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Registered number: 06360751


ADVANCED ACCESS PLATFORMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
COMPANY INFORMATION


Directors
J L Corcoran 
J A Corcoran 




Company secretary
J A Corcoran



Registered number
06360751



Registered office
1a High Street

Epsom

Surrey

KT19 8DA




Independent auditors
CWM
Chartered Accountants & Registered Auditors

1a High Street

Epsom

Surrey

KT19 8DA





 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12 - 13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16 - 17
Consolidated statement of cash flows
18 - 19
Consolidated analysis of net debt
20
Notes to the financial statements
21 - 40


 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report on the accounts for the year ended 30 September 2024.

Business review
 
The company's principal activity continues to be the provision of aerial access equipment to customers in the construction, commercial and distibution industries focused on the market in the United Kingdom.  The company has also gained significant growth as well as having an expanding presence supplying to customers in the film, television and media industries as a result of the increasing number of studios established due to the growing streaming market in that sector of the economy..
Pure plant hire income accounts for about 81% of revenue which was the same as the previous year, increased by a further 7% attributable to those sales. The balance of 12% relates to the provision of haulage, training and fuel sales.
Growth in rental revenues continues to be driven via a dedicated, directly employed, salesforce, which is supported by a knowledgable, highly trained and technically competent back office team.  In addition support is also undertaken by directly employed personnel.  The headcount for the directly employed personnel across the five UK operations was 71 at the end of the financial year.
It has been during this current year, 26 June 2024, that the company purchased a small group with a site in Swindon, Wiltshire.  As reported last year, this has provided additional capacity to service the expanding markets along the M4 corridor, at the same time reducing costs which were being incurred due to having to service the customers from sites which were further afield. 
As pointed out further below, the company's turnover increased by 24.71% in the year to £14,517,477.  This should be seen as more than satisfactory.  Interest rates remained higher than in previous years affecting operating costs and impairing planned investments.  The ongoing conflicts in Ukraine and Palestine resulted in continued volatility in fuel and energy costs.  Furthermore the company was faced with disruption to supply chains affecting distribution of assets supplied from China and the far east due to sanctions imposed on Russia, restriction of access to global sea routes and longer travel times.
In spite of these issues, the company continued to invest in its plant fleet, spending £9,643m on new plant with a focus on more fuel and energy efficient machines.  In addition, a further investment of £3,699m was made in the acquired group.

Page 1

 
ADVANCED ACCESS PLATFORMS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties
 
The principal risk to the company from sales and maintenance continues to be that of potential bad debts. The company undertakes credit checks on all customers prior to fulfilling any order. Bad debts have contimued to be minimal.
The directors recognise the importance of their staff. Both the technical knowledge of the engineers and the business development managers' ability to understand the best solutions help to maintain good client relationships. The ability to attract and retain good staff is essential and continues to be seen as a real challenge.
The company has to continue investing in its fleet all of the time.  In order for this to be able to continue, there needs to be the supply of machines available from the manufacturers as well as the finance facilities to enable the purchase.  As mentioned above, and previously, global events are now affecting the supply.
The company still considers government announcements to be affecting finance and investment despite the fact results show the company is performing well and has enabled the company to maintain progress in its objective of establishing itself as the leading independent access rental companies in the South of England.
Iinvestment decisions are always carefully assessed. For now, the company believes there is increased confidence that the UK economy due to its increase turnover..  This should result in 2025 being another year of further growth and progress.

Financial key performance indicators
 
The company's key performance indicator is the daily sales report which is monitored live.  This resulted in turnover for the year being £14,517,477 (2023 - £11,641,511).  The report shows the split by type of plant and the proportion of plant generating income.
The company maintains a real time record of the status of the whole fleet which can be either on hire, available for hire or in workshops for repair.  The aim is for the fleet to be between 65% and 70% on hire with customers at any time.  As part of the information the company is also aware of the future utilisation of the plant.  Thie information enables us to ensure orders for new plant are made in a timely fashion and well before the lead time for delivery.

