Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr M E Cousins 01/03/2014 Mr G E Haines 15/10/2015 Mr M D Wimms 01/03/2014 23 September 2024 The principal activity of the Company during the financial year was contract scaffolding. 03882507 2023-12-31 03882507 bus:Director1 2023-12-31 03882507 bus:Director2 2023-12-31 03882507 bus:Director3 2023-12-31 03882507 core:CurrentFinancialInstruments 2023-12-31 03882507 core:CurrentFinancialInstruments 2022-12-31 03882507 2022-12-31 03882507 core:Non-currentFinancialInstruments 2023-12-31 03882507 core:Non-currentFinancialInstruments 2022-12-31 03882507 core:ShareCapital 2023-12-31 03882507 core:ShareCapital 2022-12-31 03882507 core:RetainedEarningsAccumulatedLosses 2023-12-31 03882507 core:RetainedEarningsAccumulatedLosses 2022-12-31 03882507 core:CurrentFinancialInstruments core:Secured 2023-12-31 03882507 bus:OrdinaryShareClass1 2023-12-31 03882507 2023-01-01 2023-12-31 03882507 bus:FilletedAccounts 2023-01-01 2023-12-31 03882507 bus:SmallEntities 2023-01-01 2023-12-31 03882507 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03882507 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03882507 bus:Director1 2023-01-01 2023-12-31 03882507 bus:Director2 2023-01-01 2023-12-31 03882507 bus:Director3 2023-01-01 2023-12-31 03882507 2022-01-01 2022-12-31 03882507 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 03882507 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03882507 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03882507 (England and Wales)

APEX SCAFFOLDING (EXETER) LTD

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

APEX SCAFFOLDING (EXETER) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

APEX SCAFFOLDING (EXETER) LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
APEX SCAFFOLDING (EXETER) LTD

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 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
APEX SCAFFOLDING (EXETER) LTD

BALANCE SHEET

As at 31 December 2023
APEX SCAFFOLDING (EXETER) LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Debtors 3 507,261 644,005
Cash at bank and in hand 230,872 345,009
738,133 989,014
Creditors: amounts falling due within one year 4 ( 272,758) ( 470,606)
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 ( 105,000) ( 175,000)
Net assets 360,375 343,408
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 360,374 343,407
Total shareholder's funds 360,375 343,408

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 Scaffolding (Exeter) Ltd (registered number: 03882507) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

Mr M E Cousins
Director
APEX SCAFFOLDING (EXETER) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
APEX SCAFFOLDING (EXETER) LTD

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 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

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 as they are delivered.

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.

Leases

The Company as lessee
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.

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

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 43 53

3. Debtors

2023 2022
£ £
Trade debtors 465,130 587,588
Other debtors 42,131 56,417
507,261 644,005

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 70,000 70,000
Trade creditors 61,202 75,724
Amounts owed to Group undertakings 39,712 174,947
Corporation tax 3,100 56,000
Other taxation and social security 71,502 57,856
Other creditors 27,242 36,079
272,758 470,606

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

2023 2022
£ £
Bank loans (secured) 105,000 175,000

Bank borrowings include loans with a carrying amount of £175,000 (2022: £245,000) on which security has been provided by the company by way of a debenture.

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%

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £12,356 (2022: £26,510).

8. Contingencies

Contingent liabilities

The total amount of contingent assets not included in the balance sheet is £115 (2022: £6,044). The company is a member of a VAT group with its parent and ultimate parent and such is jointly liable for any outstanding liability.

9. Ultimate controlling party

Parent Company:

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