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Registered number: 05361602









A.P.M HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
A.P.M HOLDINGS LIMITED
 
 
COMPANY INFORMATION


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




Registered number
05361602



Registered office
Plantation Works
Eurolink Way

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 HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13 - 14
Notes to the financial statements
 
15 - 33


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

Introduction
 
The directors present their group strategic report accompanying the group 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 group 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 30th April 2024 for the group were a turnover of £53.6m (2023: £50.1m) which reflects the effect of the increase in metal prices.
Business levels have been steady for the months of May and June, and the group is predicting another profitable year.

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 group 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 HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £961,054 (2023 - £1,447,441).

Dividends totalling £105,300 (2023: £105,300) were declared and paid in the year.

Directors

The directors who served during the year were:

Mr A G Hyams 
Mr G P Hyams 
Mr P A 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 and the Group'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 and the Group's auditors are aware of that information.

Page 2

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

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

Opinion


We have audited the financial statements of A.P.M Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent company's affairs as at 30 April 2024 and of the Group's 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 Group 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 Group's or the parent 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 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M HOLDINGS 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 Group 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 Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
A.P.M HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.P.M HOLDINGS 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 Group 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, reviewing internal audit reports 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.
• As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.
We assessed the susceptibility of the group and the parent 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 group and the parent company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
 
Page 6

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



• 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 HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
53,629,673
50,064,569

Cost of sales
  
(51,071,974)
(47,358,433)

Gross profit
  
2,557,699
2,706,136

Administrative expenses
  
(1,295,658)
(812,378)

Operating profit
 5 
1,262,041
1,893,758

Interest receivable and similar income
 9 
9,277
278

Interest payable and similar expenses
 10 
(29,769)
(18,725)

Profit before taxation
  
1,241,549
1,875,311

Tax on profit
 11 
(280,495)
(427,870)

Profit for the financial year
  
961,054
1,447,441

Profit for the year attributable to:
  

Owners of the parent company
  
961,054
1,447,441

  
961,054
1,447,441

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

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

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
A.P.M HOLDINGS LIMITED
REGISTERED NUMBER: 05361602

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,326,104
2,304,796

Current assets
  

Stocks
 15 
3,155,125
2,311,870

Debtors: amounts falling due within one year
 16 
6,644,125
5,548,007

Cash at bank and in hand
 17 
1,384,457
433,151

  
11,183,707
8,293,028

Creditors: amounts falling due within one year
 18 
(4,956,082)
(2,557,393)

Net current assets
  
 
 
6,227,625
 
 
5,735,635

Total assets less current liabilities
  
8,553,729
8,040,431

Creditors: amounts falling due after more than one year
 19 
(223,139)
(302,691)

Provisions for liabilities
  

Deferred taxation
 21 
(341,459)
(364,363)

Net assets
  
7,989,131
7,373,377


Capital and reserves
  

Called up share capital 
 22 
5,153
5,153

Capital redemption reserve
  
204,938
204,938

Profit and loss account
  
7,779,040
7,163,286

  
7,989,131
7,373,377


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 15 to 33 form part of these financial statements.

Page 9

 
A.P.M HOLDINGS LIMITED
REGISTERED NUMBER: 05361602

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
678,969
678,969

Investments
 14 
5,154
5,154

  
684,123
684,123

Current assets
  

Debtors: amounts falling due within one year
 16 
150,299
203,690

Cash at bank and in hand
 17 
500
500

  
150,799
204,190

Creditors: amounts falling due within one year
 18 
(493,427)
(358,923)

Net current liabilities
  
 
 
(342,628)
 
 
(154,733)

Net assets
  
341,495
529,390


Capital and reserves
  

Called up share capital 
 22 
5,153
5,153

Capital redemption reserve
  
200,000
200,000

Profit and loss account
  
136,342
324,237

  
341,495
529,390


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 15 to 33 form part of these financial statements.

