Company No:
Contents
DIRECTORS | Mr M E Cousins |
Mr G E Haines | |
Mr M D Wimms |
SECRETARY | Mr M D Wimms |
REGISTERED OFFICE | Apex House |
Pinbrook Road | |
Exeter | |
EX4 8HH | |
United Kingdom |
COMPANY NUMBER | 02562642 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
Investments | 5 |
|
|
|
1,332,778 | 1,182,712 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
78,250 | 211,148 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current liabilities | (290,438) | (155,524) | ||
Total assets less current liabilities | 1,042,340 | 1,027,188 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Revaluation reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Apex Services (South West) Limited (registered number:
Mr M D Wimms
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Apex Services (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Apex House, Pinbrook Road, Exeter, EX4 8HH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer and revenue from services is recognised in the period to which is relates.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Computer software |
|
Plant and machinery | 4 -
|
Vehicles |
|
Fixtures and fittings |
|
Tools and equipment |
|
Computer equipment |
|
Other property, plant and equipment |
|
Other plant and equipment is carried at its revalued amount being its fair value at the date of revaluation less any accumulated depreciation or impairment losses. Fair value is derived from the current market prices for comparable plant and equipment determined annually by the Directors. Changes in fair value are recognised in other comprehensive income. If a revaluation decrease exceeds the accumulated revaluation gains, the excess shall be recognised in the profit and loss.
During the year to 31 December 2023, Apex Services (South West) Limited changed the method of depreciating its Tools and equipment from 4% on a reducing balance basis to 25 years on a straight-line basis. Also the depreciation method of Other property, plant and equipment changed from 25% on a reducing balance basis to 4 years on a straight-line basis. Both revised changes better reflects the entity’s consumption of the Tools and equipment and Other property, plant and equipment over their useful lives and is consistent with the entity’s replacement cycle.
The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the current year) and in subsequent periods.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Government grants are recognised based on the performance model.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Computer software | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Accumulated amortisation | |||
At 01 January 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
Plant and machinery | Vehicles | Fixtures and fittings | Tools and equipment | Computer equipment | Other property, plant and equipment |
Total | |||||||
£ | £ | £ | £ | £ | £ | £ | |||||||
Cost | |||||||||||||
At 01 January 2023 |
|
|
|
|
|
|
|
||||||
Additions |
|
|
|
|
|
|
|
||||||
Disposals |
|
(
|
(
|
|
|
|
(
|
||||||
At 31 December 2023 |
|
|
|
|
|
|
|
||||||
Accumulated depreciation | |||||||||||||
At 01 January 2023 |
|
|
|
|
|
|
|
||||||
Charge for the financial year |
|
|
|
|
|
|
|
||||||
Disposals |
|
(
|
(
|
|
|
|
(
|
||||||
At 31 December 2023 |
|
|
|
|
|
|
|
||||||
Net book value | |||||||||||||
At 31 December 2023 |
|
|
|
|
|
|
|
||||||
At 31 December 2022 |
|
|
|
|
|
|
|
Revaluation of tangible assets
The fair value of the company's plant & machinery, tools & equipment and other property, plant and equipment was revalued on 31 December 2023. An independent valuer was not involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £713,646 (2022: £678,186).
The last full valuation of plant & machinery, tools & equipment and other property, plant and equipment was carried out on 31 December 2023.
2023 | 2022 | ||
£ | £ | ||
Historical cost | 1,886,096 | 1,714,632 | |
Accumulated depreciation | (1,172,450) | (1,036,446) | |
Carrying value |
|
|
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
|
At 31 December 2023 |
|
Carrying value at 31 December 2023 |
|
Carrying value at 31 December 2022 |
|
2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Amounts owed to Group undertakings |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Other financial commitments
The total amount of financial commitments not included in the balance sheet is £266,667 (2022: £316,667).
The company has provided a guarantee of £350,000 (2022: £350,000) to Apex Scaffolding (Exeter) Limited as security for the company's bank loan.
Contingent liabilities
Parent Company:
|
Apex House, Pinbrook Road, Exeter, Devon, England, EX4 8HH |