either and as such no provision has been made in accordance with section 21.12 of FRS 102.


17.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of O'Leary Group Limited, its ultimate parent undertaking.
Key Management Personnel
At the year end, the Company was owed £186,488 from the directors (2022 - £1,050,648). Interest has been charged at the HMRC official rate.
At the year end, the Company owed the directors £33,895 
(2022 - £565,355).

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APOL SILVA & ORCHARDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Post balance sheet events

Subsequent to the year end, the company has settled its loans of £11,600,000 which they had secured against property owned by the company and subsequently entered into a new mortgage arrangement. 


19.


Controlling party

The Company is under control of the O'Leary family, by virtue of the ownership of the majority of the equity shares issued in O'Leary Group Limited, the parent Company, a Company registered in England and Wales.
O'Leary Group Limited prepares consolidated financial statements, copies of which can be obtained from Online House, 240 Freshwater Road, Chadwell Heath, Essex, RM8 1RX.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 26 October 2023 by Adam Dodds (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
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