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Company registration number: 09553113
Apex ABS Ltd
Unaudited filleted financial statements
31 March 2024
Apex ABS Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Apex ABS Ltd
Directors and other information
Directors
Mr Phillip May
Mr Ismail Gozde
Mr Simon Scott (Resigned 9 October 2023)
Miss Shelsea Waldock (Appointed 9 October 2023)
Ms Karolina Labecka (Appointed 31 May 2024)
Company number 09553113
Registered office 3 The Pantiles
Bexleyheath
Kent
DA7 5HH
Business address 3 The Pantiles
Bexleyheath
Kent
DA7 5HH
Accountants Henry Reeves & Co Medway Limited
69-71 High Street
Chatham
Kent
ME4 4EE
Apex ABS Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Apex ABS Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Apex ABS Ltd for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Apex ABS Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Apex ABS Ltd and state those matters that we have agreed to state to the board of directors of Apex ABS Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Apex ABS Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Apex ABS Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Apex ABS Ltd. You consider that Apex ABS Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Apex ABS Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Reeves & Co Medway Limited
69-71 High Street
Chatham
Kent
ME4 4EE
29 July 2024
Apex ABS Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 6,720 8,920
Tangible assets 6 96,325 22,577
_______ _______
103,045 31,497
Current assets
Debtors 7 89,485 96,749
Cash at bank and in hand 481,612 839,499
_______ _______
571,097 936,248
Creditors: amounts falling due
within one year 8 ( 195,388) ( 307,803)
_______ _______
Net current assets 375,709 628,445
_______ _______
Total assets less current liabilities 478,754 659,942
Creditors: amounts falling due
after more than one year 9 ( 65,670) -
Provisions for liabilities ( 18,302) 5,644
Accruals and deferred income ( 11,000) ( 10,500)
_______ _______
Net assets 383,782 655,086
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 383,682 654,986
_______ _______
Shareholders funds 383,782 655,086
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr Phillip May
Director
Company registration number: 09553113
Apex ABS Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 The Pantiles, Bexleyheath, Kent, DA7 5HH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:Rendering of servicesTurnover 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 turnover 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% Reducing balance / 25% straight line
Motor vehicles - 25% Reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into financial instruments that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 36 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 22,200 22,200
_______ _______
Amortisation
At 1 April 2023 13,280 13,280
Charge for the year 2,200 2,200
_______ _______
At 31 March 2024 15,480 15,480
_______ _______
Carrying amount
At 31 March 2024 6,720 6,720
_______ _______
At 31 March 2023 8,920 8,920
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 41,382 - 41,382
Additions 12,871 96,570 109,441
_______ _______ _______
At 31 March 2024 54,253 96,570 150,823
_______ _______ _______
Depreciation
At 1 April 2023 18,805 - 18,805
Charge for the year 11,551 24,142 35,693
_______ _______ _______
At 31 March 2024 30,356 24,142 54,498
_______ _______ _______
Carrying amount
At 31 March 2024 23,897 72,428 96,325
_______ _______ _______
At 31 March 2023 22,577 - 22,577
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 80,356 87,372
Other debtors 9,129 9,377
_______ _______
89,485 96,749
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 5,884 14,597
Social security and other taxes 171,343 289,811
Other creditors 18,161 3,395
_______ _______
195,388 307,803
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 65,670 -
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
A Ordinary share shares of £ 1.00 each 47 47 47 47
B Ordinary share shares of £ 1.00 each 47 47 47 47
C Ordinary share shares of £ 1.00 each 4 4 4 4
D Ordinary share shares of £ 1.00 each 1 1 1 1
E Ordinary share shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 54,859 61,179
Later than 1 year and not later than 5 years 66,179 89,326
_______ _______
121,038 150,505
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Phillip May 1,964 107 ( 1,085) 986
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Phillip May 2,212 64 ( 312) 1,964
_______ _______ _______ _______