APL Holdings Limited
Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 02493532 (England and Wales)
APL Holdings Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
APL Holdings Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
360,631
360,631
Current assets
Debtors
4
51,815
51,815
Creditors: amounts falling due within one year
5
(129,676)
(129,676)
Net current liabilities
(77,861)
(77,861)
Net assets
282,770
282,770
Capital and reserves
Called up share capital
6
278,263
278,263
Share premium account
929
929
Profit and loss reserves
3,578
3,578
Total equity
282,770
282,770

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
C O'Bric
Director
Company Registration No. 02493532
APL Holdings Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 2
1
Accounting policies
Company information

APL Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Mole Business Park, Leatherhead, Surrey, KT22 7BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

APL Holdings Limited is a holding company and is not actively trading. As a result, the going concern status of the company relies on the performance of its trading subsidiaries. The directors remain very confident that the business is and will continue to be a going concern. After several difficult years of trading the business saw revenue increase by 31% versus prior year mainly driven by strong sales in China and sales of the new SUPR-DSF product. The company is still experiencing the impact of an extended timeline of the sales process due to limitations on customer site visits. true

 

The main trading subsidiaries expect to build on these improved sales in the new financial year and finished the year with a £1.37M order book. The business has invested in growing sales and marketing activities to support the revenue growth and continues to develop new products to secure its long-term future. The main trading subsidiary has continued to benefit from the cash inflow of R&D tax credit claims and has also been supported by its ultimate parent company as and when required.

 

The global supply chain issues affecting electronic components remains a concern for the business with long lead times from suppliers for some components. The business took the necessary steps to secure supply of critical components both for its own manufacturing and for some suppliers. This helped avoid any significant issues on meeting sales demand during the year although has resulted in higher than normal inventory levels.

 

The new financial year has started well, boosted by the strong brought forward order book and improved sales in several regions. The business also expects increased sales of the new SUPR-DSF product. With the level of funding being made available to the Life Sciences sector and specifically academic and research institutions, we expect an increase in sales during the coming months.

 

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 3

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
360,631
360,631
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
51,815
51,815
APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
129,676
129,676
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 10p each
2,782,630
2,782,630
278,263
278,263
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Meadows
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions

At the year end an amount of £129,676 (2022 - £129,676) was due to Applied Photophysics Limited, a subsidiary undertaking.

 

At the year end an amount of £51,815 (2022 - £51,815) was due to Applied Photophysics Employees' Trust Limited, a subsidiary undertaking.

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