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Registration number: 09095637

Apex2100 Ltd

Filleted Financial Statements

for the Year Ended 31 January 2024

 

Apex2100 Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 12

 

Apex2100 Ltd

(Registration number: 09095637)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

39,691

94,253

Tangible assets

5

657,422

588,987

Investments

6

797

797

 

697,910

684,037

Current assets

 

Stocks

7

138,793

96,470

Debtors

8

17,262,824

27,630,172

Cash at bank and in hand

 

1,586,040

292,110

 

18,987,657

28,018,752

Creditors: Amounts falling due within one year

9

(5,865,437)

(10,755,737)

Net current assets

 

13,122,220

17,263,015

Net assets

 

13,820,130

17,947,052

Capital and reserves

 

Called up share capital

11

37,697,867

37,697,867

Retained earnings

(23,877,737)

(19,750,815)

Shareholders' funds

 

13,820,130

17,947,052

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Director

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Beaumont Mews
First Floor
London
W1G 6EN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling (£) and rounded to the nearest pound.

Group accounts not prepared

The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 October 2024 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Judgements

Impairment of amount owed by group undertakings - Determining whether amounts owed by group undertakings to the Company requires judgement to be made by the directors in respect of the recoverability of those amounts. An assessment is made by the Company of the ability of these undertakings to repay the amounts due and a provision is made where appropriate. The carrying amount of these debtors is disclosed in note 8.
 

Financial instruments classification - The classification of financial instruments as 'basic' or 'other' requires judgement as to whether all the applicable conditions for classification as basic are met. This includes consideration of the form of the instrument and its return.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the year comprises current and deferred tax. Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are offset only if: (a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settle or recovered.

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 cquired 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.

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

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

5 years straight line

Fixtures and fittings

5 years straight line

Office equipment

5 years straight line

Skiing equipment

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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. Intangible assets are amortised over 5 years on a straight line basis.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

5 years straight line

Academic development

5 years straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard, 01 February 2015, to continue to be charged over the period to the first market rent review rather than the term of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
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 non-puttable ordinary shares.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the conditions of being ‘basic’ financial instruments as defined in FRS 102.11.9 are subsequently measured at amortised cost using the effective interest method.

Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Financial assets are derecognised when and only when

(a) the contractual rights to the cash flows from the financial asset expire or are settled,

(b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or

(c) the Company, despite having retained some, but not all, significant risks and rewards of
ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 40).

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Website
£

Academic development
£

Total
£

Cost or valuation

At 1 February 2023

79,416

221,796

301,212

At 31 January 2024

79,416

221,796

301,212

Amortisation

At 1 February 2023

65,669

141,290

206,959

Amortisation charge

10,660

43,902

54,562

At 31 January 2024

76,329

185,192

261,521

Carrying amount

At 31 January 2024

3,087

36,604

39,691

At 31 January 2023

13,747

80,506

94,253

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Fixtures and fittings
£

Skiing equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,233,645

114,032

114,200

51,250

1,513,127

Additions

38,678

176,298

4,817

209,922

429,715

Disposals

(2,185)

-

(1,130)

-

(3,315)

At 31 January 2024

1,270,138

290,330

117,887

261,172

1,939,527

Depreciation

At 1 February 2023

776,751

42,557

60,415

44,417

924,140

Charge for the year

248,619

49,132

22,370

38,362

358,483

Eliminated on disposal

(428)

-

(90)

-

(518)

At 31 January 2024

1,024,942

91,689

82,695

82,779

1,282,105

Carrying amount

At 31 January 2024

245,196

198,641

35,192

178,393

657,422

At 31 January 2023

456,894

71,475

53,785

6,833

588,987

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

797

797

Subsidiaries

£

Cost or valuation

At 1 February 2023

797

Provision

Carrying amount

At 31 January 2024

797

At 31 January 2023

797

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

SCI Alpine Excellence

Le Pramecou, 73320, Tignes

France

Ordinary

94.9%

94.9%

Subsidiary undertakings

SCI Alpine Excellence

The principal activity of SCI Alpine Excellence is ownership and development of a property in an Alpine ski resort.

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Stocks

2024
£

2023
£

Other inventories

138,793

96,470

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

649,850

313,925

Amounts owed by related parties

12

15,080,648

25,872,904

Prepayments

 

204,380

213,467

Other debtors

 

1,327,946

1,229,876

   

17,262,824

27,630,172

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,192,697

7,419,306

Trade creditors

 

614,876

498,838

Amounts owed to related parties

12

716,469

1,851,804

Taxation and social security

 

23,540

48,700

Other creditors

 

1,317,855

937,089

 

5,865,437

10,755,737

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,192,697

7,419,306

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of €1 each

14,226,249

12,005,280

14,226,249

12,005,280

Deferred shares of €1 each

155,555

139,161

155,555

139,161

Preference shares of €1 each

29,033,802

25,553,425

29,033,802

25,553,425

43,415,606

37,697,866

43,415,606

37,697,866

12

Related party transactions

The company has taken advantage of the exemption provided within FRS102 not to disclosure related party transactions with wholly owned subsidiaries within the group.

Summary of transactions with subsidiaries

SCI Alpine Excellence - Apex2100 Ltd has provided loans to SCI Alpine Excellence and at the year end the balance within debtors was £15,080,648 (2023: £25,872,904). The amount is interest free and repayable on demand.

During the year the Company was recharged for expenditure paid by the subsidiary company of £493,567 (2023: £391,887).

 

 

Apex2100 Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Summary of transactions with other related parties

Included in loans is amount owed from a director, at the balance sheet date the amount due was nil (2023: £59,597 due to the director). No interest was charged on this loan.

Certain directors provide consultancy services to the company, the expenditure relating to this during the year was £387,250 (2023: £75,000). At the balance sheet date the consultancy fees were fully paid.

Capital & Commitment Limited invoiced the Company £56,250 (2023: £nil) for the rendering of consultancy services. A balance was outstanding at the year end of £12,500 (2023: £nil). Capital & Commitment Limited is considered a related party by virtue of directors in common.

13

Parent and ultimate parent undertaking

The company's immediate parent is CCO Trading Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is CCO Trading Limited. These financial statements are available upon request from 23 Beaumont Mews, London, England, W1G 6EN.

 The ultimate controlling party is H Osmond.