Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01truetruetruetrue21falseSecondary Metal recycling19falsefalse 00844605 2023-05-01 2024-04-30 00844605 2022-05-01 2023-04-30 00844605 2024-04-30 00844605 2023-04-30 00844605 2022-05-01 00844605 c:Director1 2023-05-01 2024-04-30 00844605 c:Director2 2023-05-01 2024-04-30 00844605 c:Director3 2023-05-01 2024-04-30 00844605 c:RegisteredOffice 2023-05-01 2024-04-30 00844605 d:Buildings 2023-05-01 2024-04-30 00844605 d:Buildings 2024-04-30 00844605 d:Buildings 2023-04-30 00844605 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00844605 d:Buildings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00844605 d:PlantMachinery 2023-05-01 2024-04-30 00844605 d:PlantMachinery 2024-04-30 00844605 d:PlantMachinery 2023-04-30 00844605 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00844605 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00844605 d:MotorVehicles 2023-05-01 2024-04-30 00844605 d:MotorVehicles 2024-04-30 00844605 d:MotorVehicles 2023-04-30 00844605 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00844605 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00844605 d:FurnitureFittings 2023-05-01 2024-04-30 00844605 d:FurnitureFittings 2024-04-30 00844605 d:FurnitureFittings 2023-04-30 00844605 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00844605 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00844605 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00844605 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00844605 d:Goodwill 2024-04-30 00844605 d:Goodwill 2023-04-30 00844605 d:CurrentFinancialInstruments 2024-04-30 00844605 d:CurrentFinancialInstruments 2023-04-30 00844605 d:Non-currentFinancialInstruments 2024-04-30 00844605 d:Non-currentFinancialInstruments 2023-04-30 00844605 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00844605 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00844605 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 00844605 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00844605 d:UKTax 2023-05-01 2024-04-30 00844605 d:UKTax 2022-05-01 2023-04-30 00844605 d:ShareCapital 2024-04-30 00844605 d:ShareCapital 2023-04-30 00844605 d:ShareCapital 2022-05-01 00844605 d:CapitalRedemptionReserve 2024-04-30 00844605 d:CapitalRedemptionReserve 2023-04-30 00844605 d:CapitalRedemptionReserve 2022-05-01 00844605 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00844605 d:RetainedEarningsAccumulatedLosses 2024-04-30 00844605 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00844605 d:RetainedEarningsAccumulatedLosses 2023-04-30 00844605 d:RetainedEarningsAccumulatedLosses 2022-05-01 00844605 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00844605 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00844605 c:OrdinaryShareClass1 2023-05-01 2024-04-30 00844605 c:OrdinaryShareClass1 2024-04-30 00844605 c:OrdinaryShareClass1 2023-04-30 00844605 c:OrdinaryShareClass2 2023-05-01 2024-04-30 00844605 c:OrdinaryShareClass2 2024-04-30 00844605 c:OrdinaryShareClass2 2023-04-30 00844605 c:FRS102 2023-05-01 2024-04-30 00844605 c:Audited 2023-05-01 2024-04-30 00844605 c:FullAccounts 2023-05-01 2024-04-30 00844605 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00844605 d:WithinOneYear 2024-04-30 00844605 d:WithinOneYear 2023-04-30 00844605 d:BetweenOneFiveYears 2024-04-30 00844605 d:BetweenOneFiveYears 2023-04-30 00844605 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 00844605 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 00844605 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 00844605 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 00844605 2 2023-05-01 2024-04-30 00844605 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 00844605 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 00844605 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 00844605 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 00844605 d:LeasedAssetsHeldAsLessee 2024-04-30 00844605 d:LeasedAssetsHeldAsLessee 2023-04-30 00844605 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00844605









A.P.M. METALS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
A.P.M. METALS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr P A Hyams 
Mr A G Hyams 
Mr G P Hyams 




Registered number
00844605



Registered office
Plantation Works Eurolink Way
Crown Quay Lane

Sittingbourne

Kent

ME10 3HH




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73 - 81 Southwark Bridge Road

London

SE1 0NQ





 
A.P.M. METALS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 24


 
A.P.M. METALS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April
2024.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The results to the year ended 30 April 2024 for the company were a turnover of £30.8m (2023: £30.6m) and a profit of £34k (2023: £763k).
Business levels have been steady for the months of May and June, and the group is predicting an increase inprofitability for 2025.

