Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-0145falseNo description of principal activity43truefalse 06360751 2022-10-01 2023-09-30 06360751 2021-10-01 2022-09-30 06360751 2023-09-30 06360751 2022-09-30 06360751 2021-10-01 06360751 4 2022-10-01 2023-09-30 06360751 4 2021-10-01 2022-09-30 06360751 5 2022-10-01 2023-09-30 06360751 5 2021-10-01 2022-09-30 06360751 d:CompanySecretary1 2022-10-01 2023-09-30 06360751 d:Director1 2022-10-01 2023-09-30 06360751 d:Director2 2022-10-01 2023-09-30 06360751 d:RegisteredOffice 2022-10-01 2023-09-30 06360751 e:PlantMachinery 2022-10-01 2023-09-30 06360751 e:PlantMachinery 2023-09-30 06360751 e:PlantMachinery 2022-09-30 06360751 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:MotorVehicles 2022-10-01 2023-09-30 06360751 e:MotorVehicles 2023-09-30 06360751 e:MotorVehicles 2022-09-30 06360751 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:FurnitureFittings 2022-10-01 2023-09-30 06360751 e:FurnitureFittings 2023-09-30 06360751 e:FurnitureFittings 2022-09-30 06360751 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:OfficeEquipment 2022-10-01 2023-09-30 06360751 e:OfficeEquipment 2023-09-30 06360751 e:OfficeEquipment 2022-09-30 06360751 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 06360751 e:OtherPropertyPlantEquipment 2023-09-30 06360751 e:OtherPropertyPlantEquipment 2022-09-30 06360751 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 06360751 e:CurrentFinancialInstruments 2023-09-30 06360751 e:CurrentFinancialInstruments 2022-09-30 06360751 e:Non-currentFinancialInstruments 2023-09-30 06360751 e:Non-currentFinancialInstruments 2022-09-30 06360751 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 06360751 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 06360751 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 06360751 e:Non-currentFinancialInstruments e:AfterOneYear 2022-09-30 06360751 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 06360751 e:ReportableOperatingSegment1 2021-10-01 2022-09-30 06360751 e:ReportableOperatingSegment2 2022-10-01 2023-09-30 06360751 e:ReportableOperatingSegment2 2021-10-01 2022-09-30 06360751 e:ReportableOperatingSegment3 2022-10-01 2023-09-30 06360751 e:ReportableOperatingSegment3 2021-10-01 2022-09-30 06360751 f:UnitedKingdom 2022-10-01 2023-09-30 06360751 f:UnitedKingdom 2021-10-01 2022-09-30 06360751 e:UKTax 2022-10-01 2023-09-30 06360751 e:UKTax 2021-10-01 2022-09-30 06360751 e:ShareCapital 2023-09-30 06360751 e:ShareCapital 2022-09-30 06360751 e:RetainedEarningsAccumulatedLosses 2023-09-30 06360751 e:RetainedEarningsAccumulatedLosses 2022-09-30 06360751 d:FRS102 2022-10-01 2023-09-30 06360751 d:Audited 2022-10-01 2023-09-30 06360751 d:FullAccounts 2022-10-01 2023-09-30 06360751 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 06360751 e:HirePurchaseContracts e:WithinOneYear 2023-09-30 06360751 e:HirePurchaseContracts e:WithinOneYear 2022-09-30 06360751 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-09-30 06360751 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-09-30 06360751 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 06360751 e:AcceleratedTaxDepreciationDeferredTax 2022-09-30 06360751 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-09-30 06360751 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-09-30 06360751 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-09-30 06360751 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-09-30 06360751 e:LeasedAssetsHeldAsLessee 2023-09-30 06360751 e:LeasedAssetsHeldAsLessee 2022-09-30 iso4217:GBP xbrli:pure
Registered number: 06360751


ADVANCED ACCESS PLATFORMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
COMPANY INFORMATION


Directors
J L Corcoran 
J A Corcoran 




Company secretary
J A Corcoran



Registered number
06360751



Registered office
1a High Street

Epsom

Surrey

KT19 8DA




Independent auditors
CWM
Chartered Accountants & Statutory Auditor

1a High Street

Epsom

Surrey

KT19 8DA





 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 27


 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their strategic report on the accounts for the year ended 30 September 2023.

Business review
 
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.

Page 1

 
ADVANCED ACCESS PLATFORMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.



J A Corcoran
Director

Page 2

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

J L Corcoran 
J A Corcoran 

Future developments

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.

