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REGISTERED NUMBER: 09897281 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

APM England Limited

APM England Limited (Registered number: 09897281)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


APM England Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: P J P Prette





REGISTERED OFFICE: 2nd Floor 19 Margaret Street
London
W1W 8RR





REGISTERED NUMBER: 09897281 (England and Wales)





AUDITORS: THP Limited
Chartered Accountants and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

APM England Limited (Registered number: 09897281)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 127,734 313,946

CURRENT ASSETS
Stocks 421,148 457,717
Debtors 5 915,163 999,659
Cash at bank and in hand 254,458 202,390
1,590,769 1,659,766
CREDITORS
Amounts falling due within one year 6 2,909,988 3,320,781
NET CURRENT LIABILITIES (1,319,219 ) (1,661,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,191,485

)

(1,347,069

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (1,191,487 ) (1,347,071 )
(1,191,485 ) (1,347,069 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





P J P Prette - Director


APM England Limited (Registered number: 09897281)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

APM England Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
As at 31 December 2023, the company had net liabilities on its balance sheet of £1,191,485 (2022: £ 1,347,069) with amounts owed to group undertakings of £2,437,291 (2022: £2,946,067) within short term creditors.

The group's profit-making jurisdictions continued to make sufficient profits in 2023 to fully support loss making jurisdictions,and are expected to continue making sufficient profits in 2024 and beyond.

Based on the group support available, at the time of approving these financial statements, the director has a reasonable expectation that the company can continue in operational existence for the foreseeable future, and can meet its debts as they fall due in throughout 2024 and beyond.

Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. Sales of goods are recognised on sale to the customer, which is considered to be the point of sale or delivery and when the significant risks and rewards of the goods have been passed to the customer.

APM England Limited (Registered number: 09897281)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Leasehold land and buildings 3 years straight line
Fixtures and fittings 5 years straight line
Computers Between 1-3 years straight line


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks, which consists of consumer merchandise held for sale, are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined on the first-in, first-out method including the cost of merchandise, and import related costs, (including freight, import taxes and agent commissions).

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.


APM England Limited (Registered number: 09897281)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 22 ) .

APM England Limited (Registered number: 09897281)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 102,032 1,183,536 1,285,568
Additions - 25,073 25,073
At 31 December 2023 102,032 1,208,609 1,310,641
DEPRECIATION
At 1 January 2023 102,032 869,590 971,622
Charge for year - 211,285 211,285
At 31 December 2023 102,032 1,080,875 1,182,907
NET BOOK VALUE
At 31 December 2023 - 127,734 127,734
At 31 December 2022 - 313,946 313,946

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 200,631 216,881
Amounts owed by group undertakings 12,825 33,856
Other debtors 701,707 726,193
915,163 976,930

Amounts falling due after more than one year:
Other debtors - 22,729

Aggregate amounts 915,163 999,659

APM England Limited (Registered number: 09897281)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 53,309 39,713
Amounts owed to group undertakings 2,437,291 2,946,067
Taxation and social security 179,015 128,255
Other creditors 240,373 206,746
2,909,988 3,320,781

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 685,500 680,550
Between one and five years 1,560,042 2,011,384
In more than five years - 228,658
2,245,542 2,920,592

The above commitments relate to rent payable under leases for trading premises.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

9. RELATED PARTY DISCLOSURES

In accordance with FRS102 section 33 paragraph 33.1A, the company has not disclosed transactions with wholly owned fellow group undertakings.

10. POST BALANCE SHEET EVENTS

On 29 May 2024 the company opened its 7th trading site in Hampstead, North London.

APM England Limited (Registered number: 09897281)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of APM Retail HK Ltd, a company registered in Hong Kong.

The largest group for which the results of the company are consolidated is headed by APM HK Ltd, a company registered in Hong Kong and who's registered office is 1/F, HongKong Diamond Exchange Building, 8-10 Duddell Street, Central, Hong Kong. The group accounts are not available to the public.

The ultimate controlling party is P J P Prette.