Company registration number 06668970 (England and Wales)
APP YORKSHIRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
APP YORKSHIRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
APP YORKSHIRE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
102,201
180,792
Tangible assets
4
59,250
77,102
161,451
257,894
Current assets
Debtors
5
1,801,855
2,116,106
Cash at bank and in hand
175,408
66,128
1,977,263
2,182,234
Creditors: amounts falling due within one year
6
(198,792)
(533,147)
Net current assets
1,778,471
1,649,087
Total assets less current liabilities
1,939,922
1,906,981
Creditors: amounts falling due after more than one year
7
(73,297)
(133,056)
Provisions for liabilities
(36,156)
(62,058)
Net assets
1,830,469
1,711,867
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,829,469
1,710,867
Total equity
1,830,469
1,711,867
APP YORKSHIRE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
P Docwra
Director
Company registration number 06668970 (England and Wales)
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
APP Yorkshire Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bootham, York, North Yorkshire, YO30 7BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Commission earned from services provided as a letting agent is recognised in the period to which the service relates.
1.3
Intangible fixed assets - goodwill
Goodwill represents intangible assets acquired from a third party business. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
44
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
1,442,888
Disposals
(1,049,932)
At 31 March 2024
392,956
Amortisation and impairment
At 1 April 2023
1,262,096
Amortisation charged for the year
78,591
Disposals
(1,049,932)
At 31 March 2024
290,755
Carrying amount
At 31 March 2024
102,201
At 31 March 2023
180,792
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
6,156
56,675
28,820
52,000
143,651
Additions
2,931
9,000
11,931
Disposals
(804)
(26,705)
(27,509)
At 31 March 2024
5,352
29,970
31,751
61,000
128,073
Depreciation and impairment
At 1 April 2023
3,926
41,985
15,666
4,972
66,549
Depreciation charged in the year
1,400
7,117
7,731
13,450
29,698
Eliminated in respect of disposals
(804)
(26,620)
(27,424)
At 31 March 2024
4,522
22,482
23,397
18,422
68,823
Carrying amount
At 31 March 2024
830
7,488
8,354
42,578
59,250
At 31 March 2023
2,230
14,690
13,154
47,028
77,102
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,672
107,353
Amounts owed by group undertakings
1,662,613
1,563,683
Other debtors
129,570
445,070
1,801,855
2,116,106
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
37,371
26,123
Taxation and social security
92,339
340,532
Other creditors
19,082
116,492
198,792
533,147
Included within bank loans is a Coronavirus Business Interruptions Loan Scheme loan which is secured by way of government guarantee, with £50,000 (2023: £50,000) due within one year.
Included within other creditors is a hire purchase loan which is secured against the assets it relates to, with £12,177 (2023: £12,177) due within one year.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
66,667
116,667
Other creditors
6,630
16,389
73,297
133,056
Included within bank loans and overdrafts is a Coronavirus Business Interruptions Loan Scheme loan which is secured by way of government guarantee, with £66,667 (2023: £166,667) due after one year.
Included within other creditors is a hire purchase loan which is secured against the assets it relates to, with £6,630 (2023: £16,389) due after one year.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
APP YORKSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
437,032
241,250
10
Related party transactions
During the year the company bought advertising and marketing services from a limited liability partnership in which the Directors of the company are partners, amounting to £14,135 (2023: £156,313).
11
Directors' transactions
Balances owed by the directors to the company:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director 1 -
2.00
36,203
360
571
(37,134)
-
Director 2 -
-
3,279
-
-
(3,279)
-
Director 3 -
-
2,514
360
-
(2,874)
-
Director 4 -
2.00
289,782
360
761
(290,903)
-
331,778
1,080
1,332
(334,190)
-
12
Parent company
The immediate and ultimate parent undertaking and controlling party is APP Group Holdings Limited. The registered office of APP Group Holdings Limited is 1 Bootham, York, North Yorkshire, YO30 7BN.