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Registered number: 10253440









APOLLO RPL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
APOLLO RPL LIMITED
 
 
COMPANY INFORMATION


Directors
R P Lundy Esq 
J A Lundy 




Company secretary
 
Mrs J A Lundy 
E C Lundy Esq
 R Q Lundy Esq



Registered number
10253440



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants

Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
APOLLO RPL LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditor's Report
 
 
4 - 7
Consolidated Statement of Comprehensive Income
 
 
8
Consolidated Balance Sheet
 
 
9
Company Balance Sheet
 
 
10
Consolidated Statement of Changes in Equity
 
 
11
Company Statement of Changes in Equity
 
 
12
Consolidated Statement of Cash Flows
 
 
13
Notes to the Financial Statements
 
 
14 - 31


 
APOLLO RPL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
The directors are pleased with the results for the period and to report a profit after tax of £438,712 (2022 - £500,259).

Principal risks and uncertainties
 
The business environment in which we operate continues to be challenging with the principal risk being the ability to win and maintain cleaning contracts. However the group continues to pursue and win new cleaning contracts.

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and a gross profit margin.

Other key performance indicators
 
Liquidity and cash flow risk are managed through agreeing appropriate payment terms with customers. The company manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs primarily through its healthy cash reserves.
The company's principal financial assets are trade debtors for which credit risk is managed by directors by setting limits for customers based on a combination of payment history and reputation. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.


This report was approved by the board on 5 August 2024 and signed on its behalf.



R P Lundy Esq
Director

Page 1

 
APOLLO RPL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £438,712 (2022 - £500,259).

During the year, the directors declared dividends of £251,822 (2022 - £Nil).

Directors

The directors who served during the year were:

R P Lundy Esq 
J A Lundy (appointed 18 April 2023)

Future developments

The directors continue to ensure that the highest level of service is provided to their customers and the directors expect the continued profit trend to continue for the subsequent years.

Engagement with employees

Employees are consulted on matters that are of concern to them through the management team and all employees are made aware of the financial and economic performance of the company. Employee involvement in the company's performance is also encouraged.

Page 2

 
APOLLO RPL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

On 15th March 2024, Apollo RPL Limited sold one of it's subsidiaries, Apollo Cleaning Services Limited.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 5 August 2024 and signed on its behalf.
 





R P Lundy Esq
Director

Page 3

 
APOLLO RPL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF APOLLO RPL LIMITED
 

Opinion


We have audited the financial statements of Apollo RPL Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
APOLLO RPL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF APOLLO RPL LIMITED (CONTINUED)


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
APOLLO RPL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF APOLLO RPL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities we considered the
following:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the group and parent company operates in and how the group and parent company are complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
 
All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated to component auditors. Any instances of non compliance with laws and regulations identified and communicated by a component auditor were considered in our audit approach.
 
The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act;
Tax compliance regulations; and
Employment law. 
 
Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance. 


 
Page 6

 
APOLLO RPL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF APOLLO RPL LIMITED (CONTINUED)


The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue Recognition;
Management Override;
Compliance with hiring of new staff and minimum wage regulations.
 
Audit procedures in response to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various testing including transactional, cut off and sequencing;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estiates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
Reviewing the financial statement disclosures and testing supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. 
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout
the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stuart Moon (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

9 September 2024
Page 7

 
APOLLO RPL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
6,012,990
6,004,904

Cost of sales
  
(4,695,189)
(4,743,215)

Gross profit
  
1,317,801
1,261,689

Distribution costs
  
(100,876)
(106,356)

Administrative expenses
  
(850,323)
(582,533)

Operating profit
 5 
366,602
572,800

Interest receivable and similar income
 8 
295,070
49,928

Interest payable and similar charges
 9 
(31,913)
-

Profit before taxation
  
629,759
622,728

Tax on profit
 10 
(191,047)
(122,469)

Profit for the financial year
  
438,712
500,259

Profit for the year attributable to:
  

Owners of the parent Company
  
438,712
500,259

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 8

 
APOLLO RPL LIMITED
REGISTERED NUMBER: 10253440

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,986,872
2,023,142

Current assets
  

Debtors: amounts falling due within one year
 14 
1,687,249
1,783,700

Current asset investments
 15 
553,570
553,570

Cash at bank and in hand
 16 
7,668,204
7,744,339

  
9,909,023
10,081,609

Creditors: amounts falling due within one year
 17 
(764,329)
(1,411,897)

Net current assets
  
 
 
9,144,694
 
 
8,669,712

Provisions for liabilities
  

Net assets
  
11,131,566
10,692,854


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Other reserves
 21 
6,230,911
6,230,911

Profit and loss account
 21 
4,899,655
4,460,943

Equity attributable to owners of the parent Company
  
11,131,566
10,692,854


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




R P Lundy Esq
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
APOLLO RPL LIMITED
REGISTERED NUMBER: 10253440

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
886,666
-

Investments
 13 
510,100
510,100

Current assets
  

Debtors: amounts falling due within one year
 14 
938,832
155,838

Cash at bank and in hand
 16 
7,071,150
7,036,310

  
8,009,982
7,192,148

Creditors: amounts falling due within one year
 17 
(71,168)
(5,359,231)

Net current assets
  
 
 
7,938,814
 
 
1,832,917

  

  

Net assets
  
9,335,580
2,343,017


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Other reserves
 21 
510,096
510,096

Profit and loss account brought forward
  
1,831,921
1,390,849

Profit for the year
  
6,992,563
441,072

Profit and loss account carried forward
  
8,824,484
1,831,921

  
9,335,580
2,343,017


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.


