Silverfin false false 31/12/2023 01/01/2023 31/12/2023 I J Beswick 04/02/2010 K P Horney 01/04/2022 G M Sansom 05/02/2010 07 April 2024 The principal activity of the Company during the financial year was to provide air conditioning parts and supplies for agricultural and industrial vehicles. 07145900 2023-12-31 07145900 bus:Director1 2023-12-31 07145900 bus:Director2 2023-12-31 07145900 bus:Director3 2023-12-31 07145900 2022-12-31 07145900 core:CurrentFinancialInstruments 2023-12-31 07145900 core:CurrentFinancialInstruments 2022-12-31 07145900 core:Non-currentFinancialInstruments 2023-12-31 07145900 core:Non-currentFinancialInstruments 2022-12-31 07145900 core:ShareCapital 2023-12-31 07145900 core:ShareCapital 2022-12-31 07145900 core:RetainedEarningsAccumulatedLosses 2023-12-31 07145900 core:RetainedEarningsAccumulatedLosses 2022-12-31 07145900 core:LeaseholdImprovements 2022-12-31 07145900 core:PlantMachinery 2022-12-31 07145900 core:Vehicles 2022-12-31 07145900 core:FurnitureFittings 2022-12-31 07145900 core:LeaseholdImprovements 2023-12-31 07145900 core:PlantMachinery 2023-12-31 07145900 core:Vehicles 2023-12-31 07145900 core:FurnitureFittings 2023-12-31 07145900 bus:OrdinaryShareClass1 2023-12-31 07145900 bus:OrdinaryShareClass2 2023-12-31 07145900 2023-01-01 2023-12-31 07145900 bus:FilletedAccounts 2023-01-01 2023-12-31 07145900 bus:SmallEntities 2023-01-01 2023-12-31 07145900 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07145900 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07145900 bus:Director1 2023-01-01 2023-12-31 07145900 bus:Director2 2023-01-01 2023-12-31 07145900 bus:Director3 2023-01-01 2023-12-31 07145900 core:LeaseholdImprovements 2023-01-01 2023-12-31 07145900 core:PlantMachinery 2023-01-01 2023-12-31 07145900 core:Vehicles 2023-01-01 2023-12-31 07145900 core:FurnitureFittings 2023-01-01 2023-12-31 07145900 2022-01-01 2022-12-31 07145900 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 07145900 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 07145900 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07145900 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 07145900 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 07145900 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07145900 (England and Wales)

AP AIR EUROPE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

AP AIR EUROPE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

AP AIR EUROPE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
AP AIR EUROPE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 208,927 216,157
208,927 216,157
Current assets
Stocks 1,445,126 1,627,302
Debtors
- due within one year 4 1,060,946 883,653
- due after more than one year 4 178,786 166,378
Cash at bank and in hand 54,376 11,634
2,739,234 2,688,967
Creditors: amounts falling due within one year 5 ( 667,216) ( 825,258)
Net current assets 2,072,018 1,863,709
Total assets less current liabilities 2,280,945 2,079,866
Creditors: amounts falling due after more than one year 6 ( 148,867) ( 204,168)
Provision for liabilities ( 47,170) ( 48,954)
Net assets 2,084,908 1,826,744
Capital and reserves
Called-up share capital 7 102 102
Profit and loss account 2,084,806 1,826,642
Total shareholders' funds 2,084,908 1,826,744

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

Directors' responsibilities:

The financial statements of AP Air Europe Ltd (registered number: 07145900) were approved and authorised for issue by the Board of Directors on 07 April 2024. They were signed on its behalf by:

K P Horney
Director
AP AIR EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
AP AIR EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AP Air Europe Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 9 & 10 Wisloe Business Park Wisloe Road, Cambridge, Gloucester, GL2 7AF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 30

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 103,984 170,126 38,150 137,096 449,356
Additions 0 28,316 13,625 2,110 44,051
Disposals 0 ( 14,949) 0 0 ( 14,949)
At 31 December 2023 103,984 183,493 51,775 139,206 478,458
Accumulated depreciation
At 01 January 2023 55,495 93,107 3,815 80,782 233,199
Charge for the financial year 9,698 16,051 8,002 11,407 45,158
Disposals 0 ( 8,826) 0 0 ( 8,826)
At 31 December 2023 65,193 100,332 11,817 92,189 269,531
Net book value
At 31 December 2023 38,791 83,161 39,958 47,017 208,927
At 31 December 2022 48,489 77,019 34,335 56,314 216,157

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 964,781 810,146
VAT recoverable 22,088 28,257
Other debtors 74,077 45,250
1,060,946 883,653
Debtors: amounts falling due after more than one year
Other debtors 178,786 166,378

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 356,355 412,212
Other loans 62,924 210,638
Accruals 3,650 7,369
Taxation and social security 133,316 54,138
Obligations under finance leases and hire purchase contracts (secured) 2,025 2,983
Other creditors 108,946 137,918
667,216 825,258

The hire purchase contracts are secured on plant and machinery with a carrying value of £6,060 (2022: £13,699).

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to directors 50,000 50,000
Other loans 88,935 151,859
Obligations under finance leases and hire purchase contracts (secured) 9,932 2,309
148,867 204,168

The hire purchase contracts are secured on plant and machinery with a carrying value of £6,060 (2022: £13,699).

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
2 B ordinary shares of £ 1.00 each 2 2
102 102

8. Financial commitments

Other financial commitments

2023 2022
£ £
Not later than 1 year 33,471 44,138
Later than 1 year and not later than 5 years 27,781 50,742
61,252 94,880

At 31 December 2023 the company had future minimum lease payments under non-cancellable operating leases as above.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,951 1,527
Other pensions commitments not shown in the Balance Sheet 35,229 28,776
37,180 30,303

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 50,000 50,000

During the financial year directors received total dividends of £98,221(2022: £90,319).