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Registration number: 05173502

Apex Vehicles Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Apex Vehicles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Apex Vehicles Limited

(Registration number: 05173502)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

956

1,274

Current assets

 

Stocks

5

250

250

Debtors

6

5,083

522

Cash at bank and in hand

 

866

1,031

 

6,199

1,803

Creditors: Amounts falling due within one year

7

(19,448)

(19,832)

Net current liabilities

 

(13,249)

(18,029)

Total assets less current liabilities

 

(12,293)

(16,755)

Creditors: Amounts falling due after more than one year

7

(2,846)

(4,382)

Net liabilities

 

(15,139)

(21,137)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(15,239)

(21,237)

Shareholders' deficit

 

(15,139)

(21,137)

 

Apex Vehicles Limited

(Registration number: 05173502)
Balance Sheet as at 31 July 2023

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

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
R E Ogden
Director

 

Apex Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 5 Summit Works
Manchester Road
Burnley
Lancashire
BB11 5HG

These financial statements were authorised for issue by the Board on 19 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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:

 

Apex Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

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.

 

Apex Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Apex Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

2,751

3,800

4,747

11,298

At 31 July 2023

2,751

3,800

4,747

11,298

Depreciation

At 1 August 2022

2,351

3,428

4,245

10,024

Charge for the year

100

93

125

318

At 31 July 2023

2,451

3,521

4,370

10,342

Carrying amount

At 31 July 2023

300

279

377

956

At 31 July 2022

400

372

502

1,274

5

Stocks

2023
£

2022
£

Other inventories

250

250

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,728

-

Prepayments

355

522

 

5,083

522

 

Apex Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,775

1,775

Trade creditors

 

73

-

Taxation and social security

 

2,449

1,093

Accruals and deferred income

 

985

1,460

Other creditors

 

14,166

15,504

 

19,448

19,832

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,846

4,382

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,846

4,382

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,775

1,775