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Company No: 02562642 (England and Wales)

APEX SERVICES (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

APEX SERVICES (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

APEX SERVICES (SOUTH WEST) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
APEX SERVICES (SOUTH WEST) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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
APEX SERVICES (SOUTH WEST) LIMITED

BALANCE SHEET

As at 31 December 2023
APEX SERVICES (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 8,510 11,378
Tangible assets 4 1,324,267 1,171,333
Investments 5 1 1
1,332,778 1,182,712
Current assets
Debtors 6 39,827 180,789
Cash at bank and in hand 38,423 30,359
78,250 211,148
Creditors: amounts falling due within one year 7 ( 368,688) ( 366,672)
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 ( 175,318) ( 84,788)
Provision for liabilities ( 245,000) ( 283,300)
Net assets 622,022 659,100
Capital and reserves
Called-up share capital 9 1,000 1,000
Revaluation reserve 301,996 332,119
Profit and loss account 319,026 325,981
Total shareholder's funds 622,022 659,100

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Apex Services (South West) Limited (registered number: 02562642) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Mr M D Wimms
Director
APEX SERVICES (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
APEX SERVICES (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

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.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Tools and equipment 25 years straight line
Computer equipment 4 years straight line
Other property, plant and equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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 instruments

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

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 11,474 11,474
At 31 December 2023 11,474 11,474
Accumulated amortisation
At 01 January 2023 96 96
Charge for the financial year 2,868 2,868
At 31 December 2023 2,964 2,964
Net book value
At 31 December 2023 8,510 8,510
At 31 December 2022 11,378 11,378

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Tools and equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 January 2023 689,162 749,323 57,268 1,228,833 0 577,360 3,301,946
Additions 0 203,687 6,392 149,171 32,614 3,457 395,321
Disposals 0 ( 31,565) ( 19,910) 0 0 0 ( 51,475)
At 31 December 2023 689,162 921,445 43,750 1,378,004 32,614 580,817 3,645,792
Accumulated depreciation
At 01 January 2023 578,743 628,133 36,266 501,850 0 385,621 2,130,613
Charge for the financial year 23,495 62,278 5,883 43,599 5,355 99,032 239,642
Disposals 0 ( 30,343) ( 18,387) 0 0 0 ( 48,730)
At 31 December 2023 602,238 660,068 23,762 545,449 5,355 484,653 2,321,525
Net book value
At 31 December 2023 86,924 261,377 19,988 832,555 27,259 96,164 1,324,267
At 31 December 2022 110,419 121,190 21,002 726,983 0 191,739 1,171,333

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 713,646 678,186

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 December 2022 1

6. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 39,712 174,947
Other debtors 115 5,842
39,827 180,789

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 183,413 209,956
Corporation tax 2,500 23,300
Other taxation and social security 4,959 5,786
Obligations under finance leases and hire purchase contracts (secured) 123,287 64,543
Other creditors 54,529 63,087
368,688 366,672

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 175,318 84,788

Obligation under finance leases and hire purchase contract totalling £298,605 (2022: £149,329) are secured on assets concerned.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Financial commitments

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.

11. Contingencies

Contingent liabilities

The total amount of contingencies not included in the balance sheet is £28,048 (2022: £18,040). The company is a member of a VAT group with its parent and subsidiary undertaking and such is jointly liable for any outstanding liability. The amount guaranteed is £28,048 (2022: £18,040).

12. Ultimate controlling party

Parent Company:

Apex Scaffolding Holdings Limited
Apex House, Pinbrook Road, Exeter, Devon, England, EX4 8HH