IRIS Accounts Production v24.2.0.383 03354916 Board of Directors 1.1.23 31.12.23 31.12.23 The principal activity of the company in the year under review was that of collection and processing of animal blood, for the manufacturing and sales of functional proteins, largely to the aquaculture and Petfood industries. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033549162022-12-31033549162023-12-31033549162023-01-012023-12-31033549162021-12-31033549162022-01-012022-12-31033549162022-12-3103354916ns15:EnglandWales2023-01-012023-12-3103354916ns14:PoundSterling2023-01-012023-12-3103354916ns10:Director12023-01-012023-12-3103354916ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103354916ns10:FRS1022023-01-012023-12-3103354916ns10:Audited2023-01-012023-12-3103354916ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103354916ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103354916ns10:FullAccounts2023-01-012023-12-310335491612023-01-012023-12-3103354916ns10:OrdinaryShareClass12023-01-012023-12-3103354916ns10:Director22023-01-012023-12-3103354916ns10:Director42023-01-012023-12-3103354916ns10:Director52023-01-012023-12-3103354916ns10:CompanySecretary12023-01-012023-12-3103354916ns10:RegisteredOffice2023-01-012023-12-3103354916ns10:Director32023-01-012023-12-3103354916ns5:CurrentFinancialInstruments2023-12-3103354916ns5:CurrentFinancialInstruments2022-12-3103354916ns5:ShareCapital2023-12-3103354916ns5:ShareCapital2022-12-3103354916ns5:RetainedEarningsAccumulatedLosses2023-12-3103354916ns5:RetainedEarningsAccumulatedLosses2022-12-3103354916ns5:ShareCapital2021-12-3103354916ns5:RetainedEarningsAccumulatedLosses2021-12-3103354916ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103354916ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103354916ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103354916ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3103354916ns15:UnitedKingdom2023-01-012023-12-3103354916ns15:UnitedKingdom2022-01-012022-12-3103354916ns15:Europe2023-01-012023-12-3103354916ns15:Europe2022-01-012022-12-3103354916ns15:UnitedStates2023-01-012023-12-3103354916ns15:UnitedStates2022-01-012022-12-3103354916ns15:SouthAmerica2023-01-012023-12-3103354916ns15:SouthAmerica2022-01-012022-12-3103354916ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3103354916ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3103354916ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3103354916ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3103354916ns5:OwnedAssets2023-01-012023-12-3103354916ns5:OwnedAssets2022-01-012022-12-3103354916112023-01-012023-12-3103354916112022-01-012022-12-310335491632023-01-012023-12-310335491632022-01-012022-12-310335491652023-01-012023-12-310335491652022-01-012022-12-3103354916ns10:OrdinaryShareClass12022-01-012022-12-3103354916ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3103354916ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3103354916ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3103354916ns5:LeaseholdImprovements2022-12-3103354916ns5:PlantMachinery2022-12-3103354916ns5:FurnitureFittings2022-12-3103354916ns5:LeaseholdImprovements2023-01-012023-12-3103354916ns5:PlantMachinery2023-01-012023-12-3103354916ns5:FurnitureFittings2023-01-012023-12-3103354916ns5:LeaseholdImprovements2023-12-3103354916ns5:PlantMachinery2023-12-3103354916ns5:FurnitureFittings2023-12-3103354916ns5:LeaseholdImprovements2022-12-3103354916ns5:PlantMachinery2022-12-3103354916ns5:FurnitureFittings2022-12-3103354916ns5:MotorVehicles2022-12-3103354916ns5:ComputerEquipment2022-12-3103354916ns5:MotorVehicles2023-01-012023-12-3103354916ns5:ComputerEquipment2023-01-012023-12-3103354916ns5:MotorVehicles2023-12-3103354916ns5:ComputerEquipment2023-12-3103354916ns5:MotorVehicles2022-12-3103354916ns5:ComputerEquipment2022-12-3103354916ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103354916ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103354916ns5:WithinOneYear2023-12-3103354916ns5:WithinOneYear2022-12-3103354916ns5:BetweenOneFiveYears2023-12-3103354916ns5:BetweenOneFiveYears2022-12-3103354916ns5:AllPeriods2023-12-3103354916ns5:AllPeriods2022-12-3103354916ns5:DeferredTaxation2022-12-3103354916ns5:DeferredTaxation2023-01-012023-12-3103354916ns5:DeferredTaxation2023-12-3103354916ns10:OrdinaryShareClass12023-12-3103354916ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 03354916 (England and Wales)















