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Registered number: 11142786
Apex Joiners Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11142786
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,688 18,117
22,688 18,117
CURRENT ASSETS
Stocks 5 28,454 6,535
Debtors 6 80,646 104,574
Cash at bank and in hand 367,322 241,916
476,422 353,025
Creditors: Amounts Falling Due Within One Year 7 (115,013 ) (123,117 )
NET CURRENT ASSETS (LIABILITIES) 361,409 229,908
TOTAL ASSETS LESS CURRENT LIABILITIES 384,097 248,025
Creditors: Amounts Falling Due After More Than One Year 8 (18,333 ) (26,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (5,672 ) (3,442 )
NET ASSETS 360,092 217,916
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 360,090 217,914
SHAREHOLDERS' FUNDS 360,092 217,916
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Bernard Hutchison
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Apex Joiners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11142786 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods or on completion of the given contract.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% - reducing balance basis
Motor Vehicles 25% - reducing balance basis
Fixtures & Fittings 15% - reducing balance basis
Computer Equipment 15% - reducing balance basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 28,570 1,050 3,898 33,518
Additions 9,281 - 382 9,663
As at 31 January 2024 37,851 1,050 4,280 43,181
Depreciation
As at 1 February 2023 13,012 773 1,616 15,401
Provided during the period 4,643 69 380 5,092
As at 31 January 2024 17,655 842 1,996 20,493
Net Book Value
As at 31 January 2024 20,196 208 2,284 22,688
As at 1 February 2023 15,558 277 2,282 18,117
5. Stocks
2024 2023
£ £
Materials 1,810 1,125
Work in progress 26,644 5,410
28,454 6,535
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,765 42,377
VAT recoverable 20,593 5,376
CIS tax deductions recoverable - 5,634
Other debtors - inter company loan 51,187 51,187
PAYE and NI 101 -
80,646 104,574
The other debtor relates to a sundry loan granted as a short-term cash injection to a company in which the directors are co-directors and shareholders, and was given to assist that company's purchase of development land, which development will be contracted to the company under normal commercial terms once full planning consents have been granted, which were delayed due to Covid19 backlogs with the local council and other planning issues, and will therefore benefit the company financially in terms of resultant profits on that contract. The loan is unsecured, interest free and has no fixed terms of repayment.
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,271 41,574
Bank loans and overdrafts 8,333 8,333
Corporation tax 55,995 30,185
Subcontractors CIS tax 19,127 25,175
Accrued charges 2,757 2,556
Directors' loan accounts 2,530 15,294
115,013 123,117
The directors loan accounts are unsecured, interest free and have no fixed terms of repayment.
The bank loan was obtained in May 2020 in terms of the Bounce Back Loan Scheme following the Covid19 pandemic and is accordance with the terms thereof.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,333 26,667
The bank loan was obtained in May 2020 in terms of the Bounce Back Loan Scheme following the Covid19 pandemic and is accordance with the terms thereof.
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2024 2023
£ £
Other timing differences 5,672 3,442
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 3,442 3,442
Additions 2,230 2,230
Balance at 31 January 2024 5,672 5,672
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Ultimate Controlling Party
There is no ultimate controlling party by virtue of the split in ownership of the issued share capital in the company.
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