1 May 2023 v2025.6.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC6114912023-05-012024-04-30SC6114912024-04-30SC6114912023-04-30SC611491core:WithinOneYear2024-04-30SC611491core:WithinOneYear2023-04-30SC611491core:AfterOneYear2024-04-30SC611491core:AfterOneYear2023-04-30SC611491core:ShareCapital2024-04-30SC611491core:ShareCapital2023-04-30SC611491core:RetainedEarningsAccumulatedLosses2024-04-30SC611491core:RetainedEarningsAccumulatedLosses2023-04-30SC611491bus:Director12023-05-012024-04-30SC611491bus:RegisteredOffice2023-05-012024-04-30SC6114912022-05-012023-04-30SC611491core:CostValuation2023-05-01SC611491core:CostValuation2024-04-30SC61149112023-05-012024-04-30SC611491countries:Scotland2023-05-012024-04-30SC611491bus:AuditExemptWithAccountantsReport2023-05-012024-04-30SC611491bus:PrivateLimitedCompanyLtd2023-05-012024-04-30SC611491bus:SmallEntities2023-05-012024-04-30SC611491bus:FullAccounts2023-05-012024-04-30
Company registration number:
SC611491
API Technical Ltd
Unaudited Filleted Financial Statements for the year ended
30 April 2024
API Technical Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of API Technical Ltd
Year ended
30 April 2024
As described on the statement of financial position, the Board of Directors of
API Technical Ltd
are responsible for the preparation of the
financial statements
for the year ended
30 April 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
31 January 2025
API Technical Ltd
Statement of Financial Position
30 April 2024
20242023
Note££
Fixed assets    
Investments 5
100
 
100
 
Current assets    
Debtors 6
33,476
 
32,732
 
Cash at bank and in hand
3,798
 
3,373
 
37,274
 
36,105
 
Creditors: amounts falling due within one year 7
(34,389
)
(33,158
)
Net current assets
2,885
 
2,947
 
Total assets less current liabilities 2,985   3,047  
Creditors: amounts falling due after more than one year 8
(10,719
)
(16,700
)
Net liabilities
(7,734
)
(13,653
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(7,834
)
(13,753
)
Shareholders deficit
(7,734
)
(13,653
)
For the year ending
30 April 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
31 January 2025
, and are signed on behalf of the board by:
A Reid
Director
Company registration number:
SC611491
API Technical Ltd
Notes to the Financial Statements
Year ended
30 April 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
23 High Patrick Street
,
Hamilton
,
Lanarkshire
,
ML3 7JB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Investments

Other investments other than loans
£
Cost  
At
1 May 2023
100
 
At
30 April 2024
100
 
Impairment  
At
1 May 2023
and
30 April 2024
-  
Carrying amount  
At
30 April 2024
100
 
At 30 April 2023
100
 

6 Debtors

20242023
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
30,058
 
30,058
 
Other debtors
3,418
 
2,674
 
33,476
 
32,732
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
3,250
  -  
Amounts owed to group undertakings and undertakings in which the company has a participating interest
30,997
 
33,024
 
Other creditors
142
 
134
 
34,389
 
33,158
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
10,719
 
16,700