Page 10

 
A.P.M HOLDINGS LIMITED
 

CONSOLIDATED 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
204,938
7,163,286
7,373,377



Profit for the year
-
-
961,054
961,054

Dividends
-
-
(345,300)
(345,300)


At 30 April 2024
5,153
204,938
7,779,040
7,989,131



CONSOLIDATED 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
204,938
5,821,145
6,031,236



Profit for the year
-
-
1,447,441
1,447,441

Dividends
-
-
(105,300)
(105,300)


At 30 April 2023
5,153
204,938
7,163,286
7,373,377


The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
A.P.M HOLDINGS LIMITED
 

COMPANY 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
200,000
324,237
529,390



Profit for the year
-
-
157,405
157,405

Dividends
-
-
(345,300)
(345,300)


At 30 April 2024
5,153
200,000
136,342
341,495



COMPANY 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
200,000
260,535
465,688



Profit for the year
-
-
169,002
169,002

Dividends
-
-
(105,300)
(105,300)


At 30 April 2023
5,153
200,000
324,237
529,390


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
A.P.M HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
961,054
1,447,441

Adjustments for:

Depreciation of tangible assets
308,019
295,203

Loss on disposal of tangible assets
(12,261)
(42,768)

Interest paid
29,769
18,725

Interest received
(9,277)
(278)

Taxation charge
280,495
427,870

(Increase)/decrease in stocks
(843,255)
221,874

(Increase) in debtors
(1,113,471)
(326,132)

Increase/(decrease) in creditors
375,466
(1,680,743)

Corporation tax (paid)
(301,482)
(497,930)

Net cash generated from operating activities

(324,943)
(136,738)


Cash flows from investing activities

Purchase of tangible fixed assets
(342,816)
(218,508)

Sale of tangible fixed assets
25,750
84,600

Interest received
9,277
278

HP interest paid
(16,337)
(18,671)

Net cash from investing activities

(324,126)
(152,301)

Cash flows from financing activities

Repayment of/new finance leases
(115,559)
(5,167)

Dividends paid
(105,300)
(105,300)

Interest paid
(13,432)
(54)

Net cash used in financing activities
(234,291)
(110,521)

Net (decrease) in cash and cash equivalents
(883,360)
(399,560)

Cash and cash equivalents at beginning of year
280,009
679,569

Cash and cash equivalents at the end of year
(603,351)
280,009


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,384,457
433,151

Bank overdrafts
(1,987,808)
(153,142)

(603,351)
280,009

Page 13

 
A.P.M HOLDINGS LIMITED
 

The notes on pages 15 to 33 form part of these financial statements.

Page 14

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

1.


General information

A.P.M. Holdings Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Plantation Works, Eurolink Way, Sittingbourne, Kent, ME10 3HH. The principal activity of the group during the year continued to be that of secondary metal recycling. The principal activity of the company was that of a holding company. There have not been any significant changes in the group's principal activities in the year under review and the directors are not aware of any likely major changes.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

Page 15

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 16

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

2.Accounting policies (continued)

 
2.8

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
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 17

 
A.P.M HOLDINGS 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, .

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33% straight line
Freehold land
-
    Depreciation is not provided

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18

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

2.Accounting policies (continued)

 
2.15

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.

  
2.16

Debt factoring

The group 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 group and are charged to the statement of comprehensive income when incurred.

 
2.17

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.

 
2.18

Financial instruments

The Group 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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

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

2.Accounting policies (continued)

 
2.20

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.


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 group has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11 of the accounting policies.
The group 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 15 the value of the stock as at 30 April 2024 is £3,044,392 
(2023: £2,311,870) and this includes a provision of £288,627 (2023: reversal of provision of £98,682).

Page 20

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

4.


Turnover

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(6,625)
(309,462)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
20,950
19,400

Fees payable to the company's auditors in connection with the Group's pension scheme(s) in respect of:

All Other services
3,300
8,589

Page 21

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
708,766
703,634

Social security costs
82,697
65,564

Cost of defined contribution scheme
114,582
73,527

906,045
842,725


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
4
4
3
3



Cost of sales
20
21
-
-

24
25
3
3


8.


Directors' remuneration




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


9.


Interest receivable

2024
2023
£
£


Other interest receivable
9,277
278

9,277
278

Page 22

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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
12,680
54

Finance leases and hire purchase contracts
16,337
18,671

Other interest payable
752
-

29,769
18,725


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
303,117
390,238

Adjustments in respect of previous periods
282
-


Total current tax
303,399
390,238

Deferred tax


Origination and reversal of timing differences
(22,904)
37,632

Total deferred tax
(22,904)
37,632


Tax on profit
280,495
427,870
Page 23

 
A.P.M HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.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 - 19/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,241,549
1,875,311


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)
310,386
356,309

Effects of:


Expenses not deductible for tax purposes
4,615
4,944

Capital allowances for year in excess of depreciation
(11,884)
28,985

Adjustments to tax charge in respect of prior periods
282
-

Deferred tax
(22,904)
37,632

Total tax charge for the year
280,495
427,870


Factors that may affect future tax charges

UK corporate tax rate is increasing from 19% to 25% (effective 1 April 2023). The increase will
therefore increase future tax charges accordingly.

