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REGISTERED NUMBER: 11148347 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Access Platform Sales Holdings Limited

Access Platform Sales Holdings Limited (Registered number: 11148347)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Access Platform Sales Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C W Banks
S R Couling
J I Daintith
A D Jennings
S Paver
K B J Shadbolt
Ms H L Treggalles
D W Leyshon





REGISTERED OFFICE: Leewood Business Park
Upton
Huntingdon
Cambridgeshire
PE28 5YQ





REGISTERED NUMBER: 11148347 (England and Wales)





AUDITORS: Morgan Griffiths LLP
Chartered Accountants
Statutory Auditor
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY

Access Platform Sales Holdings Limited (Registered number: 11148347)

Group Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
2023 proved to be another excellent year for APS although the impact of the LGMG product was far less significant, which resulted in turnover falling by £10.1m to £34.4m.

A softening of the market and increased competition for the LGMG product both impacted although sales of our other major product lines all increased which helped partially fill the gap left by the LGMG reduction. The Hinowa product in particular continued to be a very valuable contributor to the fortunes of APS, representing 34% of our total turnover compared to 17% the previous year.

The re-introduction of parts sales has proved very successful with turnover growing to over £1m in its first full year of operation. We also saw continued growth in our service operations.

The change in product mix resulted in margins increasing to 14.7% from 13.2% the previous year.

Operating costs remained static at £3.8m (2022 £3.7m).

Whilst high levels of inventory are still a significant reason for the success of APS, we are having to review the situation in light of higher interest rates. Interest costs in 2023 increased to £384K from £206K in the previous year.

We ended the year with a PBIT of £797k compared to £1.9m in 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces a range of risks and uncertainties as part of its day to day operations. Significant risk factors identified include:

- Potential changes in distribution policy by principal suppliers.
- Increased interest costs and high levels of debt

In order to combat these threats, the group is continuing to develop closer relationships with manufacturers for whom distribution agreements are already in place as well as seeking new opportunities.

The group's principal financial assets are stock, bank balances and cash, trade and other receivables, and investments. The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the accounts are net of allowances for doubtful receivables.

The group has no significant concentration of credit risk, with exposure spread over a large number of customers.

In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the group continues to use an invoice discounting facility with BNP Commercial Finance.

ON BEHALF OF THE BOARD:





A D Jennings - Director


16 September 2024

Access Platform Sales Holdings Limited (Registered number: 11148347)

Report of the Directors
for the Year Ended 31 December 2023


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of hydraulic access platforms and materials handling equipment and associated support services.

DIVIDENDS
An interim dividend of 33.87p per share was paid on 28 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £249,997.

FUTURE DEVELOPMENTS
Unfortunately, our relationship with LGMG has deteriorated significantly over recent months as they continue to apply pressure to serve the UK and Irish market directly. Our focus is on strengthening relationships with other suppliers and extracting ourselves from the LGMG dealership as smoothly as possible.

We have recently negotiated the distribution rights for a new product, Toughlift to fill the gap left by the loss of the right to sell the Genie Aluminium Products. The product has been well received and we are excited about its potential.

The sale of parts continues to grow and is becoming a significant contributor to the fortunes of APS.

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

C W Banks
S R Couling
J I Daintith
A D Jennings
S Paver
K B J Shadbolt
Ms H L Treggalles
D W Leyshon

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Access Platform Sales Holdings Limited (Registered number: 11148347)

Report of the Directors
for the Year Ended 31 December 2023


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 group'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 group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





A D Jennings - Director


16 September 2024

Report of the Independent Auditors to the Members of
Access Platform Sales Holdings Limited


Opinion
We have audited the financial statements of Access Platform Sales Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company 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 Auditors' 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 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 group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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.

Report of the Independent Auditors to the Members of
Access Platform Sales Holdings Limited


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 Group 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 Group Strategic Report and the Report of the Directors 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 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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Access Platform Sales Holdings Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with management, and from our knowledge and experience of the sale of hydraulic access platforms and materials handling equipment industry;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including relevant legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-reviewed nominal ledgers and tested journal entries reports to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-held discussions with those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

-reviewing correspondence with HMRC.