Principal risks and uncertainties
 
The directors have agreed, and look to mitigate as appropriate, the following key strategic risks:
- Competition from established competitors
- The uncertainty over the world economy
However, the directors' are confident that the company will continue to remain profitable for the forseeable future.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover and gross profit margin. Given the straight forward nature of the business the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board and signed on its behalf.



Mr P A Hyams
Director

Date: 24 October 2024

Page 1

 
A.P.M. METALS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £163,591 (2023 - £581,575).

Directors

The directors who served during the year were:

Mr P A Hyams 
Mr A G Hyams 
Mr G P Hyams 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 2

 
A.P.M. METALS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr P A Hyams
Director

Date: 24 October 2024

Page 3

 
A.P.M. METALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M. METALS LIMITED
 

Opinion


We have audited the financial statements of A.P.M. Metals Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
A.P.M. METALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M. METALS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
A.P.M. METALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M. METALS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the scrap metal recycling sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006;
o FRS102;
o Customs, VAT and Excise legislation;
o Health and Safety at work act;
o Scrap Metals Dealers Act 2013;
o Employment legislation; and
o Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence and invoices;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, including accruals, bad debt provision and depreciation were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
Page 6

 
A.P.M. METALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M. METALS LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in regard to accounting estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
1st Floor
73 - 81 Southwark Bridge Road
London
SE1 0NQ
 

25 October 2024
Page 7

 
A.P.M. METALS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,787,228
30,715,022

Cost of sales
  
(29,845,124)
(29,350,798)

Gross profit
  
942,104
1,364,224

Administrative expenses
  
(713,354)
(582,399)

Operating profit
  
228,750
781,825

Interest receivable and similar income
 8 
2,426
14

Interest payable and similar expenses
 9 
(26,568)
(18,678)

Profit before tax
  
204,608
763,161

Tax on profit
 10 
(41,017)
(181,586)

Profit for the financial year
  
163,591
581,575

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 
A.P.M. METALS LIMITED
REGISTERED NUMBER: 00844605

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,279,564
1,384,473

Current assets
  

Stocks
 13 
997,654
938,916

Debtors: amounts falling due within one year
 14 
2,460,079
3,685,037

Cash at bank and in hand
 15 
1,254,508
414,775

  
4,712,241
5,038,728

Creditors: amounts falling due within one year
 16 
(1,208,039)
(1,646,292)

Net current assets
  
 
 
3,504,202
 
 
3,392,436

Total assets less current liabilities
  
4,783,766
4,776,909

Creditors: amounts falling due after more than one year
 17 
(163,139)
(284,128)

Provisions for liabilities
  

Deferred tax
 19 
(260,471)
(296,216)

Net assets
  
4,360,156
4,196,565


Capital and reserves
  

Called up share capital 
 20 
5,153
5,153

Capital redemption reserve
  
4,938
4,938

Profit and loss account
  
4,350,065
4,186,474

  
4,360,156
4,196,565


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P A Hyams
Director

Date: 24 October 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 9

 
A.P.M. METALS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
5,153
4,938
4,186,474
4,196,565



Profit for the year
-
-
163,591
163,591


At 30 April 2024
5,153
4,938
4,350,065
4,360,156



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
5,153
4,938
3,604,899
3,614,990



Profit for the year
-
-
581,575
581,575


At 30 April 2023
5,153
4,938
4,186,474
4,196,565


The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

APM Metals Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is Plantation Works, Eurolink Way, Sittingbourne, Kent, ME10 3HH. The principal activity of the company during the year has been that of secondary metal recycling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of APM Holdings Limited as at 30 April 2023 and these financial statements may be obtained from Companies House, Cardiff, CF14
3UZ..

