Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3114The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity12truetruefalse 04533340 2023-04-01 2024-03-31 04533340 2022-05-01 2023-03-31 04533340 2024-03-31 04533340 2023-03-31 04533340 2022-05-01 04533340 c:Director2 2023-04-01 2024-03-31 04533340 d:Buildings 2023-04-01 2024-03-31 04533340 d:Buildings 2024-03-31 04533340 d:Buildings 2023-03-31 04533340 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04533340 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04533340 d:PlantMachinery 2023-04-01 2024-03-31 04533340 d:PlantMachinery 2024-03-31 04533340 d:PlantMachinery 2023-03-31 04533340 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04533340 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04533340 d:MotorVehicles 2023-04-01 2024-03-31 04533340 d:MotorVehicles 2024-03-31 04533340 d:MotorVehicles 2023-03-31 04533340 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04533340 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04533340 d:FurnitureFittings 2023-04-01 2024-03-31 04533340 d:FurnitureFittings 2024-03-31 04533340 d:FurnitureFittings 2023-03-31 04533340 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04533340 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04533340 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04533340 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04533340 d:CurrentFinancialInstruments 2024-03-31 04533340 d:CurrentFinancialInstruments 2023-03-31 04533340 d:Non-currentFinancialInstruments 2024-03-31 04533340 d:Non-currentFinancialInstruments 2023-03-31 04533340 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04533340 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04533340 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04533340 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04533340 d:ShareCapital 2024-03-31 04533340 d:ShareCapital 2023-03-31 04533340 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04533340 d:RetainedEarningsAccumulatedLosses 2024-03-31 04533340 d:RetainedEarningsAccumulatedLosses 2023-03-31 04533340 c:FRS102 2023-04-01 2024-03-31 04533340 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04533340 c:FullAccounts 2023-04-01 2024-03-31 04533340 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04533340 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 04533340 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 04533340 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 04533340 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 04533340 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04533340 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04533340 d:RetirementBenefitObligationsDeferredTax 2024-03-31 04533340 d:RetirementBenefitObligationsDeferredTax 2023-03-31 04533340 d:OtherDeferredTax 2024-03-31 04533340 d:OtherDeferredTax 2023-03-31 04533340 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-03-31 04533340 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-03-31 04533340 d:LeasedAssetsHeldAsLessee 2024-03-31 04533340 d:LeasedAssetsHeldAsLessee 2023-03-31 04533340 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04533340










APOLLO FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
APOLLO FARMS LIMITED
REGISTERED NUMBER:04533340

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,117,219
2,070,600

Investments
 5 
10
10

  
2,117,229
2,070,610

Current assets
  

Stocks
  
237,132
264,127

Debtors: amounts falling due within one year
 6 
639,101
760,183

Current asset investments
 7 
1,066,278
550,127

Cash at bank and in hand
  
1,324,398
1,361,111

  
3,266,909
2,935,548

Creditors: amounts falling due within one year
 8 
(419,874)
(339,107)

Net current assets
  
 
 
2,847,035
 
 
2,596,441

Total assets less current liabilities
  
4,964,264
4,667,051

Creditors: amounts falling due after more than one year
 9 
-
(36,203)

Provisions for liabilities
  

Deferred tax
 11 
(483,951)
(480,470)

  
 
 
(483,951)
 
 
(480,470)

Net assets
  
4,480,313
4,150,378


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 12 
4,480,213
4,150,278

  
4,480,313
4,150,378


Page 1

 
APOLLO FARMS LIMITED
REGISTERED NUMBER:04533340
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R K C Rush
Director

Date: 26 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Apollo Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 04533340. The registered office is Hall Farm, Shimpling, Bury St Edmunds, Suffolk, IP29 4HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover 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.

Page 3

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land & buildings
-
5% straight line
Plant & machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Lorry & trailers
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 12).

Page 6

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Land & buildings
Plant & machinery
Motor vehicles
Lorries, trailers and tractors
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
566,263
728,892
66,773
2,224,834
3,586,762


Additions
-
59,804
-
362,731
422,535


Disposals
-
-
-
(221,620)
(221,620)



At 31 March 2024

566,263
788,696
66,773
2,365,945
3,787,677



Depreciation


At 1 April 2023
270,971
398,515
25,046
821,630
1,516,162


Charge for the year on owned assets
28,313
52,026
6,259
209,428
296,026


Charge for the year on financed assets
-
-
-
19,019
19,019


Disposals
-
-
-
(160,749)
(160,749)



At 31 March 2024

299,284
450,541
31,305
889,328
1,670,458



Net book value



At 31 March 2024
266,979
338,155
35,468
1,476,617
2,117,219



At 31 March 2023
295,292
330,377
41,727
1,403,204
2,070,600

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Lorries, trailers and tractors
107,773
126,792

107,773
126,792

Page 7

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Trade investments

£





At 1 April 2023
10





6.


Debtors

2024
2023
£
£


Trade debtors
405,625
482,265

Other debtors
189,813
236,024

Prepayments and accrued income
43,663
41,894

639,101
760,183



7.


Current asset investments

2024
2023
£
£

Prudential investment bond
1,066,278
550,127

1,066,278
550,127



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
238,017
190,489

Corporation tax
127,652
101,839

Other taxation and social security
14,527
7,291

Obligations under finance lease and hire purchase contracts
36,203
36,202

Accruals and deferred income
3,475
3,286

419,874
339,107


Page 8

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
36,203

-
36,203



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
36,203
36,202

Between 1-5 years
-
36,203

36,203
72,405

Page 9

 
APOLLO FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(480,470)
(346,418)


Charged to profit or loss
(3,481)
(134,052)



At end of year
(483,951)
(480,470)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(484,110)
(467,766)

Short term timing differences
159
140

Capital gains
-
(12,844)

(483,951)
(480,470)


12.


Reserves

Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses. The non distributable profits total £50,646 (2023 - £38,533), the balance of distributable profits are £4,429,567 (2023 - £4,111,745).

 
Page 10