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COMPANY REGISTRATION NUMBER: 07075297
Apegg Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Apegg Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
18,709
24,951
Tangible assets
6
283,945
19,826
----------
--------
302,654
44,777
Current assets
Debtors
7
25,387
146,510
Cash at bank and in hand
784,645
794,072
----------
----------
810,032
940,582
Creditors: amounts falling due within one year
8
94,952
103,327
----------
----------
Net current assets
715,080
837,255
-------------
----------
Total assets less current liabilities
1,017,734
882,032
-------------
----------
Net assets
1,017,734
882,032
-------------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,017,634
881,932
-------------
----------
Shareholders funds
1,017,734
882,032
-------------
----------
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.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Apegg Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
R Machold
Director
Company registration number: 07075297
Apegg Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares. The address of the registered office is 22 Tower Avenue, Upton, Pontefract, West Yorkshire, WF9 1EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Revenue recognition
Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred be incurred in respect of the transactions can be measured reliably.
(c) Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
(f) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Website & App development
-
25% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) 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:
Equipment
-
25% reducing balance
(i) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(k) 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 as a finance cost 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 3 (2022: 3 ).
5. Intangible assets
Website & App developm't
£
Cost
At 1 November 2022 and 31 October 2023
144,578
----------
Amortisation
At 1 November 2022
119,627
Charge for the year
6,242
----------
At 31 October 2023
125,869
----------
Carrying amount
At 31 October 2023
18,709
----------
At 31 October 2022
24,951
----------
6. Tangible assets
Investment property
Website Developm't
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
41,151
41,151
Additions
257,328
1,929
18,148
277,405
Disposals
( 8,076)
( 8,076)
----------
-------
--------
----------
At 31 October 2023
257,328
1,929
51,223
310,480
----------
-------
--------
----------
Depreciation
At 1 November 2022
21,325
21,325
Charge for the year
8,879
8,879
Disposals
( 3,669)
( 3,669)
----------
-------
--------
----------
At 31 October 2023
26,535
26,535
----------
-------
--------
----------
Carrying amount
At 31 October 2023
257,328
1,929
24,688
283,945
----------
-------
--------
----------
At 31 October 2022
19,826
19,826
----------
-------
--------
----------
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
7. Debtors
2023
2022
£
£
Trade debtors
13,250
135,306
Other debtors
12,137
11,204
--------
----------
25,387
146,510
--------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,162
22,857
Corporation tax
55,425
42,080
Social security and other taxes
424
1,270
Directors current account
15,732
32,831
Other creditors
4,209
4,289
--------
----------
94,952
103,327
--------
----------
9. Related party transactions
During the year the director made available loans to the company. The loans are interest free and repayable on demand. At 31 October 2023 the balance due to the director totalled £ 15,732 (2022 - £ 32,831 ).