APL Holdings Limited
Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 02493532 (England and Wales)
APL Holdings Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
APL Holdings Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
361,431
360,631
Current assets
Debtors
4
51,815
51,815
Creditors: amounts falling due within one year
5
(130,476)
(129,676)
Net current liabilities
(78,661)
(77,861)
Net assets
282,770
282,770
Capital and reserves
Called up share capital
6
278,263
278,263
Share premium account
929
929
Profit and loss reserves
3,578
3,578
Total equity
282,770
282,770
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
C O'Bric
Director
Company Registration No. 02493532
APL Holdings Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information
APL Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Mole Business Park, Leatherhead, Surrey, KT22 7BA.
1.1
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 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.
1.2
Going concern
APL Holdings Limited is a holding company and is not actively trading. As a result, the going concern status of the company relies on the performance of its trading subsidiaries. The directors remain very confident that the business is and will continue to be a going concern. Sales increased in the year, with higher sales of the SUPR-DSF product being partly offset by the downturn in the Chinese economy in the first half of calendar 2024. true
The main trading subsidiaries expect sales in China to recover in late 2024 and further growth of SUPR-DSF sales will improve both the top and bottom line of the P&L. Unit sales of the SUPR-DSF are expected to double in the year with strong interest from customers across all the business’s sales markets. Whilst uncertainty remains about sales in China the trading subsidiaries are prudently managing expenses and investments. The main trading subsidiary has continued to benefit from the cash inflow of R&D tax credit claims and has also been supported by its ultimate parent company as and when required.
Although global supply chain issues affecting electronic components have diminished, the business is still having to deal with long lead times and higher MOQs from suppliers for some components. As a result, stock levels remain relatively high as they ensure product build and delivery times are maintained to meet customer expectations.
The new financial year has seen strong sales in Europe and the beginning of the recovery in China and the company continues to build a strong pipeline for the SUPR-DSF product.
Investrop Limited, the company’s ultimate parent company, has given an undertaking to continue to provide financial support to the trading subsidiaries for a period of at least 12 months from the date of approval of these financial statements, to enable that company, and therefore APL Holdings Limited as the parent company, to meet its liabilities as they fall due. Taking this, alongside the other factors mentioned above, the directors continue to adopt the going concern basis in the preparation of the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 3
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
361,431
360,631
APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
3
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
360,631
Additions
800
At 30 June 2024
361,431
Carrying amount
At 30 June 2024
361,431
At 30 June 2023
360,631
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
51,815
51,815
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
130,476
129,676
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 10p each
2,782,630
2,782,630
278,263
278,263
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Katherine Edwards
Statutory Auditor:
Moore Kingston Smith LLP
APL Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
8
Related party transactions
At the year end an amount of £130,476 (2022 - £129,676) was due to Applied Photophysics Limited, a subsidiary undertaking.
At the year end an amount of £51,815 (2022 - £51,815) was due to Applied Photophysics Employees' Trust Limited, a subsidiary undertaking.