APC (GB) Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023






APC (GB) Limited (Registered number: 03354916)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


APC (GB) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Gibert Perez
G M Frankl
Ms D Kucera
B O Jeewooth


SECRETARY: B O Jeewooth


REGISTERED OFFICE: Ings Road
Doncaster
South Yorkshire
DN5 9TL


REGISTERED NUMBER: 03354916 (England and Wales)


SENIOR STATUTORY AUDITOR: Ian Parsons FCA


AUDITORS: Paylings
Accountants
Statutory Auditors
No.2 Silkwood Office Park
Fryers Way
Wakefield
West Yorkshire
WF5 9TJ


BANKERS: HSBC plc
City Office
33 Park Row
Leeds
West Yorkshire
LS1 1LD

APC (GB) Limited (Registered number: 03354916)

Strategic Report
for the Year Ended 31 December 2023

Business Overview

APC (GB) Limited is a joint-venture business of SARIA Limited (SARIA) and APC Europe Inc. The equity is split equally 50:50 between the two companies.

SARIA operates in a wide range of sectors associated with the food chain, renewable energy, and recycling. APC is headquartered in Ankeny, Iowa, United States and is the world's largest producer of functional proteins; APC Inc operates production facilities in North & South America, Europe, and Asia.

APC (GB) Limited manufactures high-quality blood products used in a range of applications for animal nutrition and the pet food manufacturing sector; the company operates a manufacturing facility at SARIA's Doncaster site with ingredients sourced from across the UK primary meat production sector.

Key Performance Indicators (KPIs)

As shown in the company's profit and loss account on page 9, the company has maintained a similar level of profit being £2,164,721 compared with £2,215,521 in the previous period.

At the year end the shareholder's funds were £8,472,130 (2022 - £7,307,409).

SARIA manages its operations on a divisional basis. For this reason, the company's directors believe that further key performance indicators for the company are not necessary or appropriate for an understanding of the development, performance, or position of the business.

Risk

With businesses active across a wide variety of sectors and operating large-scale processing operations always entails risk. Beside market developments, we are also affected by global events such as commodity market price changes driven by weather patterns; such events entail risks but also present us with new opportunities.

Export restrictions caused by the UK's exit from the European Union (EU) ("Brexit") has continued to create challenges with exports to the EU this year, the company has developed sales to new export territories in Europe and the Americas to offset the impact.

The Group is faced with challenges when conducting analysis and making decisions. If we do not incorporate market developments or if we evaluate them incorrectly, they may pose serious business risks. The risks affecting APC (GB) Limited are largely dealt with on a group basis or from close collaboration with our JV partners, apart from the ones highlighted below:

Business Unit / Area Risk Mitigation Factor

Disease outbreak Reduced supply of raw material due to
disease affected porcine or bovine
livestock.
Material unsuitable for APC (GB) would
be diverted into the Group's disposal
facilities which provide secure disposal
routes for by-products affected by disease.
Reduced demand for finished product
due to local disease outbreaks.
Sales diverted to other territories or
markets in partnership with APC Inc. -
reduces the exposure to individual
geographic markets affected by diseases
such as Porcine Epidemic Diarrhoea virus
(PEDv).

Increasing market costs for energy Increased market price for electricity
and/or gas.
Increase in-house generation of energy
from AD and Biomass Power Generation
plants to benefit from rise in market price
and offset cost impact on other elements
of the business.


APC (GB) Limited (Registered number: 03354916)

Strategic Report
for the Year Ended 31 December 2023

Health & Safety Health & safety incidents could result
in harm to the company's employees,
contractors or local communities.
Ensuring safety and wellbeing is an
ethical obligation for the company.
Poor safety records or serious
accidents could have a serious impact
on the company's production and
reputation.
The company focuses on identifying,
mitigating and managing the safety risks
inherent across its operations. The
company's objective is to create a safety
culture through regular training and
awareness campaigns for employees and
contractors. The company operates a 'best
practice' system of in-house training to
develop an embedded health & safety
culture.



Employees

Details of the number of employees can be found in note 4 to the financial statements on page 17.

The company participates in the group's policies and practices regarding Health & Safety at work, pension, and health care schemes.


Future developments

APC are continually looking to manufacture further enhanced products for the Pet Food and animal nutrition markets and are currently looking at additional uses of blood plasma within these markets.

