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REGISTERED NUMBER: 11673769 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

APC Enterprises (Midlands) Ltd

APC Enterprises (Midlands) Ltd (Registered number: 11673769)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


APC Enterprises (Midlands) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr. A P Cummings
Mrs. T V Cummings





REGISTERED OFFICE: Unit 2A
Boulton Road
Solihull
B91 2JU





REGISTERED NUMBER: 11673769 (England and Wales)





ACCOUNTANTS: Crowther Chartered Accountants
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 168,454 194,040
Tangible assets 5 2,180,674 1,934,316
Investments 6 1 1
2,349,129 2,128,357

CURRENT ASSETS
Debtors 7 - 116,922
Cash at bank 45,372 203,367
45,372 320,289
CREDITORS
Amounts falling due within one year 8 687,871 886,323
NET CURRENT LIABILITIES (642,499 ) (566,034 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,706,630

1,562,323

CREDITORS
Amounts falling due after more than one
year

9

(578,311

)

(88,215

)

PROVISIONS FOR LIABILITIES (323,175 ) (418,952 )
NET ASSETS 805,144 1,055,156

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 12 723,216 753,806
Retained earnings 81,918 301,340
SHAREHOLDERS' FUNDS 805,144 1,055,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

Balance Sheet - continued
31 December 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





Mr. A P Cummings - Director


APC Enterprises (Midlands) Ltd (Registered number: 11673769)

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

1. STATUTORY INFORMATION

APC Enterprises (Midlands) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 2% on cost
Experience vehicles - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Totals
£ £ £
COST
At 1 January 2023
and 31 December 2023 255,864 10 255,874
AMORTISATION
At 1 January 2023 61,834 - 61,834
Amortisation for year 25,586 - 25,586
At 31 December 2023 87,420 - 87,420
NET BOOK VALUE
At 31 December 2023 168,444 10 168,454
At 31 December 2022 194,030 10 194,040

5. TANGIBLE FIXED ASSETS
Short Experience Plant and
leasehold vehicles machinery
£ £ £
COST OR VALUATION
At 1 January 2023 121,883 1,848,565 181,187
Additions 48,876 379,021 5,575
Disposals - (54,985 ) -
Revaluations - 112,608 -
Impairments - (123,450 ) -
At 31 December 2023 170,759 2,161,759 186,762
DEPRECIATION
At 1 January 2023 2,898 237,675 63,720
Charge for year 2,614 108,089 18,456
Eliminated on disposal - (9,519 ) -
At 31 December 2023 5,512 336,245 82,176
NET BOOK VALUE
At 31 December 2023 165,247 1,825,514 104,586
At 31 December 2022 118,985 1,610,890 117,467

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST OR VALUATION
At 1 January 2023 30,915 84,800 2,267,350
Additions 12,529 - 446,001
Disposals - - (54,985 )
Revaluations - - 112,608
Impairments - - (123,450 )
At 31 December 2023 43,444 84,800 2,647,524
DEPRECIATION
At 1 January 2023 2,338 26,403 333,034
Charge for year 5,696 8,480 143,335
Eliminated on disposal - - (9,519 )
At 31 December 2023 8,034 34,883 466,850
NET BOOK VALUE
At 31 December 2023 35,410 49,917 2,180,674
At 31 December 2022 28,577 58,397 1,934,316

Cost or valuation at 31 December 2023 is represented by:

Short Experience Plant and
leasehold vehicles machinery
£ £ £
Valuation in 2023 170,759 2,161,759 186,762

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Valuation in 2023 43,444 84,800 2,647,524

Included within the net book value above is £1,167,532 (2022 - £736,382), which relates to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £70,400 (2022 - £45,323).

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Amounts owed by associates - 114,922
Prepayments - 2,000
- 116,922

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Bank loans and overdrafts (see note 10) 10,000 53,107
Hire purchase contracts 241,153 195,718
Trade creditors 12,798 228,046
Amounts owed to associates 22,158 -
Tax 631 569
VAT 287,949 242,174
Directors' loan accounts 96,482 151,175
Accrued expenses 16,700 15,534
687,871 886,323

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£ £
Bank loans (see note 10) 14,167 24,167
Hire purchase contracts 564,144 64,048
578,311 88,215

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 53,107

APC Enterprises (Midlands) Ltd (Registered number: 11673769)

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

10. LOANS - continued
31.12.23 31.12.22
£ £
Amounts falling due between two and five years:
Bank loans - 2-5 years 14,167 24,167

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£ £
Bank loans 24,167 77,274
Hire purchase contracts 805,297 259,766
829,464 337,040

12. RESERVES
Revaluation
reserve
£
At 1 January 2023 753,806
Fixed assets revaluation (10,842 )
Revalued asset disposal (19,748 )

At 31 December 2023 723,216

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors: amounts falling due within one year is a loan from the director of £96,482 (2022 - £151,175). The loan is interest free with no fixed date for repayment.

14. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £62,559.99 (2022 - £71,573.15) to Premier Trackdays Ltd. The company also received rentals of £nil (2022 - £600,000) from Premier Trackdays Ltd. The company owns 100% of the shares held within Premier Trackdays Ltd.

At the balance sheet date, the company was owed £214,409.09 (2022 - £43,349) to Supreme Trackdays Ltd. The company also received rentals of £160,000 (2022 - £200,000) from Supreme Trackdays Ltd. The directors in APC Enterprises (Midlands) Ltd are the same in Supreme Trackdays Ltd.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Mr. A P Cummings.