Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30855622Design, manufacture and erecting of metal fabrications and constructionsfalsefalse2023-05-0122truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03120474 2023-05-01 2024-04-30 03120474 2022-05-01 2023-04-30 03120474 2024-04-30 03120474 2023-04-30 03120474 c:Director1 2023-05-01 2024-04-30 03120474 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 03120474 d:Buildings d:LongLeaseholdAssets 2024-04-30 03120474 d:Buildings d:LongLeaseholdAssets 2023-04-30 03120474 d:PlantMachinery 2023-05-01 2024-04-30 03120474 d:PlantMachinery 2024-04-30 03120474 d:PlantMachinery 2023-04-30 03120474 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03120474 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03120474 d:MotorVehicles 2023-05-01 2024-04-30 03120474 d:MotorVehicles 2024-04-30 03120474 d:MotorVehicles 2023-04-30 03120474 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03120474 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03120474 d:FurnitureFittings 2023-05-01 2024-04-30 03120474 d:FurnitureFittings 2024-04-30 03120474 d:FurnitureFittings 2023-04-30 03120474 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03120474 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03120474 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03120474 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03120474 d:Goodwill 2024-04-30 03120474 d:Goodwill 2023-04-30 03120474 d:CurrentFinancialInstruments 2024-04-30 03120474 d:CurrentFinancialInstruments 2023-04-30 03120474 d:Non-currentFinancialInstruments 2024-04-30 03120474 d:Non-currentFinancialInstruments 2023-04-30 03120474 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03120474 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03120474 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03120474 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03120474 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 03120474 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 03120474 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 03120474 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 03120474 d:ShareCapital 2024-04-30 03120474 d:ShareCapital 2023-04-30 03120474 d:RetainedEarningsAccumulatedLosses 2024-04-30 03120474 d:RetainedEarningsAccumulatedLosses 2023-04-30 03120474 c:FRS102 2023-05-01 2024-04-30 03120474 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03120474 c:FullAccounts 2023-05-01 2024-04-30 03120474 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03120474 2 2023-05-01 2024-04-30 03120474 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 03120474 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 03120474 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 03120474 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 03120474 d:LeasedAssetsHeldAsLessee 2024-04-30 03120474 d:LeasedAssetsHeldAsLessee 2023-04-30 03120474 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03120474









APEX STEEL STRUCTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
APEX STEEL STRUCTURES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 3
Notes to the Financial Statements
 
4 - 13


 
APEX STEEL STRUCTURES LIMITED
REGISTERED NUMBER: 03120474

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
751,417
326,034

  
751,417
326,034

Current assets
  

Debtors: amounts falling due within one year
 6 
2,891,446
3,403,697

Cash at bank and in hand
 7 
933,395
1,212,662

  
3,824,841
4,616,359

Creditors: amounts falling due within one year
 8 
(2,486,101)
(2,921,830)

Net current assets
  
 
 
1,338,740
 
 
1,694,529

Total assets less current liabilities
  
2,090,157
2,020,563

Creditors: amounts falling due after more than one year
 9 
(216,775)
(255,890)

Provisions for liabilities
  

Deferred tax
  
(81,509)
(81,509)

  
 
 
(81,509)
 
 
(81,509)

Net assets
  
1,791,873
1,683,164


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,791,773
1,683,064

  
1,791,873
1,683,164


Page 1

 
APEX STEEL STRUCTURES LIMITED
REGISTERED NUMBER: 03120474
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 on 21 February 2025.




D G Jarvis
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
APEX STEEL STRUCTURES LIMITED
REGISTERED NUMBER: 03120474
Page 3

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Apex Steel Structures Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03120474. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The principal activity of the company continued to be that of the design, manufacture and erecting of metal fabrications and constructions.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 4

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company 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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates 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 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 Company in independently administered funds.

Page 5

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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 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.


 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

 
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.

Page 6

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance method..

Depreciation is provided on the following basis:

Long term leasehold property
-
5%
straight line
Plant & machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
15%
reducing balance

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

Work in progress

Work in progress represents the value of work carried out but univoiced as at the year end date.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.17

Long term contracts

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. 

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 22).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
5,000



At 30 April 2024

5,000



Amortisation


At 1 May 2023
5,000



At 30 April 2024

5,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 8

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Long Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
171,073
846,526
116,867
137,360
1,271,826


Additions
388,436
19,223
170,576
9,307
587,542


Disposals
-
-
(122,950)
-
(122,950)



At 30 April 2024

559,509
865,749
164,493
146,667
1,736,418



Depreciation


At 1 May 2023
109,037
687,049
57,249
92,457
945,792


Charge for the year on owned assets
8,556
10,050
2,649
7,595
28,850


Charge for the year on financed assets
-
21,845
9,889
-
31,734


Disposals
-
-
(21,375)
-
(21,375)



At 30 April 2024

117,593
718,944
48,412
100,052
985,001



Net book value



At 30 April 2024
441,916
146,805
116,081
46,615
751,417



At 30 April 2023
62,036
159,477
59,618
44,903
326,034

Page 9

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           5.Tangible fixed assets (continued)

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


2024
2023
£
£



Plant and machinery
87,381
109,227

Motor vehicles
108,136
52,061

195,517
161,288


6.


Debtors

2024
2023
£
£


Trade debtors
1,064,493
1,009,550

Amounts owed by group undertakings
766,785
1,239,797

Other debtors
341,734
359,023

Prepayments and accrued income
718,434
795,327

2,891,446
3,403,697



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
933,395
1,212,662

933,395
1,212,662


Page 10

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
56,500
56,500

Trade creditors
1,861,931
2,134,263

Corporation tax
235,625
225,049

Other taxation and social security
52,841
48,766

Obligations under finance lease and hire purchase contracts
11,653
11,190

Other creditors
177,357
182,688

Accruals and deferred income
90,194
263,374

2,486,101
2,921,830


There is a cross charge over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
113,000
169,500

Net obligations under finance leases and hire purchase contracts
98,969
42,804

Other creditors
4,806
43,586

216,775
255,890


Page 11

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
56,500
56,500


56,500
56,500

Amounts falling due 1-2 years

Bank loans
56,500
56,500


56,500
56,500

Amounts falling due 2-5 years

Bank loans
56,500
113,000


56,500
113,000


169,500
226,000



 


11.


Pension commitments

The company operates 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 contribution payable by the company to the fund and amounted to £37,899 (2023: £37,367). Contributions totalling £8,615 (2023: £7,339) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

During the year transactions with the following related parties occurred: 
Key management personnel received compensation totalling £6,000 (2023: £6,000).
The company paid rent of £107,500 (2023: £80,000) to an entity under common control.
Debtors include a balance of £792,274 (2023: £1,239,796) due from an entity under common control.

Page 12

 
APEX STEEL STRUCTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Controlling party

The ultimate parent company is Apex Steel Holdings Limited, a company incorporated in England and Wales,  in which the directors, have a beneficial interest.
The ultimate controlling party is the Jarvis family.

 
Page 13