Company registration number 11942621 (England and Wales)
NORWICH APEX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
NORWICH APEX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NORWICH APEX LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,621
6,162
Current assets
Stocks
9,303,696
8,467,345
Debtors
4
224,438
184,788
Cash at bank and in hand
1,079
197
9,529,213
8,652,330
Creditors: amounts falling due within one year
5
(1,932,065)
(2,145,037)
Net current assets
7,597,148
6,507,293
Total assets less current liabilities
7,601,769
6,513,455
Creditors: amounts falling due after more than one year
7
(7,932,746)
(7,154,565)
Net liabilities
(330,977)
(641,110)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(331,077)
(641,210)
Total equity
(330,977)
(641,110)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr M Bartram
Director
Company registration number 11942621 (England and Wales)
NORWICH APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Norwich Apex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 10 Norfolk Tower, 48-52 Surrey Street, NORWICH, Norfolk, NR1 3PA.

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
Going concern

The accounts are prepared on a going concern basis. The directors have considered the company's position at the time of signing the financial statements and have taken account of the most recent management information, including forecasts for the remainder of the financial year and access to borrowings. Subsequent to the balance sheet date, the directors have secured around £10m of additional borrowing to progress the infrastructure at the construction site and the land included in work-in-progress at 30 April 2024 at £4.1m has been valued in January 2025 at £24m.true

 

Taking the above into consideration, the directors have concluded that they have reasonable expectation that the company will have adequate resources to continue in operation existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance

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
Borrowing costs related to work in progress

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

NORWICH APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 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, loans from fellow group companies and preference shares 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.

 

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.

NORWICH APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 May 2023 and 30 April 2024
17,610
Depreciation and impairment
At 1 May 2023
11,448
Depreciation charged in the year
1,541
At 30 April 2024
12,989
Carrying amount
At 30 April 2024
4,621
At 30 April 2023
6,162
NORWICH APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
174,438
174,438
Other debtors
50,000
10,350
224,438
184,788
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
668,779
741,638
Taxation and social security
27,603
-
0
Directors' loan accounts
679,775
639,420
Other creditors
555,908
763,979
1,932,065
2,145,037
6
Loans and overdrafts
2024
2023
£
£
Debenture loans
150,000
-
0
Bank loans
6,997,746
6,369,565
Preference shares
785,000
785,000
Other loans
229,329
5,372
8,162,075
7,159,937
Payable within one year
229,329
5,372
Payable after one year
7,932,746
7,154,565

Long-term loans are secured by fixed charges over land included within work in progress at a book value of £4.15m.

Cumulative borrowing costs of £3,670,145 (2023 - £2,831,058) have been capitalised within work in progress.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,997,746
6,369,565
Other creditors
935,000
785,000
7,932,746
7,154,565
NORWICH APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Non-redeemable preference shares of £1 each
785,000
785,000
785,000
785,000
Preference shares classified as liabilities
785,000
785,000

Ordinary shares carry full voting rights. Preference shares are non-redeemable, carry no voting rights and are entitled to a fixed annual return of 9%.

 

In the event of a winding up, any unpaid preference share dividends are paid first and then 90% of the remaining funds are distributed to ordinary shareholders and the remaining 10% to preference share holders.

 

Preference shares are included within long term-liabilities.

 

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