Other key performance indicators
 
The utilisation report also guides the decision making for the purchase of new plant.


This report was approved by the board on 5 June 2025 and signed on its behalf.



J A Corcoran
Director

Page 2

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £191,390 (2023 - £679,084).

During the year the group declared dividends amounting to £174,000 (2023 - £214,000).

Directors

The directors who served during the year were:

J L Corcoran 
J A Corcoran 

Future developments

The company has continued to invest in its plant.  Plant has historically been petrol and diesel powered but in view of changing customer requirements and its envrionmental policies the company has been investing in electric and bi-energy powered plant more.

Page 3

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsCWMare deemed to be reappointed in accordance with section 386 of the Companies Act 1985 by virtue of an elective resolution passed by the members on 4 September 2007.

This report was approved by the board on 5 June 2025 and signed on its behalf.
 








J A Corcoran
Secretary

Page 4

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED
 

Opinion


We have audited the financial statements of Advanced Access Platforms Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit approach, we determined a materiality level and assessed the risks of material misstatement in the financial statements, including how fraud may occur through enquiries of management regarding its assessment of the areas and liklihood of fraud.
We looked at the areas where subjective judgements were made by management. In particular we looked at significant accounting estimates which were the result of assumptions made and based upon future events which are inherently uncertain. We also considered the effect of potential financial and other pressures, opportunity and motivations for fraud. We identified the use of internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these procedures. As part of our audit we reviewed and tested journals, key estimates and judgements made by management.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularites, including fraud. We considered the risk of management override of internal controls and carried out tests to to evaluate this.
Our audit procedures are designed to identify risks of material misstatement, recognising that risks of not detecting such material misstatements due to fraud is greater then the risk due to error, due to the fact that fraud may well involve deliberate concealment. The audit procedures have inherent limitations. The further removed that non-compliance with laws and regulations are from the events and transactions included in the financial statements, the less likely we are to detect it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED ACCESS PLATFORMS LIMITED (CONTINUED)


Use of our 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 2006Our 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 Auditors' 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.








Mark Cooper FCA (Senior statutory auditor)
  
for and on behalf of
CWM
 
Chartered Accountants
Registered Auditors
  
1a High Street
Epsom
Surrey
KT19 8DA

5 June 2025
Page 9

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,373,201
11,641,511

Cost of sales
  
(9,488,709)
(7,103,380)

Gross profit
  
5,884,492
4,538,131

Distribution costs
  
(573,300)
(430,877)

Administrative expenses
  
(3,895,161)
(2,520,492)

Other operating income
 5 
218,554
25,920

Operating profit
 6 
1,634,585
1,612,682

Interest receivable and similar income
 10 
101
-

Interest payable and similar expenses
 11 
(1,237,841)
(803,557)

Profit before tax
  
396,845
809,125

Tax on profit
 12 
(205,455)
(130,041)

Profit for the financial year
  
191,390
679,084

Other comprehensive income for the year
  

Total comprehensive income for the year
  
191,390
679,084

Profit for the year attributable to:
  

Owners of the parent company
  
(191,390)
(679,084)

  
(191,390)
(679,084)

Total comprehensive income attributable to:
  

The notes on pages 21 to 40 form part of these financial statements.

Page 10

 
ADVANCED ACCESS PLATFORMS LIMITED
REGISTERED NUMBER: 06360751

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
191,654
-

Tangible assets
 15 
27,788,949
18,766,569

  
27,980,603
18,766,569

Current assets
  

Debtors: amounts falling due within one year
 17 
5,242,598
2,729,605

Cash at bank and in hand
 18 
1,114,496
1,686,588

  
6,357,094
4,416,193

Creditors: amounts falling due within one year
  
(16,048,960)
(8,664,977)

Net current liabilities
  
 
 
(9,691,866)
 
 
(4,248,784)

Total assets less current liabilities
  
18,288,737
14,517,785

Creditors: amounts falling due after more than one year
  
(13,059,237)
(9,791,581)

Provisions for liabilities
  

Deferred tax
 22 
(1,254,141)
(982,763)

  
 
 
(1,254,141)
 
 
(982,763)

Net assets
  
3,975,359
3,743,441


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
3,875,359
3,643,441

  
3,975,359
3,743,441


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.







