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Registration number: 8929144

Apex Timber Buildings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Apex Timber Buildings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Apex Timber Buildings Limited

Company Information

Directors

D A Hayden

S A Hayden

Company secretary

D A Hayden

Registered office

Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

Accountants

Barkess & Co
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

 

Apex Timber Buildings Limited

(Registration number: 8929144)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

12,617

13,833

Current assets

 

Stocks

6

35,565

42,553

Debtors

7

35,470

25,623

Cash at bank and in hand

 

68,635

116,280

 

139,670

184,456

Creditors: Amounts falling due within one year

8

(71,303)

(120,462)

Net current assets

 

68,367

63,994

Total assets less current liabilities

 

80,984

77,827

Provisions for liabilities

(2,397)

(2,628)

Net assets

 

78,587

75,199

Capital and reserves

 

Called up share capital

9

5

5

Retained earnings

78,582

75,194

Shareholders' funds

 

78,587

75,199

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
S A Hayden
Director

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW
England

The principal place of business is:
Unit 6
Skippers Lane Industrial Estate
Westerby Road
Middlesbrough
TS3 8TD
England

These financial statements were authorised for issue by the Board on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance

Office Equipment

25% Reducing balance

Plant & Machinery

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Positive Goodwill

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

120,000

120,000

At 31 March 2023

120,000

120,000

Amortisation

At 1 April 2022

120,000

120,000

At 31 March 2023

120,000

120,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

4,142

16,671

17,804

38,617

Additions

582

-

2,408

2,990

At 31 March 2023

4,724

16,671

20,212

41,607

Depreciation

At 1 April 2022

2,995

12,411

9,378

24,784

Charge for the year

432

1,065

2,709

4,206

At 31 March 2023

3,427

13,476

12,087

28,990

Carrying amount

At 31 March 2023

1,297

3,195

8,125

12,617

At 31 March 2022

1,147

4,260

8,426

13,833

6

Stocks

2023
£

2022
£

Raw materials and consumables

14,189

17,736

Work in progress

7,672

9,590

Finished goods and goods for resale

13,704

15,227

35,565

42,553

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,574

5,624

Prepayments

17,068

13,345

Other debtors

16,828

6,654

 

35,470

25,623

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

440

Trade creditors

 

56,102

47,486

Taxation and social security

 

11,416

25,673

Accruals and deferred income

 

2,658

40,218

Other creditors

 

1,127

6,645

 

71,303

120,462

Creditors include loan[s] brokered by Funding Circle of £440 (2020 - £5,714) that are repayable by monthly instalment over a further one year period.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5

5

5

5

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

440

Other borrowings

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The Funding Circle brokered loan[s] is denominated in Sterling with a nominal interest rate of 7%, and the final instalment is due on 24 April 2022. The carrying amount at year end is £Nil (2022 - £440).

No company assets have been pledged as security/collateral with respect to this borrowing

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £7,000.00 (2022 - £8,000.00) per ordinary share

 

35,000

 

40,000

         

12

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

D A Hayden

(5,690)

27,018

(14,000)

7,328

         
       

S A Hayden

Director's current account

5,306

23,033

(21,000)

7,339

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

D A Hayden

(397)

10,707

(16,000)

(5,690)

         
       

S A Hayden

Director's current account

580

28,726

(24,000)

5,306

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,451

25,000

Contributions paid to money purchase schemes

188

375

13,639

25,375

Dividends paid to directors

 

Apex Timber Buildings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

   

2023
£

 

2022
£

D A Hayden

       

S A Hayden

 

21,000

 

24,000

D A Hayden

 

14,000

 

16,000

   

35,000

 

40,000