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Registered number: SC212199
Apex Acoustics Sound Services Ltd.
Financial Statements
For The Year Ended 31 October 2023
Arthur Garty & Co. Ltd.
161 Albert Street
Dundee
Tayside
DD4 6PX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC212199
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 891,520 574,570
891,520 574,570
CURRENT ASSETS
Debtors 5 25,634 25,793
Cash at bank and in hand 141,117 132,212
166,751 158,005
Creditors: Amounts Falling Due Within One Year 6 (190,971 ) (139,359 )
NET CURRENT ASSETS (LIABILITIES) (24,220 ) 18,646
TOTAL ASSETS LESS CURRENT LIABILITIES 867,300 593,216
Creditors: Amounts Falling Due After More Than One Year 7 (174,699 ) (76,514 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (169,389 ) (109,168 )
NET ASSETS 523,212 407,534
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 523,210 407,532
SHAREHOLDERS' FUNDS 523,212 407,534
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Paul Smith
Director
27th August 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Apex Acoustics Sound Services Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC212199 . The registered office is Unit 8, Taygate Trading Estate, 5 Coldside Road, Dundee, DD3 8DF.
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. 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.
2.3. 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 at varying rates
Motor Vehicles 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
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 year 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 asset reflects 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.
2.7. 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2022 1,112,329 - 1,112,329
Additions 330,674 39,845 370,519
As at 31 October 2023 1,443,003 39,845 1,482,848
Depreciation
As at 1 November 2022 537,759 - 537,759
Provided during the period 45,264 8,305 53,569
As at 31 October 2023 583,023 8,305 591,328
Net Book Value
As at 31 October 2023 859,980 31,540 891,520
As at 1 November 2022 574,570 - 574,570
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 311,053 159,252
Motor Vehicles 31,540 -
342,593 159,252
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 24,317 24,510
Other debtors 1,317 1,283
25,634 25,793
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 79,838 48,619
Trade creditors 62,061 49,642
Bank loans and overdrafts 10,000 10,000
Other creditors 4,520 3,852
Taxation and social security 34,552 27,246
190,971 139,359
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 159,699 51,514
Bank loans 15,000 25,000
174,699 76,514
8. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 239,537 100,133
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 79,838 48,619
Later than one year and not later than five years 159,699 51,514
239,537 100,133
239,537 100,133
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2023 2022
£ £
Other timing differences 169,389 109,168
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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