J L Corcoran
J A Corcoran
Director
Director

The notes on pages 21 to 40 form part of these financial statements.

Page 11

 
ADVANCED ACCESS PLATFORMS LIMITED
REGISTERED NUMBER: 06360751

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
24,983,844
18,766,569

Investments
 16 
607,964
-

  
25,591,808
18,766,569

Current assets
  

Debtors: amounts falling due after more than one year
 17 
473,016
-

Debtors: amounts falling due within one year
 17 
4,596,271
2,729,605

Cash at bank and in hand
 18 
1,107,300
1,686,588

  
6,176,587
4,416,193

Creditors: amounts falling due within one year
  
(14,870,051)
(8,664,977)

Net current liabilities
  
 
 
(8,693,464)
 
 
(4,248,784)

Total assets less current liabilities
  
16,898,344
14,517,785

  

Creditors: amounts falling due after more than one year
  
(11,577,992)
(9,791,581)

Provisions for liabilities
  

Deferred taxation
 22 
(1,254,141)
(982,763)

  
 
 
(1,254,141)
 
 
(982,763)

Net assets excluding pension asset
  
4,066,211
3,743,441

Net assets
  
4,066,211
3,743,441


Capital and reserves
  

Called up share capital 
 23 
100,000
100,000

Profit and loss account brought forward
  
3,643,441
3,178,357

Profit for the year
  
474,770
679,084

Other changes in the profit and loss account

  

(152,000)
(214,000)

Profit and loss account carried forward
  
3,966,211
3,643,441

  
4,066,211
3,743,441


Page 12

 
ADVANCED ACCESS PLATFORMS LIMITED
REGISTERED NUMBER: 06360751
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.







J L Corcoran
J A Corcoran
Director
Director

The notes on pages 21 to 40 form part of these financial statements.

Page 13

 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 October 2023
100,000
3,643,441
3,743,441
3,743,441


Comprehensive income for the year

Profit for the year

-
191,390
191,390
191,390

Taxation in respect of items of other comprehensive income
-
192,528
192,528
192,528


Other comprehensive income for the year
-
192,528
192,528
192,528


Total comprehensive income for the year
-
383,918
383,918
383,918


Contributions by and distributions to owners

Dividends: Equity capital
-
(152,000)
(152,000)
(152,000)


Total transactions with owners
-
(152,000)
(152,000)
(152,000)


At 30 September 2024
100,000
3,875,359
3,975,359
3,975,359


The notes on pages 21 to 40 form part of these financial statements.

Page 14

 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 October 2022
100,000
3,178,357
3,278,357
3,278,357


Comprehensive income for the year

Profit for the year

-
679,084
679,084
679,084


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
679,084
679,084
679,084


Contributions by and distributions to owners

Dividends: Equity capital
-
(214,000)
(214,000)
(214,000)


Total transactions with owners
-
(214,000)
(214,000)
(214,000)


At 30 September 2023
100,000
3,643,441
3,743,441
3,743,441


The notes on pages 21 to 40 form part of these financial statements.

Page 15

 
ADVANCED ACCESS PLATFORMS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
100,000
3,643,441
3,743,441


Comprehensive income for the year

Profit for the year

-
474,770
474,770


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
474,770
474,770


Contributions by and distributions to owners

Dividends: Equity capital
-
(152,000)
(152,000)


Total transactions with owners
-
(152,000)
(152,000)


At 30 September 2024
100,000
3,966,211
4,066,211


The notes on pages 21 to 40 form part of these financial statements.

Page 16

 
ADVANCED ACCESS PLATFORMS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
100,000
3,178,357
3,278,357


Comprehensive income for the year

Profit for the year

-
679,084
679,084


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
679,084
679,084


Contributions by and distributions to owners

Dividends: Equity capital
-
(214,000)
(214,000)


Total transactions with owners
-
(214,000)
(214,000)


At 30 September 2023
100,000
3,643,441
3,743,441


The notes on pages 21 to 40 form part of these financial statements.