Page 3

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCWMare 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 4 April 2024 and signed on its behalf.
 








J A Corcoran
Secretary

Page 4

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 7

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.








Mark Cooper (Senior statutory auditor)
  
for and on behalf of
CWM
 
Chartered Accountants
Statutory Auditor
  
1a High Street
Epsom
Surrey
KT19 8DA

4 April 2024
Page 8

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
11,641,511
10,971,605

Cost of sales
  
(7,103,380)
(5,011,828)

Gross profit
  
4,538,131
5,959,777

Distribution costs
  
(430,877)
(308,063)

Administrative expenses
  
(2,520,492)
(2,180,709)

Other operating income
 4 
25,920
4,621

Operating profit
  
1,612,682
3,475,626

Interest payable and similar expenses
 8 
(803,557)
(565,197)

Profit before tax
  
809,125
2,910,429

Tax on profit
 9 
(130,041)
(1,041,880)

Profit for the financial year
  
679,084
1,868,549

Other comprehensive income for the year
  

Total comprehensive income for the year
  
679,084
1,868,549

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
ADVANCED ACCESS PLATFORMS LIMITED
REGISTERED NUMBER: 06360751

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
18,766,569
14,206,216

  
18,766,569
14,206,216

Current assets
  

Debtors: amounts falling due within one year
 12 
2,729,605
2,585,462

Cash at bank and in hand
 13 
1,686,588
1,998,512

  
4,416,193
4,583,974

Creditors: amounts falling due within one year
 14 
(8,664,977)
(7,633,021)

Net current liabilities
  
 
 
(4,248,784)
 
 
(3,049,047)

Total assets less current liabilities
  
14,517,785
11,157,169

Creditors: amounts falling due after more than one year
 15 
(9,791,581)
(7,082,486)

Provisions for liabilities
  

Deferred tax
 17 
(982,763)
(796,326)

  
 
 
(982,763)
 
 
(796,326)

Net assets
  
3,743,441
3,278,357


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
3,643,441
3,178,357

  
3,743,441
3,278,357


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 April 2024.







J L Corcoran
J A Corcoran
Director
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
ADVANCED ACCESS PLATFORMS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
679,084
1,868,549

Adjustments for:

Depreciation of tangible assets
2,593,619
1,124,177

Loss on disposal of tangible assets
(144,301)
(206)

Government grants
(3,000)
(4,000)

Interest paid
803,557
565,197

Taxation charge
130,041
1,041,880

(Increase) in debtors
(87,747)
(195,980)

Increase in creditors
1,900,584
1,494,600

Corporation tax (paid)/received
(245,553)
-

Net cash generated from operating activities

5,626,284
5,894,217


Cash flows from investing activities

Purchase of tangible fixed assets
(7,156,632)
(4,170,963)

Sale of tangible fixed assets
146,960
20,500

Government grants received
3,000
4,000

HP interest paid
(803,557)
(565,197)

Net cash from investing activities

(7,810,229)
(4,711,660)

Cash flows from financing activities

New secured loans
321,477
403,572

Repayment of/new finance leases
1,764,544
(251,639)

Dividends paid
(214,000)
(176,000)

Net cash used in financing activities
1,872,021
(24,067)

Net (decrease)/increase in cash and cash equivalents
(311,924)
1,158,490

Cash and cash equivalents at beginning of year
1,998,512
840,022

Cash and cash equivalents at the end of year
1,686,588
1,998,512


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,686,588
1,998,512

1,686,588
1,998,512


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
ADVANCED ACCESS PLATFORMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023





At 1 October 2022
Cash flows
New finance leases
At 30 September 2023
£

£

£

£

Cash at bank and in hand

1,998,512

(311,924)

-

1,686,588

Debt due within 1 year

(1,355,736)

(374,943)

-

(1,730,679)

Finance leases

(11,080,880)

5,081,983

(6,846,527)

(12,845,424)


(10,438,104)
4,395,116
(6,846,527)
(12,889,515)

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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:

 
1.2

Going concern

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.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
1.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)


1.10
Tangible fixed assets (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:

Plant & machinery
-
10%
straight line basis
Motor vehicles
-
25%
reducing balance basis
Fixtures & fittings
-
25%
reducing balance basis
Office equipment
-
25%
reducing balance basis
Office improvements
-
20%
straight line 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.

