Company Registration No. 12978545 (England and Wales)
Apollo Precision Ltd
Unaudited accounts
for the year ended 31 March 2024
Apollo Precision Ltd
Unaudited accounts
Contents
Apollo Precision Ltd
Company Information
for the year ended 31 March 2024
Directors
Iain Nigel Harris
Jasmine Louise Harris
Company Number
12978545 (England and Wales)
Registered Office
Barleigh
Chobham Road
Woking
GU21 2JB
UK
Apollo Precision Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
326,341
441,671
Cash at bank and in hand
73,515
84,221
Creditors: amounts falling due within one year
(186,502)
(199,797)
Net current assets/(liabilities)
40,735
(7,614)
Total assets less current liabilities
367,076
434,057
Creditors: amounts falling due after more than one year
(266,841)
(354,638)
Called up share capital
31
31
Profit and loss account
100,204
79,388
Shareholders' funds
100,235
79,419
For the year ending 31 March 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by
Jasmine Louise Harris
Director
Company Registration No. 12978545
Apollo Precision Ltd
Notes to the Accounts
for the year ended 31 March 2024
Apollo Precision Ltd is a private company, limited by shares, registered in England and Wales, registration number 12978545. The registered office is Barleigh, Chobham Road, Woking, GU21 2JB, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Apollo Precision Ltd
Notes to the Accounts
for the year ended 31 March 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have [made the following judgements: / have not had to make any judgements and there are no other key sources of estimation uncertainty]
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Deferred tax asset (note 8)
Management estimation is required to determine the amount of deferred tax asset that can be recognised based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
504,590
26,995
-
6,346
537,931
Additions
19,839
-
1,429
-
21,268
At 31 March 2024
524,429
26,995
1,429
6,346
559,199
At 1 April 2023
89,500
5,062
-
1,698
96,260
Charge for the year
128,117
6,749
145
1,587
136,598
At 31 March 2024
217,617
11,811
145
3,285
232,858
At 31 March 2024
306,812
15,184
1,284
3,061
326,341
At 31 March 2023
415,090
21,933
-
4,648
441,671
Apollo Precision Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
114,608
47,393
Deferred tax asset
6,219
6,219
Accrued income and prepayments
32,895
1,350
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
19,132
31,717
Obligations under finance leases and hire purchase contracts
97,688
78,672
Trade creditors
52,232
89,282
Taxes and social security
1,010
-
Loans from directors
405
126
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
266,841
354,638
8
Average number of employees
During the year the average number of employees was 3 (2023: 2).