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 12

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leaseold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.15

Debt factoring

The company factors its trade debts.  The accounting policy is to include trade debtors factored with recourse within trade debtors due within one year and the returnable element of proceeds is recorded within bank overdrafts due within one year.  Factoring fees and interest are charged to the statement of comprehensive income when paid.  Bad debts are borne by the company and are charged to the statement of comprehensive income when incurred.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies.
The company holds a significant amount of stock and is subject to changing customer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the anticipated saleability of the stock. As per note note 13 the value of the stock as at 30 April 2024 is £886,921 
(2023: £938,916) and this includes a provision of £62,611 (2023: £216,879).


4.


Turnover

All turnover arose within the United Kingdom.

Page 15

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements

9,600
9,400

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


6.


Employees

2024
2023
£
£

Wages and salaries
602,089
612,207

Social security costs
74,950
57,657

Cost of defined contribution scheme
13,115
71,621

690,154
741,485


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
21
19


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
25,874
25,272

Company contributions to defined contribution pension schemes
-
30,000

25,874
55,272


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.

Page 16

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
2,426
14

2,426
14


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
12,680
54

Finance leases and hire purchase contracts
13,888
18,624

26,568
18,678


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
76,480
193,726

Adjustments in respect of previous periods
282
-

Deferred tax


Origination and reversal of timing differences
(35,745)
(12,140)


Tax on profit
41,017
181,586
Page 17

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
204,608
763,161


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
51,151
148,816

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,923
(4,907)

Capital allowances for year in excess of depreciation
21,688
49,817

Deferred tax
(35,745)
(12,140)

Total tax charge for the year
41,017
181,586

Page 18

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
850



At 30 April 2024

850



Amortisation


At 1 May 2023
850



At 30 April 2024

850



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 19

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
293,465
2,390,521
461,874
55,270
3,201,130


Additions
-
80,000
46,266
1,202
127,468


Disposals
-
(20,000)
(26,439)
(1,297)
(47,736)



At 30 April 2024

293,465
2,450,521
481,701
55,175
3,280,862



Depreciation


At 1 May 2023
177,387
1,292,218
292,671
54,381
1,816,657


Charge for the year on owned assets
5,869
71,555
13,767
948
92,139


Charge for the year on financed assets
-
96,769
29,980
-
126,749


Disposals
-
(7,139)
(25,811)
(1,297)
(34,247)



At 30 April 2024

183,256
1,453,403
310,607
54,032
2,001,298



Net book value



At 30 April 2024
110,209
997,118
171,094
1,143
1,279,564



At 30 April 2023
116,078
1,098,303
169,203
889
1,384,473

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
548,357
645,125

Motor vehicles
89,941
119,922

638,298
765,047

Page 20

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
997,654
938,916

997,654
938,916



14.


Debtors

2024
2023
£
£


Trade debtors
1,859,093
2,024,656

Amounts owed by group undertakings
487,434
1,603,646

Other debtors
17,214
1,000

Prepayments and accrued income
96,338
55,735

2,460,079
3,685,037



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,254,508
414,775

1,254,508
414,775


Page 21

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
489,799
628,505

Amounts owed to group undertakings
150,299
203,690

Corporation tax
166,762
193,726

Other taxation and social security
132,637
171,489

Obligations under finance lease and hire purchase contracts
126,540
177,173

Other creditors
738
25,343

Accruals and deferred income
141,264
246,366

1,208,039
1,646,292



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
163,139
284,128


Bank overdrafts are secured by way of a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertakings both present and future.
Net obligations under hire purchase contracts are secured over the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
126,540
177,173

Between 1-5 years
163,139
284,128

289,679
461,301

Page 22

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(296,216)
(308,356)


Charged to profit or loss
35,745
12,140



At end of year
(260,471)
(296,216)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
260,471
296,216


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,252 (2023 - 20,252) Ordinary shares of £0.25 each
5,063
5,063
90 (2023 - 90) Ordinary "B" shares of £1.00 each
90
90

5,153

5,153



21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,115 (2023: £71,621). Contributions totalling £Nil (2023: £518) were payable to the fund at the balance sheet date and are included in other creditors due within one year.

Page 23

 
A.P.M. METALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,590
45,522

Later than 1 year and not later than 5 years
25,844
33,229

61,434
78,751


23.


Parent company

The ultimate parent company is A.P.M Holdings Limited, a company incorporated in England and Wales, which is controlled by Mr P A Hyams by virtue of his majority shareholding.

 
Page 24