Company No:
Contents
DIRECTORS | Mr M E Cousins |
Mr G E Haines | |
Mr M D Wimms |
SECRETARY | Mr M E Cousins |
REGISTERED OFFICE | Apex House |
Pinbrook Road | |
Exeter | |
EX4 8HH | |
United Kingdom |
COMPANY NUMBER | 03882507 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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738,133 | 989,014 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 465,375 | 518,408 | ||
Total assets less current liabilities | 465,375 | 518,408 | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Apex Scaffolding (Exeter) Ltd (registered number:
Mr M E Cousins
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 Scaffolding (Exeter) Ltd (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 have been 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 as they are delivered.
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.
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.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
During the year, the company received a cash grant of £nil (2022: £2,175) under the Coronavirus Statutory Sick Pay Rebate Scheme.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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£ | £ | ||
Trade debtors |
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Other debtors |
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Bank loans (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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£ | £ | ||
Bank loans (secured) |
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A cross guarantee of £350,000 has also been provided by Apex Services (South West) and Apex Scaffolding Holdings. The Government has also provided a guarantee under the Coronavirus Business Interruptions Loan Scheme.
During the accounting period ending 31 December 2020, the company signed a loan agreement under the Coronavirus Business Interruption Loan Scheme. The term of the loan is 72 months, with the first 12 monthly payments being interest-only and paid on the company's behalf by the government. The interest rate is equivalent to the Bank of England base rate plus 2.71%
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
The total amount of financial commitments not included in the balance sheet is £12,356 (2022: £26,510).
Contingent liabilities
Parent Company:
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Apex House, Pinbrook Road, Exeter, Devon, England, EX4 8HH |