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REGISTERED NUMBER: 02563067 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023

FOR

API EQUITY LIMITED

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 9


API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

STATEMENT OF FINANCIAL POSITION
26 NOVEMBER 2023

26.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 194,634 151,848
Investments 6 21,430 21,430
Investment property 7 2,795,248 2,302,716
3,011,312 2,475,994

CURRENT ASSETS
Debtors 8 1,883,999 1,739,037
Cash at bank 434,413 441,809
2,318,412 2,180,846
CREDITORS
Amounts falling due within one year 9 (1,010,462 ) (396,711 )
NET CURRENT ASSETS 1,307,950 1,784,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,319,262

4,260,129

CREDITORS
Amounts falling due after more than one
year

10

(563,092

)

(668,269

)

PROVISIONS FOR LIABILITIES (183,757 ) (173,833 )
NET ASSETS 3,572,413 3,418,027

CAPITAL AND RESERVES
Called up share capital 600 600
Fair value reserve 564,045 460,699
Capital redemption reserve 600 600
Retained earnings 3,007,168 2,956,128
3,572,413 3,418,027

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 26 November 2024 and were signed on its behalf by:





H A Jones - Director


API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


1. STATUTORY INFORMATION

API Equity Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02563067

Registered office: Engels House, Victoria Mills
Weaste Trading Estate
Liverpool Street
Salford
Greater Manchester
M5 5HD

The principal activity was one of a property development company.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about API Equity Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are consolidated into the financial statements of its parent, Action Properties (North West) Limited, Engels House, Victoria Mills Weaste Trading Estate, Liverpool Street, Salford, Greater Manchester, M5 5HD.

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment property was stated in the balance sheet at fair value based on the valuation performed by the directors.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

GOING CONCERN
The company is part of the Action Properties (North West) Limited group. After reviewing the group forecasts and projections, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 33.33% reducing balance
Motor vehicles - 25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the period 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 3 ) .

4. AUDITORS' REMUNERATION
Period
1.12.22
to Year Ended
26.11.23 30.11.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,500

9,594

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 277,869 150,165 73,935 501,969
Additions - - 164,950 164,950
Disposals - - (53,040 ) (53,040 )
At 26 November 2023 277,869 150,165 185,845 613,879
DEPRECIATION
At 1 December 2022 243,869 74,521 31,731 350,121
Charge for period 27,787 24,963 32,168 84,918
Eliminated on disposal - - (15,794 ) (15,794 )
At 26 November 2023 271,656 99,484 48,105 419,245
NET BOOK VALUE
At 26 November 2023 6,213 50,681 137,740 194,634
At 30 November 2022 34,000 75,644 42,204 151,848

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2022
and 26 November 2023 21,430
NET BOOK VALUE
At 26 November 2023 21,430
At 30 November 2022 21,430

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 2,302,716
Additions 70,248
Revaluations 422,284
At 26 November 2023 2,795,248
NET BOOK VALUE
At 26 November 2023 2,795,248
At 30 November 2022 2,302,716

The business had a valuation on 19 July 2023 by WT Gunson the valuations valued Engels House and Unit B2 in full. The director believes the valuations are representative of the fair value at 30 November 2023.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
26.11.23 30.11.22
£    £   
Trade debtors 9,714 5,214
Amounts owed by group undertakings 34,474 121,032
Other debtors 1,839,811 1,612,791
1,883,999 1,739,037

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
26.11.23 30.11.22
£    £   
Bank loans and overdrafts 77,322 49,467
Amounts owed to group undertakings 678,743 -
Taxation and social security 197,259 291,571
Other creditors 57,138 55,673
1,010,462 396,711

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
26.11.23 30.11.22
£    £   
Bank loans 563,092 668,269

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 26 November 2023 and the year ended 30 November 2022:

26.11.23 30.11.22
£    £   
H A Jones
Balance outstanding at start of period 155,827 187,593
Amounts advanced 103,914 106,702
Amounts repaid (134,640 ) (138,468 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 125,101 155,827

S T Barratt
Balance outstanding at start of period 1,125,200 263,456
Amounts advanced 363,706 1,090,552
Amounts repaid (226,030 ) (228,808 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 1,262,876 1,125,200

K Barratt
Balance outstanding at start of period - -
Amounts advanced 39,832 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 39,832 -

The director's loan was interest free and unsecured with no fixed repayment term.

By virtue of the loan accounts, a liability to taxation exists under S455 CTA 2010 in the sum of £451,952 which will be repaid or discharged when the loans are repaid.

13. RELATED PARTY DISCLOSURES

Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS 102.

API EQUITY LIMITED (REGISTERED NUMBER: 02563067)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 DECEMBER 2022 TO 26 NOVEMBER 2023


14. EVENTS AFTER THE END OF THE REPORTING PERIOD

Following the end of the reporting period, the company sold investments in subsidiary undertakings in Full Circle Events & Exhibitions Limited and Psycho Peacock Limited, as part of a full management buyout.

There were no material events up to the date of approval of the financial statements by the Board.

15. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Action Properties (North West) Limited, a company incorporated in England and Wales, which owned all of the issued share capital of the company throughout the current and prior year.

16. GOING CONCERN

The company is part of the Action Properties (North West) Limited group. After reviewing the group forecasts and projections, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.