ON BEHALF OF THE BOARD:





B O Jeewooth - Director


14 August 2024

APC (GB) Limited (Registered number: 03354916)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £5 per share was paid on 30 September 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 1,000,000 .

An interim dividend for 2024 of £5 per share has been paid on 26th June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Gibert Perez
G M Frankl
Ms D Kucera
B O Jeewooth

Other changes in directors holding office are as follows:

A R Smith ceased to be a director after 31 December 2023 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
There have been no Political Donations made in the period.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

APC (GB) Limited (Registered number: 03354916)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Paylings, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B O Jeewooth - Director


14 August 2024

Report of the Independent Auditors to the Members of
APC (GB) Limited

Opinion
We have audited the financial statements of APC (GB) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 statements, our 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
APC (GB) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- reviewed the nature of the industry and sector, the control environment and business performance for the year.
- identifying the laws and regulations the company operates within and enquiring with management if they are aware of
any non compliance issues.
- discussed how and where fraud may occur with all members of the audit engagement team.
- in line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management
override.
We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if
any bias, and assessed the rationale behind any significant or unusual transactions.
- reviewed directors' minutes to assess if any indications of fraud or non compliance.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
APC (GB) Limited


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 2006. Our 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 a Report of the Auditors 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.




Ian Parsons FCA (Senior Statutory Auditor)
for and on behalf of Paylings
Accountants
Statutory Auditors
No.2 Silkwood Office Park
Fryers Way
Wakefield
West Yorkshire
WF5 9TJ

14 August 2024

APC (GB) Limited (Registered number: 03354916)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 15,644,580 13,734,915

Changes in stocks of finished goods and work in
progress

360,995

1,720,236
16,005,575 15,455,151

Other operating income 313,675 494,199
16,319,250 15,949,350

Raw materials and consumables 5,921,054 5,360,110
Other external expenses 194,804 224,018
6,115,858 5,584,128
10,203,392 10,365,222

Staff costs 4 1,428,776 1,349,769
Depreciation 647,517 664,005
Other operating expenses 5,313,393 5,579,286
7,389,686 7,593,060
OPERATING PROFIT 5 2,813,706 2,772,162

Interest receivable and similar income 6 16,725 -
2,830,431 2,772,162

Interest payable and similar expenses 7 5,071 19,711
PROFIT BEFORE TAXATION 2,825,360 2,752,451

Tax on profit 8 660,639 536,930
PROFIT FOR THE FINANCIAL YEAR 2,164,721 2,215,521

APC (GB) Limited (Registered number: 03354916)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,164,721 2,215,521


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,164,721

2,215,521

APC (GB) Limited (Registered number: 03354916)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,233,930 2,213,910
2,233,930 2,213,910

CURRENT ASSETS
Stocks 12 5,426,813 4,955,301
Debtors 13 1,807,003 2,514,118
Cash at bank 1,134,881 40,280
8,368,697 7,509,699
CREDITORS
Amounts falling due within one year 14 1,672,175 1,986,219
NET CURRENT ASSETS 6,696,522 5,523,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,930,452

7,737,390

PROVISIONS FOR LIABILITIES 17 458,322 429,981
NET ASSETS 8,472,130 7,307,409

CAPITAL AND RESERVES
Called up share capital 18 200,000 200,000
Retained earnings 19 8,272,130 7,107,409
SHAREHOLDERS' FUNDS 8,472,130 7,307,409

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





B O Jeewooth - Director


APC (GB) Limited (Registered number: 03354916)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 200,000 4,891,888 5,091,888

Changes in equity
Total comprehensive income - 2,215,521 2,215,521
Balance at 31 December 2022 200,000 7,107,409 7,307,409

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 2,164,721 2,164,721
Balance at 31 December 2023 200,000 8,272,130 8,472,130

APC (GB) Limited (Registered number: 03354916)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,452,689 730,441
Interest paid (5,071 ) (19,711 )
Tax paid (702,206 ) (570,686 )
Net cash from operating activities 2,745,412 140,044

Cash flows from investing activities
Purchase of tangible fixed assets (672,517 ) (288,959 )
Sale of tangible fixed assets 4,981 -
Interest received 16,725 -
Net cash from investing activities (650,811 ) (288,959 )

Cash flows from financing activities
Equity dividends paid (1,000,000 ) -
Net cash from financing activities (1,000,000 ) -