Page 17

 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
191,390
679,084

Adjustments for:

Amortisation of intangible assets
10,087
-

Depreciation of tangible assets
3,571,875
2,593,619

Loss on disposal of tangible assets
(82,556)
(144,301)

Government grants
-
(3,000)

Interest paid
1,237,841
803,557

Interest received
(101)
-

Taxation charge
271,378
130,041

(Increase) in debtors
(2,512,993)
(87,747)

(Increase)/decrease in amounts owed by groups
(160,526)
-

Increase in creditors
4,400,896
1,900,585

Increase in amounts owed to groups
160,526
-

Pre acquisition profits in the period transferred to goodwill on consolidation
192,529
-

Corporation tax received/(paid)
-
(245,554)

Net cash generated from operating activities

7,280,346
5,626,284


Cash flows from investing activities

Purchase of intangible fixed assets
(201,741)
-

Purchase of tangible fixed assets
(13,343,122)
(7,156,632)

Sale of tangible fixed assets
831,423
146,960

Government grants received
-
3,000

Interest received
101
-

HP interest paid
(1,222,970)
(803,557)

Net cash from investing activities

(13,936,309)
(7,810,229)

Cash flows from financing activities

New secured loans
-
321,477

Repayment of loans
(23,965)
-

Repayment of/new finance leases
6,274,707
1,764,544

Dividends paid
(152,000)
(214,000)

Interest paid
(14,871)
-

Net cash used in financing activities
6,083,871
1,872,021

Net (decrease) in cash and cash equivalents
(572,092)
(311,924)

Cash and cash equivalents at beginning of year
1,686,588
1,998,512

Cash and cash equivalents at the end of year
1,114,496
1,686,588

Page 18

 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,114,496
1,686,588

1,114,496
1,686,588


The notes on pages 21 to 40 form part of these financial statements.

Page 19

 
ADVANCED ACCESS PLATFORMS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024







At 1 October 2023
Cash flows
Acquisition and disposal of subsidiaries
New finance leases
Other non-cash changes
At 30 September 2024
£

£

£

£

£

£

Cash at bank and in hand

1,686,588

(1,899,003)

1,093,570

-

233,341

1,114,496

Debt due within 1 year

(1,730,679)

(211,790)

-

-

(257,405)

(2,199,874)

Finance leases

(12,845,424)

4,970,233

-

(8,925,195)

(2,319,745)

(19,120,131)


(12,889,515)
2,859,440
1,093,570
(8,925,195)
(2,343,809)
(20,205,509)

The notes on pages 21 to 40 form part of these financial statements.

Page 20

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies

 
1.1

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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
1.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 26 June 2024.

 
1.3

Going concern

The directors have at the time of approving the financial statements a resonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 21

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.4

Revenue

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

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 Group 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.

 
1.5

Operating leases: the Group as lessee

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

 
1.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
1.7

Interest income

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

Page 22

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.8

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.

 
1.9

Borrowing costs

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

 
1.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
1.11

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 23

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.12

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 the Group's share 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 Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
20%
straight line

 
1.13

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, on the following basis.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
straight line basis
Motor vehicles
-
25%
reducing balance basis
Fixtures & fittings
-
25%
reducing balance basis
Office equipment
-
25%
reducing balance basis
Office improvements
-
20%
straight line basis

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.

Page 24

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)

 
1.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
1.15

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.

 
1.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
1.17

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.

 
1.18

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.

 
1.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 25

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)


1.19
Financial instruments (continued)

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
Page 26

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.Accounting policies (continued)


1.19
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
1.20

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.


2.


General information

The company is a private limited company incorporated in England and Wales. Its principal place of
business is situated at 1 Kimpton Road, Sutton, Surrey, SM3 9QL.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will therefore seldom equal the related actual results. There are no significant estimates and assumptions other than already set out under the accounting policies of the company. 