Report of the Independent Auditors to the Members of
Access Platform Sales Holdings Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Thomas Landers BA FCA (Senior Statutory Auditor)
for and on behalf of Morgan Griffiths LLP
Chartered Accountants
Statutory Auditor
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY

16 September 2024

Access Platform Sales Holdings Limited (Registered number: 11148347)

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 34,437,023 44,624,183

Cost of sales 29,368,983 38,740,359
GROSS PROFIT 5,068,040 5,883,824

Distribution costs 1,851,703 1,828,458
Administrative expenses 1,990,378 1,890,952
3,842,081 3,719,410
OPERATING PROFIT 5 1,225,959 2,164,414

Interest receivable and similar income 7,299 2,461
1,233,258 2,166,875

Interest payable and similar expenses 6 435,932 209,990
PROFIT BEFORE TAXATION 797,326 1,956,885

Tax on profit 7 276,733 474,344
PROFIT FOR THE FINANCIAL YEAR 520,593 1,482,541
Profit attributable to:
Owners of the parent 520,593 1,482,541

Access Platform Sales Holdings Limited (Registered number: 11148347)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 520,593 1,482,541


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

520,593

1,482,541

Total comprehensive income attributable to:
Owners of the parent 520,593 1,482,541

Access Platform Sales Holdings Limited (Registered number: 11148347)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,119,895 1,383,399
Tangible assets 11 1,005,513 1,341,927
Investments 12 - -
2,125,408 2,725,326

CURRENT ASSETS
Stocks 13 9,245,558 6,459,230
Debtors 14 6,932,132 11,750,426
Cash at bank and in hand 377,598 219,921
16,555,288 18,429,577
CREDITORS
Amounts falling due within one year 15 13,506,652 16,110,388
NET CURRENT ASSETS 3,048,636 2,319,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,174,044

5,044,515

CREDITORS
Amounts falling due after more than one
year

16

(44,559

)

(124,523

)

PROVISIONS FOR LIABILITIES 20 (229,305 ) (290,408 )
NET ASSETS 4,900,180 4,629,584

CAPITAL AND RESERVES
Called up share capital 21 737,978 737,978
Retained earnings 22 4,162,202 3,891,606
SHAREHOLDERS' FUNDS 26 4,900,180 4,629,584

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





A D Jennings - Director


Access Platform Sales Holdings Limited (Registered number: 11148347)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 3,000,501 3,000,500
3,000,501 3,000,500

CURRENT ASSETS
Debtors 14 1,000 1,000
Cash at bank 340 1,338
1,340 2,338
CREDITORS
Amounts falling due within one year 15 1 -
NET CURRENT ASSETS 1,339 2,338
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,001,840

3,002,838

CAPITAL AND RESERVES
Called up share capital 21 737,978 737,978
Retained earnings 22 2,263,862 2,264,860
SHAREHOLDERS' FUNDS 26 3,001,840 3,002,838

Company's profit for the financial year 248,999 385,991

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





A D Jennings - Director


Access Platform Sales Holdings Limited (Registered number: 11148347)

Consolidated 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 737,978 2,659,065 3,397,043

Changes in equity
Dividends - (250,000 ) (250,000 )
Total comprehensive income - 1,482,541 1,482,541
Balance at 31 December 2022 737,978 3,891,606 4,629,584

Changes in equity
Dividends - (249,997 ) (249,997 )
Total comprehensive income - 520,593 520,593
Balance at 31 December 2023 737,978 4,162,202 4,900,180

Access Platform Sales Holdings Limited (Registered number: 11148347)

Company 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 737,978 2,128,869 2,866,847

Changes in equity
Dividends - (250,000 ) (250,000 )
Total comprehensive income - 385,991 385,991
Balance at 31 December 2022 737,978 2,264,860 3,002,838

Changes in equity
Dividends - (249,997 ) (249,997 )
Total comprehensive income - 248,999 248,999
Balance at 31 December 2023 737,978 2,263,862 3,001,840

Access Platform Sales Holdings Limited (Registered number: 11148347)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,239,047 549,848
Interest paid (420,186 ) (190,473 )
Interest element of hire purchase
payments paid

(15,746

)

(19,517

)
Tax paid (412,416 ) (418,109 )
Net cash from operating activities 390,699 (78,251 )

Cash flows from investing activities
Purchase of tangible fixed assets (198,234 ) (365,590 )
Sale of tangible fixed assets 235,536 308,245
Interest received 7,299 2,461
Net cash from investing activities 44,601 (54,884 )

Cash flows from financing activities
Capital repayments in year (101,126 ) (145,751 )
Amount withdrawn by directors (3,317 ) (317,078 )
Equity dividends paid (249,997 ) (250,000 )
Net cash from financing activities (354,440 ) (712,829 )

Increase/(decrease) in cash and cash equivalents 80,860 (845,964 )
Cash and cash equivalents at
beginning of year

2

(5,050,774

)

(4,204,810

)

Cash and cash equivalents at end of
year

2

(4,969,914

)

(5,050,774

)

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 797,326 1,956,885
Depreciation charges 611,545 591,426
Profit on disposal of fixed assets (48,929 ) (51,662 )
Finance costs 435,932 209,990
Finance income (7,299 ) (2,461 )
1,788,575 2,704,178
Increase in stocks (2,786,328 ) (4,865,960 )
Decrease/(increase) in trade and other debtors 4,821,611 (786,212 )
(Decrease)/increase in trade and other creditors (2,584,811 ) 3,497,842
Cash generated from operations 1,239,047 549,848