R P Lundy Esq
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
APOLLO RPL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
6,230,911
3,960,684
10,192,595


Comprehensive income for the year

Profit for the year
-
-
500,259
500,259



At 1 January 2023
1,000
6,230,911
4,460,943
10,692,854


Comprehensive income for the year

Profit for the year
-
-
438,712
438,712


At 31 December 2023
1,000
6,230,911
4,899,655
11,131,566


The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
APOLLO RPL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
510,096
1,390,849
1,901,945


Comprehensive income for the year

Profit for the year
-
-
441,072
441,072



At 1 January 2023
1,000
510,096
1,831,921
2,343,017


Comprehensive income for the year

Profit for the year
-
-
6,992,563
6,992,563


At 31 December 2023
1,000
510,096
8,824,484
9,335,580


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
APOLLO RPL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
438,712
500,259

Adjustments for:

Depreciation of tangible assets
73,482
159,022

Loss on disposal of tangible assets
90,303
(7,831)

Interest paid
31,913
-

Interest received
(295,070)
(49,928)

Taxation charge
191,047
122,469

Decrease in debtors
355,986
3,971,147

(Decrease) in creditors
(85,640)
(1,170)

Corporation tax (paid)
(1,012,510)
(424,036)

Net cash generated from operating activities

(211,777)
4,269,932


Cash flows from investing activities

Purchase of tangible fixed assets
(1,149,417)
(305,245)

Sale of tangible fixed assets
1,021,902
110,319

Interest received
295,070
49,928

Net cash from investing activities

167,555
(144,998)

Cash flows from financing activities

Interest paid
(31,913)
-

Net cash used in financing activities
(31,913)
-

Net (decrease)/increase in cash and cash equivalents
(76,135)
4,124,934

Cash and cash equivalents at beginning of year
7,744,339
3,619,405

Cash and cash equivalents at the end of year
7,668,204
7,744,339


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,668,204
7,744,339


Page 13

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Apollo RPL Limited (the "Company") is a private company, limited by shares and incorporated in England and Wales, registration number 10253440. The business address is Unit 7 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. 

Page 14

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured and collection is probable. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income
Revenue is recognised by the Company in respect of rents received during the year, exclusive of VAT.
Cleaning services
Revenue 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 revenue 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.
Cleaning products
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Group 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

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Customer list
-
5
years

Page 15

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual basis:.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line and 5% straight line
Leasehold properties
-
1%
straight line and 2% straight line
Plant & machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance and straight line
Fixtures & fittings
-
20%
straight line
Office equipment
-
20%
reducing balance
Other fixed assets
-
5%
straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 16

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 payments 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.

Page 17

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors have applied judgment in the depreciation of leasehold properties. The useful economic life of these assets have been judged at 50 years. Please see Note 12 for further information. 

Page 19

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Cleaning services
5,621,033
5,655,594

Cleaning products
347,907
246,286

Rental income
44,050
103,024

6,012,990
6,004,904


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
73,217
159,022

Fees payable to the Group's auditor and its associates for the audit of the Company's annual financial statements
12,500
11,263

Defined contribution pension cost
40,260
41,069

Page 20

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
4,260,233
4,223,291

Social security costs
195,884
187,493

Cost of defined contribution scheme
40,260
41,069

4,496,377
4,451,853


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
1



Staff
504
423
-
-

506
425
2
1


7.


Directors' remuneration


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
295,070
49,928


9.


Interest payable and similar charges

2023
2022
£
£


Other interest payable
31,913
-

Page 21

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
180,196
780,021

Adjustments in respect of previous periods
18,564
-


Total current tax
198,760
780,021

Deferred tax


Origination and reversal of timing differences
(7,713)
(657,552)

Total deferred tax
(7,713)
(657,552)


Taxation on profit on ordinary activities
191,047
122,469

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
629,759
622,728


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
148,119
118,318

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,364
4,151

Adjustments to tax charge in respect of prior periods
18,564
-

Total tax charge for the year
191,047
122,469

Page 22

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group 





Customer list

£



Cost


At 1 January 2023
48,000



At 31 December 2023

48,000



Amortisation


At 1 January 2023
48,000



At 31 December 2023

48,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 23

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Other fixed assets
Total

£
£
£
£
£
£



Cost 


At 1 January 2023
936,879
214,865
493,214
97,049
984,448
2,726,455


Additions
-
4,810
427,981
8,293
708,333
1,149,417


Disposals
-
-
(406,148)
-
(984,448)
(1,390,596)