Page 24

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

12.


Intangible assets

Group and Company





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 25

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

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 May 2023
972,434
2,566,626
695,634
55,270
44,170


Additions
-
147,373
194,241
1,202
-


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



At 30 April 2024

972,434
2,693,999
863,436
55,175
44,170



Depreciation


At 1 May 2023
177,387
1,355,419
397,981
54,381
44,170


Charge for the year on owned assets
5,869
83,136
40,557
948
-


Charge for the year on financed assets
-
106,755
70,754
-
-


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



At 30 April 2024

183,256
1,538,171
483,481
54,032
44,170



Net book value



At 30 April 2024
789,178
1,155,828
379,955
1,143
-



At 30 April 2023
795,047
1,211,207
297,653
889
-
Page 26

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

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 May 2023
4,334,134


Additions
342,816


Disposals
(47,736)



At 30 April 2024

4,629,214



Depreciation


At 1 May 2023
2,029,338


Charge for the year on owned assets
130,510


Charge for the year on financed assets
177,509


Disposals
(34,247)



At 30 April 2024

2,303,110



Net book value



At 30 April 2024
2,326,104



At 30 April 2023
2,304,796

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


2024
2023
£
£



Plant and machinery
604,947
711,701

Motor vehicles
218,428
141,208

823,375
852,909

Page 27

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

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 May 2023
678,969



At 30 April 2024

678,969






At 30 April 2024

-



Net book value



At 30 April 2024
678,969



At 30 April 2023
678,969







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
5,154



At 30 April 2024
5,154




Page 28

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

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

A.P.M. Metals Limited
Ordinary and Ordinary B
100%
Concorde Metals Limited
Ordinary
100%
A.P.M. Services Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

A.P.M. Metals Limited
4,232,106
35,541

Concorde Metals Limited
3,228,086
575,510

A.P.M. Services Limited

100
-


15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
3,155,125
2,311,870

3,155,125
2,311,870



16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,772,247
5,170,804
-
-

Amounts owed by group undertakings
-
-
150,299
203,690

Other debtors
640,917
166,141
-
-

Prepayments and accrued income
230,961
211,062
-
-

6,644,125
5,548,007
150,299
203,690


Page 29

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

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,384,457
433,151
500
500

Less: bank overdrafts
(1,987,808)
(153,142)
-
-

(603,351)
280,009
500
500



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,987,808
153,142
-
-

Bank loans
52,222
52,222
52,222
52,222

Trade creditors
1,891,013
1,051,369
-
-

Amounts owed to group undertakings
-
-
1
1

Corporation tax
219,210
234,646
52,448
40,920

Other taxation and social security
133,755
173,720
-
-

Obligations under finance lease and hire purchase contracts
161,416
197,423
-
-

Other creditors
389,494
291,123
388,756
265,780

Accruals and deferred income
121,164
403,748
-
-

4,956,082
2,557,393
493,427
358,923


Page 30

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

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
223,139
302,691

223,139
302,691



Bank loans and overdrafts are secured by way of a debenture including a fixed and floating charge over all present freehold and leasehold property; a first fixed charge over book and other debts, goodwill and uncalled capital, both present and future; and a 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.




20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
161,416
197,423

Between 1-5 years
223,139
302,691

384,555
500,114

Page 31

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

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(364,363)
(326,731)


Charged to profit or loss
22,904
(37,632)



At end of year
(341,459)
(364,363)

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
341,459
364,363

341,459
364,363


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90 (2023 - 90) Ordinary B shares of £1.00 each
90
90
12,152 (2023 - 12,152) Ordinary A shares of £0.25 each
3,038
3,038
6,075 (2023 - 6,075) Ordinary C shares of £0.25 each
1,519
1,519
2,025 (2023 - 2,025) Ordinary D shares of £0.25 each
506
506

5,153

5,153


Page 32

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

23.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £114,582 (2023: £73,527). Contributions totalling £0 (2023: £518) were payable to the fund at the balance sheet date and are included in other creditors due within one year.


24.


Controlling party

The ultimate controlling party is Mr P A Hyams by virtue of his majority shareholding.

 
Page 33