Company registration number 04255907 (England and Wales)
APA Concrete Repairs Limited
Annual Report and Financial Statements
for the year ended 31 July 2024
APA Concrete Repairs Limited
Company Information
Directors
A P Appleyard
J E Appleyard
D P Field
L S Wallis
Secretary
N Hull
Company number
04255907
Registered office
APA House
171 Huddersfield Road
Low Moor
Bradford
West Yorkshire
BD12 0TQ
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
HX1 1EB
APA Concrete Repairs Limited
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8 - 12
APA Concrete Repairs Limited
Strategic Report
for the year ended 31 July 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
The results for the year show turnover of £16.7m (2023 : £4.1m) and a pre tax profit of £2.2m (2023 : £917K). The gross margin is 30.2% (2023 : £33.3%). The directors are pleased with the financial performance of the company.
Net assets of the group have increased to £1.38m (2023 : £684K). This is after payment of a dividend to the parent company APA Group Service Limited of £1.08m (2023 : £1.02m).
Principal risks and uncertainties
Competition and threat to market share are key risks. The risk is alleviated by maximising customer service and support.
All debts are rigorously chased as they fall due and credit checks are performed on all new customers.
The company's financing requirements are constantly monitored in order to maintain liquidity such that sufficient funs are available for ongoing operations and future developments.
Payment of creditors
The group's policy is to pay creditors in line with each of the suppliers credit terms.
Future developments
The prospects for the forthcoming financial year are encouraging with continued profitability and growth expected.
The directors look forward to another successful and profitable year.
There is not expected to be a significant impact on the groups ability to continue as a going concern.
A P Appleyard
Director
28 February 2025
APA Concrete Repairs Limited
Directors' Report
for the year ended 31 July 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of concrete repair specialists.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A P Appleyard
J E Appleyard
D P Field
L S Wallis
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
A P Appleyard
Director
28 February 2025
APA Concrete Repairs Limited
Independent Auditor's Report
to the members of APA Concrete Repairs Limited
- 3 -
Opinion
We have audited the financial statements of APA Concrete Repairs Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The 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 company's affairs as at 31 July 2024 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
APA Concrete Repairs Limited
Independent Auditor's Report
to the members of APA Concrete Repairs Limited (continued)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.;
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
APA Concrete Repairs Limited
Independent Auditor's Report
to the members of APA Concrete Repairs Limited (continued)
- 5 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.
James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
28 February 2025
APA Concrete Repairs Limited
Statement of Income and Retained Earnings
for year ended 31 July 2024
- 6 -
2024
2023
Notes
£
£
Turnover
16,742,928
4,143,886
Cost of sales
(11,689,396)
(2,763,611)
Gross profit
5,053,532
1,380,275
Administrative expenses
(2,847,826)
(474,317)
Other operating income
11,880
Operating profit
2,205,706
917,838
Interest receivable
20
Interest payable
(7,868)
(12,200)
Profit before taxation
2,197,858
905,638
Tax on profit
4
(426,359)
19,653
Profit for the financial year
1,771,499
925,291
Retained earnings brought forward
684,253
770,962
Dividends
(1,079,589)
(1,012,000)
Retained earnings carried forward
1,376,163
684,253
The income statement has been prepared on the basis that all operations are continuing operations.
APA Concrete Repairs Limited
Statement Of Financial Position
as at 31 July 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
182,663
210,047
Current assets
Stocks
488,955
-
Debtors
6
5,779,427
3,144,253
Cash at bank and in hand
152,747
45,917
6,421,129
3,190,170
Creditors: amounts falling due within one year
7
(5,109,663)
(2,607,135)
Net current assets
1,311,466
583,035
Total assets less current liabilities
1,494,129
793,082
Creditors: amounts falling due after more than one year
8
(112,413)
(95,166)
Provisions for liabilities
8
(5,452)
(13,562)
Net assets
1,376,264
684,354
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
1,376,163
684,253
Total equity
1,376,264
684,354
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
A P Appleyard
Director
Company Registration No. 04255907
APA Concrete Repairs Limited
Notes to the financial statements
for the year ended 31 July 2024
- 8 -
1
Accounting policies
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.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised where a right to consideration is due upon completion of contractual obligations.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
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
20% straight line
Fixtures, fittings & equipment
20 - 25% straight line
Computer equipment
33.3% 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.
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
APA Concrete Repairs Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies
(continued)
- 9 -
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Hire purchase
Assets obtained under hire purchase contracts are capitalised as tangible assets and depreciated over their useful lives. 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 the profit and loss account on a straight line basis over the period of the agreement.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
40
47
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,052,900
982,392
Pension costs
30,707
28,846
6,083,607
1,011,238
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
116,807
125,456
APA Concrete Repairs Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 10 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
530,720
71,906
Adjustments in respect of prior periods
(96,251)
(75,566)
Total current tax
434,469
(3,660)
Deferred tax
Origination and reversal of timing differences
(8,110)
(15,993)
Total tax charge/(credit)
426,359
(19,653)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,197,858
905,638
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
549,465
190,184
Tax effect of expenses that are not deductible in determining taxable profit
6,900
Adjustments in respect of prior years
(96,251)
(75,566)
Effect of change in corporation tax rate
4,169
Group relief
(37,924)
(135,057)
Enhanced capital allowances
786
Taxation charge/(credit) for the year
426,359
(19,653)
APA Concrete Repairs Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 11 -
5
Tangible fixed assets
Plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
253,291
85,275
56,602
563,317
958,485
Additions
5,058
72,900
77,958
Disposals
(16,242)
(139,090)
(155,332)
At 31 July 2024
258,349
85,275
40,360
497,127
881,111
Depreciation and impairment
At 1 August 2023
239,674
64,197
50,008
394,559
748,438
Depreciation charged in the year
6,926
7,029
6,520
53,930
74,405
Eliminated in respect of disposals
(16,242)
(108,153)
(124,395)
At 31 July 2024
246,600
71,226
40,286
340,336
698,448
Carrying amount
At 31 July 2024
11,749
14,049
74
156,791
182,663
At 31 July 2023
13,617
21,078
6,594
168,758
210,047
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,698,443
2,329,515
Amounts owed by group undertakings
728,187
Other debtors
28,420
43,862
Prepayments and accrued income
52,564
42,689
5,779,427
3,144,253
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under hire purchases
37,146
34,014
Trade creditors
406,432
480,134
Gross amounts owed to contract customers
742,390
480,000
Amounts owed to group undertakings
1,134,319
Corporation tax
530,720
71,906
Other taxation and social security
1,039,267
300,220
Other creditors
279,025
Accruals and deferred income
2,074,683
106,542
5,109,663
2,607,135
APA Concrete Repairs Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 12 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under hire purchases
112,413
95,166
The obligations under hire purchase contracts are secured against the assets to which they relate.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,452
13,562
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
12,589
11
Related party transactions
In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.
12
Parent company
The ultimate parent undertaking is considered to be APA Group Services Limited, a company incorporated in England and Wales whose registered office is situated at APA House, 171 Huddersfield Road, Low Moor, Bradford, BD12 0TQ.
13
Company information
APA Concrete Repairs Limited is a private company limited by shares incorporated in England and Wales. The registered office is APA House, 171 Huddersfield Road, Low Moor, Bradford, West Yorkshire, BD12 0TQ.
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