Increase/(decrease) in cash and cash equivalents 1,094,601 (148,915 )
Cash and cash equivalents at beginning of
year

2

40,280

189,195

Cash and cash equivalents at end of year 2 1,134,881 40,280

APC (GB) Limited (Registered number: 03354916)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,825,360 2,752,451
Depreciation charges 646,029 664,005
Loss on disposal of fixed assets 1,488 -
Finance costs 5,071 19,711
Finance income (16,725 ) -
3,461,223 3,436,167
Increase in stocks (471,512 ) (2,422,573 )
Decrease/(increase) in trade and other debtors 707,115 (267,185 )
Decrease in trade and other creditors (244,137 ) (15,968 )
Cash generated from operations 3,452,689 730,441

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,134,881 40,280
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 40,280 189,195


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 40,280 1,094,601 1,134,881
40,280 1,094,601 1,134,881
Total 40,280 1,094,601 1,134,881

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

APC (GB) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The presentational currency is GBP.

Going concern
The entity is profit making and has positive reserves, therefore the going concern basis of preparation is deemed appropriate by management.

Significant judgements and estimates
In respect of depreciation, management apply rates across asset classes, that are reflective of the average
economic consumption of the asset type.

Debtor ageing is reviewed regularly by management to assess the requirement for a bad debt provision, however any such provision is not currently deemed necessary.

Stock ageing is reviewed regularly by management to assess the requirement for a slow moving / obsolescence provision, however any such provision is not currently deemed necessary.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on the sale of goods, on despatch of those goods from our sites when the significant risks and rewards of ownership are transferred to our customers.

Turnover is recognised on the performance of services, as and when those services are carried out.

Other income
Other income arises where applicable from the sale of non core products, and the recharge of operating costs incurred by an entity, where the facility of that entity is used by other group companies.

Straight recharge of costs that can be allocated directly to another group company are treated as recharges only, and the cost is passed directly to the other entity. No income is recognised in this instance.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Improvements to property - 10% on cost
Plant & machinery - 10% on cost
Fixtures and fittings - 10% on cost and 5% on cost
Motor vehicles - 25% reducing balance
Computer equipment - 33.3% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

For manufactured goods, the absorption cost method of valuation is used incorporating all production overheads.
If this results in a value higher than net realisable value for any stock item, then the selling price of that item is applied.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforecable 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of posting the transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company has members in the SARIA Group Pension Schemes, funded defined benefit schemes.

Since the above schemes were closed to new members the group has opened a defined contribution scheme to provide retirement benefits to employees.

The pension charge represents contributions payable to the defined contribution fund in respect of the accounting period.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 3,897,744 2,820,549
Europe 5,338,860 4,534,675
United States of America 2,440,152 867,582
South America 884,240 1,559,300
Russia 1,141,042 3,082,753
Turkey 1,942,542 870,056
15,644,580 13,734,915

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,176,492 1,106,243
Social security costs 121,415 118,577
Other pension costs 130,869 124,949
1,428,776 1,349,769

The average number of employees during the year was as follows:
2023 2022

Office & management 5 4
Collection & processing 25 22
30 26

2023 2022
£    £   
Directors' remuneration - -

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 13,776 10,346
Depreciation - owned assets 646,028 664,006
Loss on disposal of fixed assets 1,488 -
Auditors' remuneration 17,000 17,065
Foreign exchange differences 15,124 15,497
Operating Leases 237,239 237,239

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 16,562 -
Inland revenue interest 163 -
16,725 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 5,071 19,711

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 633,533 558,206
Under/(over) provision (1,235 ) 11,998
Total current tax 632,298 570,204

Deferred tax:
Deferred tax 28,341 (33,264 )
Under/(over) provision - (10 )
Total deferred tax 28,341 (33,274 )

Tax on profit 660,639 536,930

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,825,360 2,752,451
Profit multiplied by the standard rate of corporation tax in the UK of 23.520%
(2022 - 19%)

664,525

522,966

Effects of:
Expenses not deductible for tax purposes 118 165
Adjustments to tax charge in respect of previous periods (1,235 ) 11,988
Change in rate from a previous period 1,692 17,432
Superdeduction (4,461 ) (15,621 )
Total tax charge 660,639 536,930

