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Registered number: 12011303
Applebeach Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
The Aylmer-Kelly Partnership LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12011303
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,124 20,771
Tangible Assets 5 108,921 117,833
117,045 138,604
CURRENT ASSETS
Debtors 6 13,837 14,500
Cash at bank and in hand 2,934 3,348
16,771 17,848
Creditors: Amounts Falling Due Within One Year 7 (234,784 ) (222,721 )
NET CURRENT ASSETS (LIABILITIES) (218,013 ) (204,873 )
TOTAL ASSETS LESS CURRENT LIABILITIES (100,968 ) (66,269 )
Creditors: Amounts Falling Due After More Than One Year 8 (154,143 ) (184,531 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,228 ) (4,402 )
NET LIABILITIES (259,339 ) (255,202 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (259,341 ) (255,204 )
SHAREHOLDERS' FUNDS (259,339) (255,202)
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Douglas Neagle
Director
10/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Applebeach Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12011303 . The registered office is 3 Trafalgar Lawn, Barnstaple, Devon, EX32 9BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the franchise licence which is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15 years straight line
Plant & Machinery 15% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 14)
17 14
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 63,237
As at 31 December 2023 63,237
Amortisation
As at 1 January 2023 42,466
Provided during the period 12,647
As at 31 December 2023 55,113
Net Book Value
As at 31 December 2023 8,124
As at 1 January 2023 20,771
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 120,000 30,205 150,205
Additions - 1,180 1,180
As at 31 December 2023 120,000 31,385 151,385
Depreciation
As at 1 January 2023 25,333 7,039 32,372
Provided during the period 8,000 2,092 10,092
As at 31 December 2023 33,333 9,131 42,464
Net Book Value
As at 31 December 2023 86,667 22,254 108,921
As at 1 January 2023 94,667 23,166 117,833
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 93 1,430
Prepayments and accrued income 2,494 1,820
2,587 3,250
Due after more than one year
Other debtors 11,250 11,250
13,837 14,500
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 21,647 2,365
Bank loans and overdrafts 31,298 30,623
Other taxes and social security 9,326 5,423
Net wages 21,443 16,144
Other creditors 21,270 24,070
Accruals and deferred income 12,302 27,148
Directors' loan accounts 117,498 116,948
234,784 222,721
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 154,143 184,531
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 50,000 50,000
Later than one year and not later than five years 200,000 200,000
Later than five years 300,000 350,000
550,000 600,000
11. Related Party Transactions
At the year end, the Company owed the directors jointly the sum of £117,498 (2022 : £116,948). No repayment terms are in place and no interest is being charged.
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