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 377,598 219,921
Bank overdrafts (5,347,512 ) (5,270,695 )
(4,969,914 ) (5,050,774 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 219,921 305,940
Bank overdrafts (5,270,695 ) (4,510,750 )
(5,050,774 ) (4,204,810 )


Access Platform Sales Holdings Limited (Registered number: 11148347)

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


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 219,921 157,677 377,598
Bank overdrafts (5,270,695 ) (76,817 ) (5,347,512 )
(5,050,774 ) 80,860 (4,969,914 )
Debt
Finance leases (223,441 ) 101,126 (122,315 )
(223,441 ) 101,126 (122,315 )
Total (5,274,215 ) 181,986 (5,092,229 )

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


1. STATUTORY INFORMATION

Access Platform Sales Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31st December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.

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

Revenue Recognition
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 33% on cost and 10% on cost
Plant and machinery - 33% on cost, 25% on cost, 20% on cost, 15% on cost, 12.5% on cost and Straight line over 6 years
Fixtures and fittings - 50% on cost and 33% on cost
Motor vehicles - 25% on cost, 20% on cost and 12.5% on cost

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

Stock is valued on the first in first out basis.


Access Platform Sales Holdings Limited (Registered number: 11148347)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


3. TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Sale of goods 33,315,040 43,415,179
Rendering of services 1,121,983 1,209,004
34,437,023 44,624,183

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,122,421 2,082,049
Social security costs 153,362 141,660
Other pension costs 86,778 71,296
2,362,561 2,295,005

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 8 7
Administration 4 5
Production and sales 26 20
38 32

31.12.23 31.12.22
£    £   
Directors' remuneration 751,367 714,427
Directors' pension contributions to money purchase schemes 36,214 29,695

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 6

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 170,087 164,990
Pension contributions to money purchase schemes 4,499 6,500

The company's key management personnel are considered to be the directors.

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 3,350 2,435
Depreciation - owned assets 254,515 183,543
Depreciation - assets on hire purchase contracts 93,526 144,379
Profit on disposal of fixed assets (48,929 ) (51,662 )
Goodwill amortisation 263,504 263,504
Auditors' remuneration 12,000 12,000
Auditors' remuneration for non audit work 2,660 1,185

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 365,750 186,464
Provision for interest 50,000 -
Loan 1,001 4,009
Interest payable 3,435 -
Hire purchase 15,746 19,517
435,932 209,990

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 337,836 437,337

Deferred tax (61,103 ) 37,007
Tax on profit 276,733 474,344

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


7. TAXATION - continued

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

31.12.23 31.12.22
£    £   
Profit before tax 797,326 1,956,885
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

187,372

371,808

Effects of:
Expenses not deductible for tax purposes 11,750 -
Depreciation in excess of capital allowances 15,572 48,845
Amortisation of goodwill 61,923 50,066
Capital gain 116 3,625
Total tax charge 276,733 474,344

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of 50p each
Interim 249,997 250,000

10. INTANGIBLE FIXED ASSETS

Group
Development
Goodwill costs Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 2,647,337 30,000 2,677,337
AMORTISATION
At 1 January 2023 1,263,938 30,000 1,293,938
Amortisation for year 263,504 - 263,504
At 31 December 2023 1,527,442 30,000 1,557,442
NET BOOK VALUE
At 31 December 2023 1,119,895 - 1,119,895
At 31 December 2022 1,383,399 - 1,383,399

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 194,018 1,455,494 30,177 778,109 2,457,798
Additions - 55,864 - 142,370 198,234
Disposals - (165,533 ) - (326,332 ) (491,865 )
At 31 December 2023 194,018 1,345,825 30,177 594,147 2,164,167
DEPRECIATION
At 1 January 2023 75,247 660,241 17,122 363,261 1,115,871
Charge for year 19,405 211,945 7,853 108,838 348,041
Eliminated on disposal - (58,326 ) - (246,932 ) (305,258 )
At 31 December 2023 94,652 813,860 24,975 225,167 1,158,654
NET BOOK VALUE
At 31 December 2023 99,366 531,965 5,202 368,980 1,005,513
At 31 December 2022 118,771 795,253 13,055 414,848 1,341,927

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 424,542 187,514 612,056
Transfer to ownership - (96,207 ) (96,207 )
At 31 December 2023 424,542 91,307 515,849
DEPRECIATION
At 1 January 2023 212,180 96,808 308,988
Charge for year 84,873 8,653 93,526
Transfer to ownership - (51,154 ) (51,154 )
At 31 December 2023 297,053 54,307 351,360
NET BOOK VALUE
At 31 December 2023 127,489 37,000 164,489
At 31 December 2022 212,362 90,706 303,068

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 3,000,500
Additions 1
At 31 December 2023 3,000,501
NET BOOK VALUE
At 31 December 2023 3,000,501
At 31 December 2022 3,000,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Access Platform Sales Ltd
Registered office: Leewood Business Park, Upton, Huntingdon, Cambridgeshire, PE28 5YQ
Nature of business: Sale of machines for the access industry
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 3,778,946 3,243,847
Profit for the year 785,099 1,750,054

LGMG UK limited
Registered office: Leewood Business Park Upton, Huntingdon, Cambridgeshire PE28 5YQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.24
£   
Aggregate capital and reserves 1

LGMG UK limited was incorporated on the 16th June 2023 and is currently dormant.


13. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 9,245,558 6,459,230

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 6,658,505 11,478,729 - -
Directors' current accounts 185,390 182,073 - -
Tax 61,054 61,054 - -
Called up share capital not paid 1,000 1,000 1,000 1,000
Prepayments and accrued income 26,183 27,570 - -
6,932,132 11,750,426 1,000 1,000

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 5,347,512 5,270,695 - -
Hire purchase contracts (see note 18) 77,756 98,918 - -
Trade creditors 6,208,819 7,756,209 - -
Amounts owed to group undertakings - - 1 -
Tax 257,810 332,390 - -
Social security and other taxes 63,550 106,235 - -
VAT 930,303 2,008,727 - -
Other creditors 103,842 67,623 - -
Accrued expenses 517,060 469,591 - -
13,506,652 16,110,388 1 -

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 18) 44,559 124,523

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 5,347,512 5,270,695

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 91,600 114,664
Between one and five years 52,555 146,363
144,155 261,027

Finance charges repayable:
Within one year 13,844 15,746
Between one and five years 7,996 21,840
21,840 37,586

Net obligations repayable:
Within one year 77,756 98,918
Between one and five years 44,559 124,523
122,315 223,441

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 72,000 72,000
Between one and five years 18,000 90,000
90,000 162,000

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
£    £   
Bank overdraft 5,347,512 5,270,695
Hire purchase contracts 122,315 223,441
5,469,827 5,494,136

National Westminster Bank Plc hold a mortgage debenture dated the 16th July 1998 covering all assets of the group.

BNP Paribas Commercial Finance Limited hold a fixed and floating charge dated the 3rd October 2016 over debts against the Company in respect of their Invoice discounting facility.

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


20. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 229,305 290,408

Group
Deferred
tax
£   
Balance at 1 January 2023 290,408
Provided during year (61,103 )
Balance at 31 December 2023 229,305

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,475,956 Ordinary 50p 737,978 737,978

22. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 3,891,606
Profit for the year 520,593
Dividends (249,997 )
At 31 December 2023 4,162,202

Company
Retained
earnings
£   

At 1 January 2023 2,264,860
Profit for the year 248,999
Dividends (249,997 )
At 31 December 2023 2,263,862


Access Platform Sales Holdings Limited (Registered number: 11148347)

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


23. PENSION COMMITMENTS

The group subsidiary contributes to a defined contribution scheme for employees. The charge to profit for the year in respect of the scheme was £86,778 (2022 £71,296). At the year end the amount not paid to the pension provider was £7,914 (2022 £8,191).

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Ms H L Treggalles
Balance outstanding at start of year 91,037 -
Amounts advanced 1,658 91,037
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 92,695 91,037

D W Leyshon
Balance outstanding at start of year 91,037 -
Amounts advanced 1,658 91,037
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 92,695 91,037

Interest has been charged on the loans to the directors at 0.75% above base rate. There is no set repayment date for the capital but loan interest charged in the year has been repaid in April 2024.

25. RELATED PARTY DISCLOSURES

During the year the company paid rent of £72,000 (2022 £72,000) to Leewood Properties Limited. The shareholders and directors of Leewood Properties Limited are Mr J Daintith, Mr A D Jennings, Mr K B J Shadbolt and Mr S R Couling.

During the year 3 vehicles were sold to related parties for £42,167.

During the year, a total of key management personnel compensation of £ 408,209 (2022 - £ 441,536 ) was paid.

Access Platform Sales Holdings Limited (Registered number: 11148347)

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


26. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
31.12.23 31.12.22
£    £   
Profit for the financial year 520,593 1,482,541
Dividends (249,997 ) (250,000 )
Share premium
Net addition to shareholders' funds 270,596 1,232,541
Opening shareholders' funds 4,629,584 3,397,043
Closing shareholders' funds 4,900,180 4,629,584


Company
31.12.23 31.12.22
£    £   
Profit for the financial year 248,999 385,991
Dividends (249,997 ) (250,000 )
Net (reduction)/addition to shareholders' funds (998 ) 135,991
Opening shareholders' funds 3,002,838 2,866,847
Closing shareholders' funds 3,001,840 3,002,838