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Registered number: 10001150
APM Construction (South) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10001150
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,130 3,915
31,130 3,915
CURRENT ASSETS
Stocks 5 2,250 380
Debtors 6 343,382 269,378
Cash at bank and in hand 8,639 8,435
354,271 278,193
Creditors: Amounts Falling Due Within One Year 7 (156,268 ) (118,072 )
NET CURRENT ASSETS (LIABILITIES) 198,003 160,121
TOTAL ASSETS LESS CURRENT LIABILITIES 229,133 164,036
Creditors: Amounts Falling Due After More Than One Year 8 (17,686 ) (20,851 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,581 ) -
NET ASSETS 205,866 143,185
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 205,766 143,085
SHAREHOLDERS' FUNDS 205,866 143,185
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Maxted
Director
Mrs Laura Maxted
Director
14/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
APM Construction (South) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10001150 . The registered office is The Marlowe Innovation Centre, Marlowe Way, Ramsgate, Kent, CT12 6FA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
Other than the estimate of the value of contract work carried out that has not been invoiced as at the balance sheet date, the directors have not made any other significant judgements or estimates in the preparation of these accounts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
The value of contract work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profits. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in debtors as amounts receivable on contracts, unless such fees exceed the value of work in progress on any contract, when the excess is included within deferred income as fees invoiced in advance.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Motor Vehicles 15% straight line
Computer Equipment 33% straight line
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 18,070 35,042 6,910 60,022
Additions 5,710 29,362 1,040 36,112
Disposals - (9,417 ) (1,565 ) (10,982 )
As at 31 March 2024 23,780 54,987 6,385 85,152
...CONTINUED
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Depreciation
As at 1 April 2023 17,755 33,676 4,676 56,107
Provided during the period 1,246 4,725 1,354 7,325
Disposals - (8,372 ) (1,038 ) (9,410 )
As at 31 March 2024 19,001 30,029 4,992 54,022
Net Book Value
As at 31 March 2024 4,779 24,958 1,393 31,130
As at 1 April 2023 315 1,366 2,234 3,915
5. Stocks
2024 2023
£ £
Stock 2,250 380
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,224 12,930
Amounts recoverable on contracts 6,123 3,491
Other debtors 334,035 252,957
343,382 269,378
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,342 42,206
Bank loans and overdrafts 3,127 3,069
Other creditors 59,628 44,430
Taxation and social security 51,171 28,367
156,268 118,072
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 17,686 20,851
Of the creditors falling due after more than one year the following amounts are due after more than five years.
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2024 2023
£ £
Bank loans 4,235 7,821
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Andrew Maxted - 1,687 - - 1,687
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
Included within other debtors is £160,000 (2023 - £160,000) in respect of an unsecured interest free loan to Coastal Homes (Kent) Ltd, and £170,000 (2023 - £92,000) in respect of an unsecured interest free loan to Coastal Lettings (Kent) Ltd. Mr A and Mrs L Maxted are the directors and own 100% of the share capital of both of these companies.
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