At 31 December 2023

936,879
219,675
515,047
105,342
708,333
2,485,276



Depreciation


At 1 January 2023
103,708
189,425
163,082
78,923
168,175
703,313


Charge for the year on owned assets
18,248
4,009
46,323
4,902
-
73,482


Disposals
-
-
(110,216)
-
(168,175)
(278,391)



At 31 December 2023

121,956
193,434
99,189
83,825
-
498,404



Net book value



At 31 December 2023
814,923
26,241
415,858
21,517
708,333
1,986,872



At 31 December 2022
833,171
25,440
330,132
18,126
816,273
2,023,142

Page 24

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


Company






Motor vehicles
Other fixed assets
Total

£
£
£

Cost or valuation


Additions
178,333
708,333
886,666



At 31 December 2023

178,333
708,333
886,666






At 31 December 2023

-
-
-



Net book value



At 31 December 2023
178,333
708,333
886,666



At 31 December 2022
-
-
-






Page 25

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 January 2023
510,100



At 31 December 2023
510,100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Apollo Cleaning Services Limited
Unit 7 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD
Provision of cleaning services and products
Ordinary
100%
Apollo Employee Services LLP
Unit 7 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD
Provision of personnel services
Equity member*
100%
Apollo (Wood Street) Limited
Unit 7 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD
Property rental
Ordinary
100%

*Effective holding given common control of the entity.

Page 26

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
380,799
412,655
-
-

Amounts owed by group undertakings
-
-
670,714
-

Other debtors
640,949
660,476
268,118
155,838

Prepayments and accrued income
16,182
68,963
-
-

Deferred taxation
649,319
641,606
-
-

1,687,249
1,783,700
938,832
155,838



15.


Current asset investments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Assets held for sale
553,570
553,570
-
-



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
7,668,204
7,744,339
7,071,150
7,036,310



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
31,378
41,554
-
-

Amounts owed to group undertakings
-
-
-
5,351,004

Corporation tax
165,626
727,554
68,168
8,227

Other taxation and social security
293,585
327,949
-
-

Other creditors
30,274
86,027
-
-

Accruals and deferred income
243,466
228,813
3,000
-

764,329
1,411,897
71,168
5,359,231


Page 27

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
553,570
553,570
-
-

Financial assets that are debt instruments measured at amortised cost
996,084
1,067,934
938,832
310,680

1,549,654
1,621,504
938,832
310,680


Financial liabilities

Financial liabilities measured at amortised cost
(300,697)
(354,955)
-
(5,196,162)

Page 28

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation


Group



2023


£






At beginning of year
641,606


Charged to profit or loss
7,713



At end of year
649,319







Group
Group
2023
2022
£
£

Accelerated capital allowances
(649,319)
(641,606)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



750 (2022 - 750) Ordinary A shares of £1.00 each
750
750
250 (2022 - 250) Ordinary B shares of £1.00 each
250
250

1,000

1,000




Page 29

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Reserves

Other reserves

Pre-acquisition reserves
Pre-acquisition reserves consist of the reserves arising upon acquisition of the subsidiaries. The pre-acquisition reserves are not distributable and can only be utilised upon winding up the company. The movement in other reserves represents the difference between the nominal value of the shares exchanged against the reserves of the subsidiaries at the date of acquisition. 
Fair value of investments share exchange
Fair value of investments share exchange consist of the fair value arising upon acquisition of the share capital of the subsidiaries. The Fair value of investments share exchange reserve upon acquisition is not distributable and can only be utilised upon winding up the company. The movement in other reserves represents the difference between the nominal value of the shares issued and exchanged by the Group company against the share capital value of the subsidiaries at the date of acquisition. 
Share premium upon acquisition
Share premium upon acquisition consist of the share premium arising upon acquisition of the subsidiaries. The share premium reserve upon acquisition is not distributable and can only be utilised upon winding up the company. The movement in other reserves represents the difference between the nominal value of the shares issued and exchanged by the Group company against the share premium value of the subsidiaries at the date of acquisition. 

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


22.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £40,260 (2022 - £41,069). Contributions totalling £Nil (2022 - £10,523) were payable to the fund at the balance sheet date. 


23.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
2,735
10,942

Later than 1 year and not later than 5 years
-
2,735

2,735
13,677
Page 30

 
APOLLO RPL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Directors' Benefits: Advances, credit and guarantees

Group

2023
2022
£
£
Amounts brought forward owed to the group

396,936

122,943

Total advances in the period

61,385

269,891

Interest charged

4,875

4,102

Total repayments in the period

(160,953)

-

Amounts carried forward owed to the group

302,243

396,936


Interest has been charged at the H M Revenue and Customs official rate of interest.


25.


Related party transactions

Included within other debtors is an amount of £251,822 (2022 - £251,822) owed by a company under common control. 
During the year, the group mades sales of £8,308 (
2022 - £6,573) to a company under common control.


26.


Post balance sheet events

On 15th March 2024 the subsidiary entity Apollo Cleaning Services Ltd was sold to a third party and was no longer a part of the group.


27.


Controlling party

The Group regards Mr R P Lundy to be its ultimate controlling party.

 
Page 31