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COMPANY REGISTRATION NUMBER: 03526979
APEX SHEFFIELD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2024
APEX SHEFFIELD LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,802,215
2,815,533
Investments
6
50,000
50,000
-------------
-------------
2,852,215
2,865,533
Current assets
Debtors
7
1,336,977
1,322,422
Cash at bank and in hand
84,466
3,775
-------------
-------------
1,421,443
1,326,197
Creditors: amounts falling due within one year
8
( 2,069,313)
( 1,905,703)
-------------
-------------
Net current liabilities
( 647,870)
( 579,506)
-------------
-------------
Total assets less current liabilities
2,204,345
2,286,027
Creditors: amounts falling due after more than one year
9
( 1,077,990)
( 1,186,787)
Provisions
Taxation including deferred tax
( 121,549)
( 122,904)
-------------
-------------
Net assets
1,004,806
976,336
-------------
-------------
APEX SHEFFIELD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,004,706
976,236
-------------
----------
Shareholders funds
1,004,806
976,336
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
A M Boyd
Director
Company registration number: 03526979
APEX SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Huntsman's Depot, Tinsley Park Road, Sheffield, S9 5HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis in sterling, which is the functional currency of the entity. Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements. Revenue recognition The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer. Income tax Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets All fixed assets are initially recorded at cost. Where material finance costs are incurred in the construction of an asset they are capitalised up until the point at which the asset is considered ready for use. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property - 1% straight line
Plant & Machinery - 15% reducing balance
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% reducing balance
Computer Equipment - 33% straight line
Land is not depreciated. Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 59 (2023: 53 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
2,551,301
65,444
259,946
1,704,889
104,253
4,685,833
Additions
7,115
150,437
12,843
170,395
Disposals
( 83,795)
( 83,795)
-------------
---------
----------
-------------
----------
-------------
At 31 Aug 2024
2,551,301
65,444
267,061
1,771,531
117,096
4,772,433
-------------
---------
----------
-------------
----------
-------------
Depreciation
At 1 Sep 2023
208,677
44,531
195,971
1,332,078
89,043
1,870,300
Charge for the year
21,562
3,136
10,485
119,776
8,037
162,996
Disposals
( 63,078)
( 63,078)
-------------
---------
----------
-------------
----------
-------------
At 31 Aug 2024
230,239
47,667
206,456
1,388,776
97,080
1,970,218
-------------
---------
----------
-------------
----------
-------------
Carrying amount
At 31 Aug 2024
2,321,062
17,777
60,605
382,755
20,016
2,802,215
-------------
---------
----------
-------------
----------
-------------
At 31 Aug 2023
2,342,624
20,913
63,975
372,811
15,210
2,815,533
-------------
---------
----------
-------------
----------
-------------
Included within the cost of freehold property of £2,551,301 is £395,000 of land which is not depreciated and £52,576 of capitalised finance costs.
6. Investments
Other investments other than loans
£
Cost
At 1 September 2023 and 31 August 2024
50,000
---------
Impairment
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 31 August 2024
50,000
---------
At 31 August 2023
50,000
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,056,236
1,080,916
Other debtors
280,741
241,506
-------------
-------------
1,336,977
1,322,422
-------------
-------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
143,934
160,789
Trade creditors
907,983
937,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,234
3,234
Corporation tax
58,265
17,472
Social security and other taxes
278,322
150,527
Other creditors
677,575
636,295
-------------
-------------
2,069,313
1,905,703
-------------
-------------
Bank loans and overdrafts are secured by fixed and floating charges over all the assets and undertaking of the company as well as by property owned by the Directors.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
996,191
1,143,824
Other creditors
81,799
42,963
-------------
-------------
1,077,990
1,186,787
-------------
-------------
Bank loans and overdrafts are secured by fixed and floating charges over all the assets and undertaking of the company as well as by property owned by the Directors.
Included within creditors: amounts falling due after more than one year is an amount of £364,723 (2023: £500,667) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors falling due in more than five years are repayable monthly in installments at an interest rate of 2.51% above base rate.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D H Clarkson
( 23,300)
( 23,300)
S L Clarkson
( 23,300)
( 23,300)
A M Boyd
35,009
25,114
( 3,396)
56,727
---------
---------
-------
---------
( 11,591)
25,114
( 3,396)
10,127
---------
---------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D H Clarkson
( 25,000)
1,700
( 23,300)
S L Clarkson
( 25,000)
1,700
( 23,300)
A M Boyd
35,009
35,009
---------
---------
----
---------
( 50,000)
38,409
( 11,591)
---------
---------
----
---------
Interest is charged on the overdrawn loan account.