Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
COMPANY INFORMATION
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ADVANCED ACCESS PLATFORMS LIMITED
CONTENTS
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ADVANCED ACCESS PLATFORMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their strategic report on the accounts for the year ended 30 September 2023.
The company's principal activity continues to be the lease hire of aerial access platforms in England and Wales.
Most of the business is gained through the use of a dedicated sales team, in conjunction with a high profile within the construction industry and referrals. Over the years the company has concentrated on horizontal diversification to reduce its reliance on the construction industry. The result is a significant increase in the proportion of turnover derived from the media industry and television sectors, although construction still represents the clear majority of the company's turnover. The company has seen significant growth in turnover over the last two years post the pandemic. However, the growth in turnover to 30 September 2023 has been curtailed by the strike in the film industry from April 2023 until September 2023. Looking forward, even though the strike ended right at the end of the company's financial year, it still takes time for existing and new projects within the industry to recommence and there is an inevitable delay to new projects as a result of those delays with the subsequent pressures on workload within the industry. Therefore I believe there will still be some restriction on the increase in turnover from this sector in the current year as well. The company has been consistently updating its fleet since 2020 with an emphasis on replacing diesel and petrol plant with eco-green electric or bi-energy versions. These models have little or no impact on the environment. Throughout the year to 30 September 2023 and in the current year, we have added eco machines such that the fleet is now 94% eco-friendly. This has been a huge investment for the company as these assets are more expensive than the typical fuel versions. Updating the fleet of plant to be eco friendly also requires updating the vehicles necessary to deliver the plant to sites. Therefore our service fleet of trucks, vans and delivery vehicles have also had to be updated to keep it environmentally friendly as well as to be compliant under ULEZ restrictions. As a company we pride ourselves on the level of service provided. In order to improve support for our ever growing customer base we opened a satellite centre in Kettering, Northamptonshire. As a result, we now have less reliance on subcontractors in that area. Our centre in Southampton was opened a few years ago. This has doubled in size enabling better service to our clients on the south coast of England.
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ADVANCED ACCESS PLATFORMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The principal risk to the company from sales and maintenance continues to be that of potential bad debts. The company undertakes credit checks on all customers prior to fulfilling any order. Bad debts have been minimal in recent years.
The directors recognise the importance of their staff. Both the technical knowledge of the engineers and the business development managers' ability to understand the best solutions help to maintain good client relationships. The ability to attract and retain good staff is essential and continues to be seen as a real challenge. As described earlier the company is reinvesting in its fleet all of the time. In order for this to be able to continue, there needs to be the supply of machines available from the manufacturers as well as the finance facilities to enable the purchase. There have been issues with both due to the pandemic. Although this has now significantly reduced, there is also the issue of parts for all the machines being available to enable the plant to stay in a condition where it can continue to be leased to customers.
The company's key performance indicator is the daily sales report which is monitored live. This resulted in turnover for the year being £11,641,511 (2022 - £10,971,605). The report shows the split by type of plant and the proportion of plant generating income.
The company maintains a real time record of the status of the whole fleet which can be either on hire, available for hire or in workshops for repair. The aim is for the fleet to be between 65% and 70% on hire with customers at any time. As part of the information the company is also aware of the future utilisation of the plant. Thie information enables us to ensure orders for new plant are made in a timely fashion and well before the lead time for delivery.
The utilisation report also guides the decision making for the purchase of new plant.
This report was approved by the board on 4 April 2024 and signed on its behalf.
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ADVANCED ACCESS PLATFORMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £679,084 (2022 - £1,868,549).
During the year the company declared dividends amounting to £214,000 (2022 - £176,000).
The directors who served during the year were:
The company has continued to invest in its plant. Plant has historically been petrol and diesel powered but in view of changing customer requirements and its envrionmental policies the company has been investing in electric and bi-energy powered plant more.
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ADVANCED ACCESS PLATFORMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, CWM, are deemed to be reappointed in accordance with section 386 of the Companies Act 1985 by virtue of an elective resolution passed by the members on 4 September 2007.
This report was approved by the board on
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ADVANCED ACCESS PLATFORMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED
We have audited the financial statements of Advanced Access Platforms Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ADVANCED ACCESS PLATFORMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ADVANCED ACCESS PLATFORMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of designing our audit approach, we determined a materiality level and assessed the risks of material misstatement in the financial statements, including how fraud may occur through enquiries of management regarding its assessment of the areas and liklihood of fraud. We looked at the areas where subjective judgements were made by management. In particular we looked at significant accounting estimates which were the result of assumptions made and based upon future events which are inherently uncertain. We also considered the effect of potential financial and other pressures, opportunity and motivations for fraud. We identified the use of internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these procedures. As part of our audit we reviewed and tested journals, key estimates and judgements made by management. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularites, including fraud. We considered the risk of management override of internal controls and carried out tests to to evaluate this. Our audit procedures are designed to identify risks of material misstatement, recognising that risks of not detecting such material misstatements due to fraud is greater then the risk due to error, due to the fact that fraud may well involve deliberate concealment. The audit procedures have inherent limitations. The further removed that non-compliance with laws and regulations are from the events and transactions included in the financial statements, the less likely we are to detect it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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ADVANCED ACCESS PLATFORMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
1a High Street
Surrey
KT19 8DA
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ADVANCED ACCESS PLATFORMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
REGISTERED NUMBER: 06360751
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 27 form part of these financial statements.
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ADVANCED ACCESS PLATFORMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies
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 following principal accounting policies have been applied:
The directors have at the time of approving the financial statements a resonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies (continued)
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
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.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies (continued)
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.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1.Accounting policies (continued)
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 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The company is a private limited company incorporated in England and Wales. Its principal place of
business is situated at 1 Kimpton Road, Sutton, Surrey, SM3 9QL.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Analysis of turnover by country of destination:
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There were no factors that may affect future tax charges.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11.Tangible fixed assets (continued)
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Obligations under finance lease and hire purchase contracts are secured on the plant to which they relate. The bank loans are secured on the trade debtors of the company.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Obligations under finance lease and hire purchase contracts are secure on the plant to which they relate.
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ADVANCED ACCESS PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17.Deferred taxation (continued)
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,775 (2022 - £29,829) .Contributions totalling £250 (2022 - £6,430) were payable to the fund at the balance sheet date and are included in creditors.
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