Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31trueThe principal activity of the company is the supply of oilfield equipment2023-09-01false66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC331461 2023-09-01 2024-08-31 SC331461 2022-09-01 2023-08-31 SC331461 2024-08-31 SC331461 2023-08-31 SC331461 2022-09-01 SC331461 c:Director3 2023-09-01 2024-08-31 SC331461 d:MotorVehicles 2023-09-01 2024-08-31 SC331461 d:MotorVehicles 2024-08-31 SC331461 d:MotorVehicles 2023-08-31 SC331461 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC331461 d:OfficeEquipment 2023-09-01 2024-08-31 SC331461 d:OfficeEquipment 2024-08-31 SC331461 d:OfficeEquipment 2023-08-31 SC331461 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC331461 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC331461 d:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC331461 d:CurrentFinancialInstruments 2024-08-31 SC331461 d:CurrentFinancialInstruments 2023-08-31 SC331461 d:Non-currentFinancialInstruments 2024-08-31 SC331461 d:Non-currentFinancialInstruments 2023-08-31 SC331461 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 SC331461 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 SC331461 d:ShareCapital 2023-09-01 2024-08-31 SC331461 d:ShareCapital 2024-08-31 SC331461 d:ShareCapital 2023-08-31 SC331461 d:ShareCapital 2022-09-01 SC331461 d:CapitalRedemptionReserve 2023-09-01 2024-08-31 SC331461 d:CapitalRedemptionReserve 2024-08-31 SC331461 d:CapitalRedemptionReserve 2023-08-31 SC331461 d:CapitalRedemptionReserve 2022-09-01 SC331461 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 SC331461 d:RetainedEarningsAccumulatedLosses 2024-08-31 SC331461 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 SC331461 d:RetainedEarningsAccumulatedLosses 2023-08-31 SC331461 d:RetainedEarningsAccumulatedLosses 2022-09-01 SC331461 c:OrdinaryShareClass1 2023-09-01 2024-08-31 SC331461 c:OrdinaryShareClass1 2024-08-31 SC331461 c:OrdinaryShareClass1 2023-08-31 SC331461 c:OrdinaryShareClass2 2023-09-01 2024-08-31 SC331461 c:OrdinaryShareClass2 2024-08-31 SC331461 c:FRS102 2023-09-01 2024-08-31 SC331461 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 SC331461 c:FullAccounts 2023-09-01 2024-08-31 SC331461 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC331461 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 SC331461 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 SC331461 2 2023-09-01 2024-08-31 SC331461 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 SC331461 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 SC331461 e:USDollar 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number: SC331461













APEX TUBULARS LIMITED






UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2024


 
APEX TUBULARS LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 12


 
APEX TUBULARS LIMITED
REGISTERED NUMBER: SC331461

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 5 
-
33,451

  
-
33,451

Current assets
  

Stocks
 6 
124,852
124,852

Debtors: amounts falling due after more than one year
 7 
29,532
23,308

Debtors: amounts falling due within one year
 7 
4,277,048
11,346,936

Cash at bank and in hand
 8 
220,771
528,072

  
4,652,203
12,023,168

Creditors: amounts falling due within one year
 9 
(4,169,531)
(11,394,743)

Net current assets
  
 
 
482,672
 
 
628,425

Total assets less current liabilities
  
482,672
661,876

  

Net assets
  
482,672
661,876


Capital and reserves
  

Called up share capital 
 12 
24,282
26,017

Capital redemption reserve
  
1,735
-

Profit and loss account
  
456,655
635,859

  
482,672
661,876


Page 1
 

 
APEX TUBULARS LIMITED
REGISTERED NUMBER: SC331461

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Symon C Wadsworth
Director

Date: 18 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2
 

 
APEX TUBULARS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

$
$
$
$


At 1 September 2022
26,017
-
451,507
477,524


Comprehensive income for the year

Profit for the year
-
-
184,352
184,352



At 1 September 2023
26,017
-
635,859
661,876


Comprehensive income for the year

Loss for the year
-
-
(28,156)
(28,156)

Purchase of own shares
-
1,735
(151,048)
(149,313)

Shares redeemed during the year
(1,735)
-
-
(1,735)


At 31 August 2024
24,282
1,735
456,655
482,672


The notes on pages 4 to 12 form part of these financial statements.

Page 3
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Apex Tubulars Limited is a limited liability company incorporated in Scotland. The registered office is Suite 2, Level 1. Seabrokers House, Prospect Road, Arnhall Business Park, Westhill, AB32 6FE. The principal activity of the company is the supply of oilfield equipment.


2.