 
1.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

 
1.15

Financial instruments

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
Page 17

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.Accounting policies (continued)


1.15
Financial instruments (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.

 
1.16

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.


General information

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.

Page 18

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Plant hire
8,315,170
7,718,229

Ancilliary charges
2,088,146
1,742,751

Cross hire
1,238,194
1,510,625

11,641,510
10,971,605


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,641,511
10,971,605

11,641,511
10,971,605



4.


Other operating income

2023
2022
£
£

Other operating income
-
621

Government grants receivable
3,000
4,000

Sundry income
22,920
-

25,920
4,621



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
-
Page 19

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Employees

2023
2022
£
£

Wages and salaries
1,963,155
1,543,630

Social security costs
82,014
99,188

Cost of defined contribution scheme
37,249
29,775

2,082,418
1,672,593


The average monthly number of employees, including directors, during the year was 45 (2022 - 43).


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
18,192
17,940

18,192
17,940



8.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
803,557
565,197

803,557
565,197

Page 20

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(56,396)
245,554


(56,396)
245,554


Total current tax
(56,396)
245,554

Deferred tax


Origination and reversal of timing differences
186,437
796,326

Total deferred tax
186,437
796,326


Taxation on profit on ordinary activities
130,041
1,041,880

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
809,125
2,910,429


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
153,734
552,982

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,198
14,324

Capital allowances for year in excess of depreciation
(219,328)
(314,892)

Utilisation of tax losses
-
(6,860)

Other differences leading to an increase (decrease) in the tax charge
186,437
796,326

Total tax charge for the year
130,041
1,041,880


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Dividends

2023
2022
£
£


Dividends - ordinary shares paid
214,000
176,000

214,000
176,000


11.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 October 2022
19,794,578
1,536,710
113,254
45,838
169,299


Additions
6,536,729
619,903
-
-
-


Disposals
(425,680)
-
-
-
-



At 30 September 2023

25,905,627
2,156,613
113,254
45,838
169,299



Depreciation


At 1 October 2022
6,380,606
878,783
76,903
32,524
84,648


Charge for the year on owned assets
2,301,427
247,582
9,084
1,662
33,864


Disposals
(423,021)
-
-
-
-



At 30 September 2023

8,259,012
1,126,365
85,987
34,186
118,512



Net book value



At 30 September 2023
17,646,615
1,030,248
27,267
11,652
50,787



At 30 September 2022
13,413,973
657,927
36,351
13,314
84,651
Page 22

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           11.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 October 2022
21,659,679


Additions
7,156,632


Disposals
(425,680)



At 30 September 2023

28,390,631



Depreciation


At 1 October 2022
7,453,464


Charge for the year on owned assets
2,593,619


Disposals
(423,021)



At 30 September 2023

9,624,062



Net book value



At 30 September 2023
18,766,569



At 30 September 2022
14,206,216

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
15,122,915
10,337,659

Motor vehicles
833,246
571,128

15,956,161
10,908,787

Page 23

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
2,606,917
2,538,164

Other debtors
81,303
19,907

Prepayments and accrued income
41,385
27,391

2,729,605
2,585,462



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,686,588
1,998,512

1,686,588
1,998,512


Page 24

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,605,479
1,284,002

Trade creditors
3,726,072
1,730,988

Corporation tax
-
245,554

Other taxation and social security
101,961
258,592

Obligations under finance lease and hire purchase contracts
3,053,843
3,998,394

Other creditors
163,622
101,491

Accruals and deferred income
14,000
14,000

8,664,977
7,633,021


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
3,053,843
3,986,300

Bank Loans
1,605,479
1,284,002

4,659,322
5,270,302

Details of security provided:

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.

Page 25

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
9,791,581
7,082,486

9,791,581
7,082,486


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
9,791,581
7,082,486

9,791,581
7,082,486

Details of security provided:

Obligations under finance lease and hire purchase contracts are secure on the plant to which they relate.


16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,297,070
3,771,453

Between 1-5 years
9,072,164
7,814,330

13,369,234
11,585,783


17.


Deferred taxation




2023


£






At beginning of year
(796,326)


Charged to profit or loss
(186,437)



At end of year
(982,763)

Page 26

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(982,763)
(796,326)

(982,763)
(796,326)


18.


Pension commitments

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.


19.


Related party transactions

Included in cost of sales are charges from Access Platforms (UK) Ltd amounting to £70,000 (2022 - £30,000), a company in which the directors have a material interest.

 
Page 27