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Registered number: 09453596










APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
COMPANY INFORMATION


Directors
A R Flowers 
J D Flowers 
C J Latter 
M Latter 
R Latter 
R W Latter 




Registered number
09453596



Registered office
Unit 6
Coleford Road

Ashgate Road

Sheffield

South Yorkshire

S9 5PH




Independent auditors
Shorts
Chartered Accountants & Senior Statutory Auditor

Cedar House

63 Napier Street

Sheffield

South Yorkshire

S11 8HA




Bankers
NatWest Bank plc





 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Income and Retained Earnings
 
8
Consolidated Balance Sheet
 
9
Company Balance Sheet
 
10
Consolidated Statement of Cash Flows
 
11 - 12
Consolidated Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 30


 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 May 2024.

Business review
 
The principal activity of Group is the production and supply of ready mixed concrete, concrete pump hire and importation of cement for construction activities, along with the the collection of rental income on the freehold property owned. 
The Group’s Statement of Income and Retained Earnings and Balance Sheet appears on pages 8 and 9.
The Group’s key financial indicators during the year were turnover, gross margin and profit. Turnover increased to £16,387,620, an increase of £805,318 on the position at 31 May 2023. Gross margin increased by 1.8% to 24.8%. This resulted in a profit before tax of £1,307,070 an decrease of £131,640 on the position at 31 May 2023.

Principal risks and uncertainties
 
Economic Risks 
Demand for our product is closely linked to general economic conditions and therefore depressed economic conditions may have a detrimental impact on the demand for and the pricing of our product resulting in potentially reduced sales and profits.
Competitive Risks 
There exists the risk of competitors expanding existing market share through price cutting and loss leader products. 
Legislative Risks 
Changes in government policy or legislation relating to planning and the environment could affect our operating costs and our ability to obtain materials. 
Weather Risks 
Periods of inclement weather can reduce the demand for our products or our ability to produce our products and thereby could potentially reduce our sales and profits. 
Energy Costs 
Increases in the cost of energy can significantly impact our production costs and if we are not able to recover such costs through our product prices this could reduce profits.


This report was approved by the board on 21 February 2025 and signed on its behalf.



C J Latter
Director

Page 1

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,383,933 (2023 - £1,168,483).

Directors

The directors who served during the year were:

A R Flowers 
J D Flowers 
C J Latter 
M Latter 
R Latter 
R W Latter 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 2

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 February 2025 and signed on its behalf.
 





C J Latter
Director

Page 3

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 

Opinion


We have audited the financial statements of Apple Construction & Building Contractors Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were
Page 6

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD (CONTINUED)


indicative of potential bias; and
investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing and correspondence with HMRC, relevant regulators and the Company’s legal advisors

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Andy Irvine (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Senior Statutory Auditor
  
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

21 February 2025
Page 7

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,387,620
15,582,302

Cost of sales
  
(12,321,913)
(11,989,242)

Gross profit
  
4,065,707
3,593,060

Administrative expenses
  
(2,624,894)
(2,058,146)

Other operating income
 5 
350
9,959

Gain from changes in fair value of investment property
  
547,185
-

Operating profit
 6 
1,988,348
1,544,873

Interest payable and similar expenses
 10 
(134,093)
(106,163)

Profit before tax
  
1,854,255
1,438,710

Tax on profit
 11 
(470,322)
(270,227)

Profit after tax
  
1,383,933
1,168,483

  

  

Retained earnings at the beginning of the year
  
1,874,040
1,249,267

Profit for the year attributable to the owners of the parent
  
1,383,933
1,168,483

Dividends declared and paid
  
(490,089)
(543,710)

Retained earnings at the end of the year
  
2,767,884
1,874,040

The notes on pages 14 to 30 form part of these financial statements.

