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Company registration number: 06316919
Appollo Gas Services Limited
Pages for filing with Registrar
31 July 2023
Appollo Gas Services Limited
Contents
Statement of financial position
Notes to the financial statements
Appollo Gas Services Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 28,759 36,486
_______ _______
28,759 36,486
Current assets
Stocks 20,000 30,000
Debtors 7 202,138 183,618
Cash at bank and in hand 79,256 67,845
_______ _______
301,394 281,463
Creditors: amounts falling due
within one year 8 ( 98,128) ( 139,705)
_______ _______
Net current assets 203,266 141,758
_______ _______
Total assets less current liabilities 232,025 178,244
Provisions for liabilities ( 5,464) ( 14,310)
_______ _______
Net assets 226,561 163,934
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 226,559 163,932
_______ _______
Shareholders funds 226,561 163,934
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
P A Laing
Director
Company registration number: 06316919
Appollo Gas Services Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Appollo Gas Services Limited, West 2 Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by the reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be realiably estimated, revenue is recognised only to the extent that expenses are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 15 years
If there is 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 estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 35,000 35,000
_______ _______
Amortisation
At 1 August 2022 and 31 July 2023 35,000 35,000
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 14,853 19,638 90,482 124,973
Additions - 3,622 - 3,622
Disposals - - ( 8,900) ( 8,900)
_______ _______ _______ _______
At 31 July 2023 14,853 23,260 81,582 119,695
_______ _______ _______ _______
Depreciation
At 1 August 2022 14,267 13,604 60,616 88,487
Charge for the year 117 2,414 7,014 9,545
Disposals - - ( 7,096) ( 7,096)
_______ _______ _______ _______
At 31 July 2023 14,384 16,018 60,534 90,936
_______ _______ _______ _______
Carrying amount
At 31 July 2023 469 7,242 21,048 28,759
_______ _______ _______ _______
At 31 July 2022 586 6,034 29,866 36,486
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 9,047 2,030
Other debtors 193,091 181,588
_______ _______
202,138 183,618
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 28,415 38,415
Trade creditors 38,668 43,551
Corporation tax 491 24,460
Social security and other taxes 16,834 24,395
Other creditors 13,720 8,884
_______ _______
98,128 139,705
_______ _______
9. Directors advances, credits and guarantees
Within other creditors due within one year are amounts due to the director of £5,012 (2022: £3,012), this is repayable on demand and interest free.
10. Related party transactions
Within other debtors are amounts due from ARL Property Holdings Limited of £190,391 (2022: £179,529).