Page 27

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Plant hire
10,458,966
8,315,170

Ancilliary charges
2,717,537
2,088,146

Cross hire
2,196,698
1,238,195

15,373,201
11,641,511


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,373,201
11,641,511

15,373,201
11,641,511



5.


Other operating income

2024
2023
£
£

Other operating income
833
-

Net rents receivable
4,573
-

Government grants receivable
-
3,000

Sundry income
213,148
22,920

218,554
25,920



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
5,947
-

Page 28

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
24,000
8,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,880,462
1,963,155
2,647,887
1,963,155

Social security costs
128,894
82,014
109,053
82,014

Cost of defined contribution scheme
51,971
37,249
49,058
37,249

3,061,327
2,082,418
2,805,998
2,082,418


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
4
2
2
2



Other
67
43
55
43

71
45
57
45


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
28,614
18,192

28,614
18,192


Page 29

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
101
-

101
-


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,042
-

Other loan interest payable
6,756
-

Finance leases and hire purchase contracts
1,222,970
803,557

Other interest payable
1,073
-

1,237,841
803,557


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(56,396)


-
(56,396)


Total current tax
-
(56,396)

Deferred tax


Origination and reversal of timing differences
205,455
186,437

Total deferred tax
205,455
186,437


205,455
130,041
Page 30

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
396,845
809,125


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
99,211
153,734

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,479
9,198

Capital allowances for year in excess of depreciation
(108,690)
(219,328)

Other differences leading to an increase (decrease) in the tax charge
205,455
186,437

Total tax charge for the year
205,455
130,041


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends - ordinary shares paid
152,000
214,000

152,000
214,000

Page 31

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Intangible assets

Group and Company





Goodwill

£



Cost


Additions
201,741



At 30 September 2024

201,741



Amortisation


Charge for the year on owned assets
10,087



At 30 September 2024

10,087



Net book value



At 30 September 2024
191,654



At 30 September 2023
-



Page 32

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets

Group






Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 October 2023
25,905,626
2,156,613
113,254
45,838
169,299


Additions
11,963,991
1,357,184
-
21,947
-


Disposals
(1,039,966)
(168,794)
-
-
-



At 30 September 2024

36,829,651
3,345,003
113,254
67,785
169,299



Depreciation


At 1 October 2023
8,259,012
1,126,365
85,987
34,186
118,511


Charge for the year on owned assets
943,567
43,123
6,816
8,401
33,864


Charge for the year on financed assets
2,223,900
312,204
-
-
-


Disposals
(401,148)
(58,745)
-
-
-



At 30 September 2024

11,025,331
1,422,947
92,803
42,587
152,375



Net book value



At 30 September 2024
25,804,320
1,922,056
20,451
25,198
16,924



At 30 September 2023
17,646,614
1,030,248
27,267
11,652
50,788
Page 33

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           15.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 October 2023
28,390,630


Additions
13,343,122


Disposals
(1,208,760)



At 30 September 2024

40,524,992



Depreciation


At 1 October 2023
9,624,061


Charge for the year on owned assets
1,035,771


Charge for the year on financed assets
2,536,104


Disposals
(459,893)



At 30 September 2024

12,736,043



Net book value



At 30 September 2024
27,788,949



At 30 September 2023
18,766,569

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


2024
2023
£
£



Plant and machinery
25,053,001
15,122,915

Motor vehicles
1,780,064
833,246

26,833,065
15,956,161

Page 34

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           15.Tangible fixed assets (continued)


Company






Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Other fixed assets

£
£
£
£
£

Cost or valuation


At 1 October 2023
25,905,626
2,156,613
113,254
45,838
169,299


Additions
8,588,101
1,052,002
-
3,704
-


Disposals
(342,289)
-
-
-
-



At 30 September 2024

34,151,438
3,208,615
113,254
49,542
169,299



Depreciation


At 1 October 2023
8,259,012
1,126,365
85,987
34,186
118,511


Charge for the year on owned assets
896,692
41,247
6,816
3,840
33,864


Charge for the year on financed assets
2,066,062
287,088
-
-
-


Disposals
(251,366)
-
-
-
-



At 30 September 2024

10,970,400
1,454,700
92,803
38,026
152,375



Net book value



At 30 September 2024
23,181,038
1,753,915
20,451
11,516
16,924



At 30 September 2023
17,646,614
1,030,248
27,267
11,652
50,788
Page 35

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           15.Tangible fixed assets (continued)