Page 8

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
REGISTERED NUMBER: 09453596

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
660

Tangible assets
 14 
3,264,299
3,096,970

Investment property
 16 
1,730,000
1,182,815

  
4,994,299
4,280,445

Current assets
  

Stocks
 17 
1,270,710
689,451

Debtors: amounts falling due within one year
 18 
2,914,096
3,069,596

Cash at bank and in hand
  
267,987
398,174

  
4,452,793
4,157,221

Creditors: amounts falling due within one year
 19 
(4,373,568)
(4,251,974)

Net current assets/(liabilities)
  
 
 
79,225
 
 
(94,753)

Total assets less current liabilities
  
5,073,524
4,185,692

Creditors: amounts falling due after more than one year
 20 
(1,388,180)
(1,568,374)

Provisions for liabilities
  

Deferred taxation
 22 
(916,460)
(742,278)

Net assets
  
2,768,884
1,875,040


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Profit and loss account
 24 
2,767,884
1,874,040

  
2,768,884
1,875,040


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.




C J Latter
Director

The notes on pages 14 to 30 form part of these financial statements.

Page 9

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
REGISTERED NUMBER: 09453596

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
1,000
1,000

Investment Property
 16 
1,730,000
1,182,815

  
1,731,000
1,183,815

Current assets
  

Debtors: amounts falling due within one year
 18 
25,663
25,775

Cash at bank and in hand
  
36,143
183,010

  
61,806
208,785

Creditors: amounts falling due within one year
 19 
(289,566)
(491,802)

Net current liabilities
  
 
 
(227,760)
 
 
(283,017)

Total assets less current liabilities
  
1,503,240
900,798

  

Creditors: amounts falling due after more than one year
 20 
(505,037)
(555,680)

Provisions for liabilities
  

Deferred taxation
 22 
(136,797)
-

  
 
 
(136,797)
 
 
-

Net assets
  
861,406
345,118


Capital and reserves
  

Called up share capital 
 23 
1,000
1,000

Profit and loss account carried forward
  
860,406
344,118

  
861,406
345,118


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.


C J Latter
Director

The notes on pages 14 to 30 form part of these financial statements.

Page 10

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,383,933
1,168,483

Adjustments for:

Amortisation of intangible assets
660
5,484

Depreciation of tangible assets
658,917
586,397

Profit on disposal of tangible assets
(29,878)
(98,478)

Government grants
(350)
(1,350)

Interest paid
134,093
106,163

Taxation charge
470,322
270,227

(Increase) in stocks
(581,259)
(278,691)

Decrease/(increase) in debtors
155,500
(532,604)

(Decrease)/increase in creditors
(757,845)
680,902

Fair value (gains)/losses on revaluation of investment property
(547,185)
-

Corporation tax (paid)
(257,601)
(96,234)

Net cash generated from operating activities

629,307
1,810,299


Cash flows from investing activities

Purchase of tangible fixed assets
(1,018,687)
(1,574,991)

Sale of tangible fixed assets
222,319
630,690

Government grants received
350
1,350

HP interest paid
(84,151)
(66,172)

Net cash from investing activities

(880,169)
(1,009,123)
Page 11

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(104,872)
(112,054)

Repayment of/new finance leases
121,532
(138,955)

Movements on invoice discounting
644,046
(1,227,919)

Dividends paid
(490,089)
(543,710)

Interest paid
(49,942)
(39,991)

Net cash used in financing activities
120,675
(2,062,629)

Net (decrease) in cash and cash equivalents
(130,187)
(1,261,453)

Cash and cash equivalents at beginning of year
398,174
1,659,627

Cash and cash equivalents at the end of year
267,987
398,174


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
267,987
398,174

267,987
398,174


The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024





At 1 June 2023
Cash flows
New finance leases
At 31 May 2024
£

£

£

£

Cash at bank and in hand

398,174

(130,187)

-

267,987

Debt due after 1 year

(655,681)

100,644

-

(555,037)

Debt due within 1 year

(117,738)

4,228

-

(113,510)

Finance leases

(1,484,076)

(898,424)