Going Concern

The directors, having made due and careful enquiry, are of the opinion that the company have adequate  working capital to execute their operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 
Based on the understanding that the Company will continue to trade over the coming months and the ongoing support from the directors together with retained reserves will allow the Company to continue to meet its obligations as they fall due and operate as a going concern.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

3.Accounting policies

 
3.1

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 Section 1A of 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 management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
3.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;
the company 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 company 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.

Page 4
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.3

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
4 years
Office equipment
-
5 years

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.

 
3.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.

 
3.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.7

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
3.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.10

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
3.11

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income 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 company in independently administered funds.

Page 6
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
3.13

Borrowing costs

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

 
3.14

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 operates and generates 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 7
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Motor vehicles
Office equipment
Total

$
$
$



Cost or valuation


At 1 September 2023
230,025
210,287
440,312


Disposals
(11,863)
-
(11,863)



At 31 August 2024

218,162
210,287
428,449



Depreciation


At 1 September 2023
196,574
210,287
406,861


Charge for the year on owned assets
33,451
-
33,451


Disposals
(11,863)
-
(11,863)



At 31 August 2024

218,162
210,287
428,449



Net book value



At 31 August 2024
-
-
-



At 31 August 2023
33,451
-
33,451

The net book value of assets on hire purchase finance is $0 (2023 - $33,451).


6.


Stocks

2024
2023
$
$

Finished goods and goods for resale
124,852
124,852

124,852
124,852


Page 8
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Debtors

2024
2023
$
$

Due after more than one year

Deferred tax asset
29,532
23,308

29,532
23,308


2024
2023
$
$

Due within one year

Trade debtors
305,777
6,294,408

Amounts owed by related parties
2,695,241
4,134,676

Other debtors
10,631
4,497

Prepayments and accrued income
1,265,399
913,355

4,277,048
11,346,936



8.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
220,771
528,072

Less: bank overdrafts
(586,722)
(243,976)

(365,951)
284,096

Page 9
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Creditors: Amounts falling due within one year

2024
2023
$
$

Bank overdrafts
586,722
243,976

Trade creditors
551,138
2,792,952

Amounts owed to related parties
832,988
1,541,480

Corporation tax
108,754
107,498

Other taxation and social security
11,743
166,247

Obligations under finance lease and hire purchase contracts
-
26,680

Other creditors
271,116
-

Accruals and deferred income
1,807,070
6,515,910

4,169,531
11,394,743


Securities
The bank facilities are secured by a bond and floating charge over all the assets of the company. 
Obligations under finance lease and hire purchase contracts are secured against the relevant asset.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
$
$


Within one year
-
26,680

-
26,680

Page 10
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Deferred taxation




2024
2023


$

$






At beginning of year
23,308
16,517


Charged to profit or loss
6,224
6,791



At end of year
29,532
23,308

The deferred tax asset is made up as follows:

2024
2023
$
$


Fixed asset timing differences
29,532
23,308

29,532
23,308


12.


Share capital

2024
2023
$
$
Allotted, called up and fully paid



12,668 (2023 - 15,834) Ordinary shares of £1.00 each
20,815
26,017
2,110 (2023 - nil) Ordinary A shares of £1.00 each
3,467
-

24,282

26,017

During the year, the company transferred 2,110 Ordinary shares at par value to 2,110 Ordinary A shares at par value.  The company also bought back 1,056 Ordinary shares of £1.00 each for a total consideration of $151,048.



13.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to $37,864 (2023 - $36,347). Pension contributions prepaid at year end is $720 (2023 - $723).


14.


Commitments under operating leases

At 31 August 2024 the company had future minimum lease payments under non-cancellable operating leases totalling $NIL (2023 - $NIL).

Page 11
 

 
APEX TUBULARS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Related party transactions

Control
 
Throughout the year the company was controlled by the directors.

Transactions

During the year, the company has made sales of $343,651 to a company with a common director. The balance due to Apex Tubulars Limited at year end was $802,803 (2023 - $1,548,541). Apex Tubulars Limited made purchases of $2,881,100 from this company, the balance due at the year end was $162,936 (2023 - $146,268).

During the year, the company has made sales of $Nil to a company with a common director. The balance due to Apex Tubulars Limited at year end was $Nil (2023 - $1,078,295). Apex Tubulars Limited made purchases of $1,394,401 from this company, the balance due at the year end was $20,633 (2023 - $Nil).
During the year, there was a foreign exchange movement of $Nil with a business under common ownership. The balance due to Apex Tubulars Limited at the year end was $407,797 (2023 - $407,797).

The company has balances due to a director. The balance due to Apex Tubulars Limited at the year end was $434,238 (2023 - $519,221 was owed by the director to the company).

The company has given loans to a company with a common director of $166,722 (2023 - $Nil) during the year. The balance due to Apex Tubulars Limited at the year end was $445,820 (2023 - $279,098).
 


Page 12