Total

£

Cost or valuation


At 1 October 2023
28,390,630


Additions
9,643,807


Disposals
(342,289)



At 30 September 2024

37,692,148



Depreciation


At 1 October 2023
9,624,061


Charge for the year on owned assets
982,459


Charge for the year on financed assets
2,353,150


Disposals
(251,366)



At 30 September 2024

12,708,304



Net book value



At 30 September 2024
24,983,844



At 30 September 2023
18,766,569






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


2024
2023
£
£



Plant and machinery
22,628,002
15,122,915

Motor vehicles
1,590,547
833,246

24,218,549
15,956,161

Page 36

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Fixed asset investments

Company





Investments in associates

£



Cost or valuation


Additions
607,964



At 30 September 2024
607,964





17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
473,016
-

-
-
473,016
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,236,273
2,606,917
3,895,205
2,606,917

Other debtors
751,957
81,303
478,662
81,303

Prepayments and accrued income
254,368
41,385
222,404
41,385

5,242,598
2,729,605
4,596,271
2,729,605



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,114,496
1,686,588
1,107,300
1,686,588

1,114,496
1,686,588
1,107,300
1,686,588


Page 37

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,581,515
1,605,479
1,549,777
1,605,479

Trade creditors
7,506,715
3,726,072
7,349,901
3,726,072

Other taxation and social security
168,747
101,961
51,719
101,961

Obligations under finance lease and hire purchase contracts
6,060,894
3,053,843
5,218,557
3,053,843

Other creditors
686,924
163,622
670,497
163,622

Accruals and deferred income
44,165
14,000
29,600
14,000

16,048,960
8,664,977
14,870,051
8,664,977



20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
13,059,237
9,791,581
11,577,992
9,791,581

13,059,237
9,791,581
11,577,992
9,791,581


.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
7,494,005
4,297,070
6,447,221
4,297,070

Between 1-5 years
14,605,147
9,072,164
12,879,449
9,072,164

Over 5 years
25,392
-
-
-

22,124,544
13,369,234
19,326,670
13,369,234

Page 38

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Deferred taxation


Group





2024


£






At beginning of year
(982,763)


Charged to profit or loss
(205,455)


Charged to other comprehensive income
(65,923)



At end of year
(1,254,141)

Company




2024


£






At beginning of year
(982,763)


Charged to profit or loss
(271,378)



At end of year
(1,254,141)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,254,141)
(982,763)
(1,254,141)
(982,763)

(1,254,141)
(982,763)
(1,254,141)
(982,763)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


Page 39

 
ADVANCED ACCESS PLATFORMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Reserves

Profit & loss account

Pre acquisition losses made in the companies of the small group acquired during the year amounting to £192,528 have been transferred from the profit and loss in the current year and accounted for within the goodwill on acquisition of the group.


25.


Pension commitments

The Company operates a defined contributions 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 £49,058 (2023 - £37,249) .Contributions totalling £10,574 (2023 - £6,430) were payable to the fund at the balance sheet date and are included in creditors.


26.


Related party transactions

Included in cost of sales are charges from Access Platforms (UK) Ltd amounting to £Nil (2023 - £70,000), a company in which the directors have a material interest.
Included in other operating income is a charge of £180,000 (2023 - £Nil) to Event Plant & Logistics Limited, a company in which the diretcor Mr J Corcoran has a material interest.


27.


Post balance sheet events

On 31 October 2024, a fixed and floating charge, together with a cross guarantee, was created over all the assets of the subsidiary companies, Tiger Plant Holdings Limited, Tiger Plant Limited and Magnolia Swindon Limited,  in favour of Aldermore Bank Plc,

 
Page 40