776,893

(1,605,607)


(1,859,321)
(923,739)
776,893
(2,006,167)

The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Apple Construction & Building Contractors Limited is a private company limited by shares, incorporated in
England and Wales (registered number: 09453596). Its registered office is Unit 6, Coleford Road, Sheffield, South Yorkshire, S9 5PH. The principal activity of Group is the production and supply of ready mixed concrete, concrete pump hire and importation of cement for construction activities, along with the the collection of rental income on the freehold property owned. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The Group's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 14

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental Income
Rental income from investment property is recognised in the Statement of Income and Retained Earnings on a straight line basis over the term of the lease.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

 
2.7

Borrowing costs

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

Page 15

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Pensions

The company contributes to a personal pension plan for the benefit of the directors. The annual contributions payable are charged to the Statement of Income and Retained Earnings.

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
4
years

Page 16

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
15%
straight line
Fixtures and fittings
-
33%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 17

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The Group makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade and other debtors after making such provisions was £2,557,268 (2023: £2,808,001). 
(ii) Valuation of investment properties
The directors of the Group have made an estimate of the valuation of investment properties using an open market value for exisiting use basis. Investment properties are valued at £1,182,815 (2023: 1,182,815).

Page 18

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
16,236,010
15,473,079

Rental income
151,610
109,223

16,387,620
15,582,302


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
350
1,350

Insurance claims receivable
-
8,609

350
9,959



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
658,917
586,397

Defined contribution pension costs
152,525
148,113

Other operating lease rentals
111,187
115,210

(Profit) / loss on disposal of fixed assets
(29,878)
(98,478)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,875
20,925

Page 19

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
694,826
436,854

Social security costs
209,279
164,818

Cost of defined contribution scheme
152,525
148,113

1,056,630
749,785


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
6
6



Operations
45
45

51
51


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
341,820
129,958

Group contributions to defined contribution pension schemes
120,000
120,000

461,820
249,958


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Key management personnel compensation
There are no key management personnel other than the directors.

Page 20

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
47,147
30,812

Other loan interest payable
2,795
9,179

Finance leases and hire purchase contracts
84,151
66,172

134,093
106,163


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
296,140
177,601


Total current tax
296,140
177,601

Deferred tax


Origination and reversal of timing differences
37,601
92,572

Movement in provisions
(216)
54

Deferred tax on revaluation of property
136,797
-

Total deferred tax
174,182
92,626


Taxation on profit on ordinary activities
470,322
270,227
Page 21

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 -20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,854,255
1,438,710


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
463,564
287,742

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,849
119,600

Remeasurement of deferred tax for changes in tax rates
-
(137,343)

Other differences leading to an increase (decrease) in the tax charge
(91)
326

Marginal relief
-
(98)

Total tax charge for the year
470,322
270,227


12.


Dividends

2024
2023
£
£


Dividends paid
490,089
543,710

Page 22

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Intangible assets

Group and Company





Computer software

£



Cost


At 1 June 2023
65,858



At 31 May 2024

65,858



Amortisation


At 1 June 2023
65,198


Charge for the year on owned assets
660



At 31 May 2024

65,858



Net book value



At 31 May 2024
-



At 31 May 2023
660



Page 23

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
95,340
706,096
4,521,453
23,384
17,057
5,363,330


Additions
-
322,747
695,940
-
-
1,018,687


Disposals
-
-
(432,741)
-
-
(432,741)



At 31 May 2024

95,340
1,028,843
4,784,652
23,384
17,057
5,949,276



Depreciation


At 1 June 2023
62,552
432,685
1,738,288
18,017
14,818
2,266,360


Charge for the year on owned assets
9,534
46,576
77,918
3,092
1,329
138,449


Charge for the year on financed assets
-
6,150
514,318
-
-
520,468


Disposals
-
-
(240,300)
-
-
(240,300)