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 1,000,000 -

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 933
AMORTISATION
At 1 January 2023
and 31 December 2023 933
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant & and
property machinery fittings
£    £    £   
COST
At 1 January 2023 19,595 8,503,134 59,520
Additions - 624,007 -
Disposals - (98,827 ) -
At 31 December 2023 19,595 9,028,314 59,520
DEPRECIATION
At 1 January 2023 19,595 6,361,245 45,291
Charge for year - 621,313 3,151
Eliminated on disposal - (95,846 ) -
At 31 December 2023 19,595 6,886,712 48,442
NET BOOK VALUE
At 31 December 2023 - 2,141,602 11,078
At 31 December 2022 - 2,141,889 14,229

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 99,616 10,815 8,692,680
Additions 48,510 - 672,517
Disposals (14,071 ) - (112,898 )
At 31 December 2023 134,055 10,815 9,252,299
DEPRECIATION
At 1 January 2023 45,167 7,472 6,478,770
Charge for year 19,897 1,667 646,028
Eliminated on disposal (10,583 ) - (106,429 )
At 31 December 2023 54,481 9,139 7,018,369
NET BOOK VALUE
At 31 December 2023 79,574 1,676 2,233,930
At 31 December 2022 54,449 3,343 2,213,910

12. STOCKS
2023 2022
£    £   
Stocks 1,325,083 1,214,566
Finished goods 4,101,730 3,740,735
5,426,813 4,955,301

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,572,116 2,041,834
Other debtors - 1,680
VAT 227,511 466,092
Prepayments 7,376 4,512
1,807,003 2,514,118

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 884,593 1,113,014
Tax 280,298 350,206
Social security and other taxes 21,725 36,473
Other creditors 17,331 10,333
Accrued expenses 468,228 476,193
1,672,175 1,986,219

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 237,239 237,238
Between one and five years 686,061 923,300
923,300 1,160,538

16. FINANCIAL INSTRUMENTS

2023 2022
£    £   
Financial assets
Cash and cash equivalents 1,134,882 40,280
Financial assets that are debt instruments measured at amortised cost 1,807,003 2,514,118

Financial liabilities
Financial liabilities measured at amortised cost (2,130,498 ) (2,416,200 )

Financial assets measured at amortised cost comprise trade debtors, other debtors (inc tax debtors) and accrued income.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors (inc tax creditors) and accruals.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 458,322 429,981

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 429,981
Charge to Income Statement during year 28,341
Change of rate
Balance at 31 December 2023 458,322

Deferred Tax has been provided for at 25%. The rate of corporation tax increased to 25% from 1st April 2023, prior to this the rate was 19%.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 Ordinary £1 200,000 200,000

All shares are voting shares. They are entitled to dividends as declared. They are entitled to participate in a distribution including on winding up. All shares are non redeemable.

19. RESERVES
Retained
earnings
£   

At 1 January 2023 7,107,409
Profit for the year 2,164,721
Dividends (1,000,000 )
At 31 December 2023 8,272,130

20. PENSION COMMITMENTS

There are two defined benefit arrangements operated by the SARIA Limited group, which are managed via independent trusts, of which some employees are members. Contributions are no longer being made to these schemes due to their surplus position.

The company is unable to identify its share of the underlying assets and liabilities of the schemes therefore the schemes are accounted for in the balance sheet of the parent entity only.

The above schemes have been closed to new members. The group has made alternate provision, in the form of a defined contribution scheme, for new employees or those not eligible to join the above schemes.

Total contributions payable by the company to the defined contribution scheme during the period amounted to £130,869 (2022 £124,949). There were no accrued or prepaid pension contributions at the balance sheet date (2022 - £nil).

APC (GB) Limited (Registered number: 03354916)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

21. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 273,373 292,762

22. RELATED PARTY DISCLOSURES

Saria Group

Joint Venture Partner.


Sales of packing and recharge of costs associated with the group, £24,491 (2022- £23,238). Purchases of products and services £3,389,184 (2022- £2,988,833).

2023 2022
£    £   
Amount due to related party at the balance sheet date 338,857 335,154

APC Group

Joint Venture Partner


Sales of packing and recharge of costs associated with the group, £15,054,490 (2022- 13,153,992). Purchases of products and services £972,197 (2022- £1,718,269).

2023 2022
£    £   
Amount due from related party at the balance sheet date 1,252,762 1,729,098

23. ULTIMATE CONTROLLING PARTY

APC (GB) Limited is a joint-venture business of SARIA Limited (SARIA) and APC Europe Inc. The equity is split equally 50:50 between the two companies.

There is no ultimate controlling party.