Apex Motor Services Ltd 03803804 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is maintenance and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 03803804 2022-09-01 2023-08-31 03803804 2023-08-31 03803804 core:CurrentFinancialInstruments 2023-08-31 03803804 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03803804 core:Goodwill 2023-08-31 03803804 core:FurnitureFittingsToolsEquipment 2023-08-31 03803804 core:MotorVehicles 2023-08-31 03803804 bus:SmallEntities 2022-09-01 2023-08-31 03803804 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 03803804 bus:FullAccounts 2022-09-01 2023-08-31 03803804 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 03803804 bus:RegisteredOffice 2022-09-01 2023-08-31 03803804 bus:Director1 2022-09-01 2023-08-31 03803804 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03803804 core:Goodwill 2022-09-01 2023-08-31 03803804 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 03803804 core:MotorVehicles 2022-09-01 2023-08-31 03803804 core:OfficeEquipment 2022-09-01 2023-08-31 03803804 countries:EnglandWales 2022-09-01 2023-08-31 03803804 2022-08-31 03803804 core:Goodwill 2022-08-31 03803804 core:FurnitureFittingsToolsEquipment 2022-08-31 03803804 core:MotorVehicles 2022-08-31 03803804 2021-09-01 2022-08-31 03803804 2022-08-31 03803804 core:CurrentFinancialInstruments 2022-08-31 03803804 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 03803804 core:FurnitureFittingsToolsEquipment 2022-08-31 03803804 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 03803804

Apex Motor Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Apex Motor Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Apex Motor Services Ltd

(Registration number: 03803804)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

26,583

23,645

Current assets

 

Stocks

6

5,000

6,849

Debtors

7

52,486

53,950

Cash at bank and in hand

 

36,802

33,308

 

94,288

94,107

Creditors: Amounts falling due within one year

8

(73,787)

(65,496)

Net current assets

 

20,501

28,611

Total assets less current liabilities

 

47,084

52,256

Provisions for liabilities

(5,107)

(4,028)

Net assets

 

41,977

48,228

Capital and reserves

 

Called up share capital

100

100

Retained earnings

41,877

48,128

Shareholders' funds

 

41,977

48,228

 

Apex Motor Services Ltd

(Registration number: 03803804)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 

.........................................
Mr R M Lindsay
Director

 

Apex Motor Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Unit 1
Forbes Court
Billington Road
Burnley
Lancashire
BB11 5UB
England

These financial statements were authorised for issue by the director on 28 March 2024.

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 in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

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 Motor Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 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

Tools and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

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

Goodwill

Straight line over 5 years

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 Motor Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 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 first-in, first-out (FIFO) 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.

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.

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 the director) during the year, was 5 (2022 - 5).

 

Apex Motor Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

7,300

7,300

At 31 August 2023

7,300

7,300

Amortisation

At 1 September 2022

7,300

7,300

At 31 August 2023

7,300

7,300

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

106,549

5,772

112,321

Additions

9,881

1,917

11,798

At 31 August 2023

116,430

7,689

124,119

Depreciation

At 1 September 2022

84,158

4,518

88,676

Charge for the year

8,067

793

8,860

At 31 August 2023

92,225

5,311

97,536

Carrying amount

At 31 August 2023

24,205

2,378

26,583

At 31 August 2022

22,391

1,254

23,645

6

Stocks

2023
£

2022
£

Other inventories

5,000

6,849

 

Apex Motor Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

10,335

7,140

Prepayments

2,590

2,288

Other debtors

39,561

44,522

 

52,486

53,950

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43,612

38,690

Taxation and social security

14,032

15,005

Accruals and deferred income

2,225

2,319

Other creditors

13,918

9,482

73,787

65,496