At 31 May 2024

72,086
485,411
2,090,224
21,109
16,147
2,684,977



Net book value



At 31 May 2024
23,254
543,432
2,694,428
2,275
910
3,264,299



At 31 May 2023
32,788
273,411
2,783,165
5,367
2,239
3,096,970

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
40,508
46,658

Motor vehicles
2,438,979
2,572,686

2,479,487
2,619,344

Page 24

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1,000



At 31 May 2024
1,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Right Mix Concrete Limited
Unit 6, Coleford Road,Sheffield, S9 5PH
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Right Mix Concrete Limited

1,908,479
867,645

Page 25

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 June 2023
1,182,815


Surplus on revaluation
547,185



At 31 May 2024
1,730,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.







17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
922,258
392,521

Work in progress (goods to be sold)
348,452
296,930

1,270,710
689,451



18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,557,268
2,808,001
15,072
4,667

Other debtors
-
1,350
-
-

Prepayments and accrued income
356,828
260,245
10,591
21,108

2,914,096
3,069,596
25,663
25,775


Page 26

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
113,510
117,738
63,510
67,738

Trade creditors
1,533,152
2,433,072
9,912
19,952

Amounts owed to group undertakings
-
-
158,180
344,014

Corporation tax
216,140
177,601
35,178
17,057

Other taxation and social security
567,314
424,990
9,722
8,212

Obligations under finance lease and hire purchase contracts
774,623
573,891
-
-

Proceeds of factored debts
1,080,364
436,318
-
-

Other creditors
25,333
39,377
539
13,979

Accruals and deferred income
63,132
48,987
12,525
20,850

4,373,568
4,251,974
289,566
491,802



20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
555,037
655,681
505,037
555,680

Net obligations under finance leases and hire purchase contracts
830,985
910,185
-
-

Other creditors
2,158
2,508
-
-

1,388,180
1,568,374
505,037
555,680


The bank loans due within and after more than one year is secured by legal charge and debenture over the land at Barleywood Road, Sheffield and Coleford Road, Sheffield.
Amounts due under finance leases and hire purchase contracts in creditors due within one year and after more than one year are secured over the related assets.
An amount of £301,030 (2023: £337,578) is repayable by the company more than five years after the Balance Sheet date.

Page 27

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
774,623
573,891

Between 1-5 years
830,985
910,185

1,605,608
1,484,076


22.


Deferred taxation


Group



2024


£






At beginning of year
742,278


Charged to profit or loss
174,182



At end of year
916,460






£



Charged to profit or loss
136,797



At end of year
136,797

The provision for deferred taxation is made up as follows:

Group
Group
Company
2024
2023
2024
£
£
£

Accelerated capital allowances
780,566
742,965
-

Movement in provision
(903)
(687)
-

Gain on property
136,797
-
136,797

916,460
742,278
136,797

Page 28

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



375 (2023 - 375) Ordinary A shares of £1.00 each
375
375
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50
375 (2023 - 375) Ordinary C shares of £1.00 each
375
375
50 (2023 - 50) Ordinary D shares of £1.00 each
50
50
150 (2023 - 150) Ordinary E shares of £1.00 each
150
150

1,000

1,000



24.


Reserves

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.


25.


Contingent liabilities

Security and debentures are held over the subsidiary in favour of the finance provider in respect of the bank loan of the parent company. At 31 May 2024 the total contingent liability amounted to £568,549 (2023: £623,419).


26.


Pension commitments

The subsidiary operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the subsidiary in an independently administered fund. The pension cost charge represents contributions payable by the subsidiary to the fund and amounted to £152,525 (2023: £148,113). Contributions totalling £7,810 (2023: £6,520) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 May 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
76,056
87,194

Later than 1 year and not later than 5 years
141,381
199,793

217,437
286,987
Page 29

 
APPLE CONSTRUCTION & BUILDING CONTRACTORS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

28.


Controlling party

The ultimate controlling parties are M Latter and C J Latter by virtue of them being directors and majority shareholders.

Page 30