Company registration number 02261660 (England and Wales)
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
627
2,186
Current assets
Stocks
7,960
2,644
Debtors
6
34,249
45,623
Investments
7
240,568
227,585
Cash at bank and in hand
67,977
82,941
350,754
358,793
Creditors: amounts falling due within one year
8
(132,301)
(120,001)
Net current assets
218,453
238,792
Total assets less current liabilities
219,080
240,978
Creditors: amounts falling due after more than one year
9
(4,168)
(3,668)
Provisions for liabilities
(7,708)
(5,670)
Net assets
207,204
231,640
Capital and reserves
Capital redemption reserve
8,840
8,840
Profit and loss reserves
198,364
222,800
Total equity
207,204
231,640

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 19 June 2025 and are signed on its behalf by:
Mr G Bourhill
Director
Company Registration No. 02261660
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

The Association for Petroleum and Explosives Administration is a private company limited by guarantee, incorporated in England and Wales. The registered office is Third Floor Connexions Building, 159 Princes Street, Ipswich, Suffolk, IP1 1QJ.

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 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 prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents invoiced sales of goods and services and arises from the ordinary activities of the company, net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures & fittings
35% reducing balance
Plant and machinery
33% straight line
Chairman's Jewel
10% reducing balance
Website
33% straight line
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Investments

Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Tr ansaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in the profit and loss.

THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks including term deposits, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.9
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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts 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. A m ounts 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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
17
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Fixtures & fittings
Plant and machinery
Chairman's Jewel
Website
Total
£
£
£
£
£
Cost
At 1 January 2024
6,829
4,253
1,758
14,400
27,240
Additions
-
0
-
0
54
-
0
54
At 31 December 2024
6,829
4,253
1,812
14,400
27,294
Depreciation and impairment
At 1 January 2024
6,697
3,877
1,281
13,199
25,054
Depreciation charged in the year
46
318
49
1,200
1,613
At 31 December 2024
6,743
4,195
1,330
14,399
26,667
Carrying amount
At 31 December 2024
86
58
482
1
627
At 31 December 2023
132
376
477
1,201
2,186
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
240,568
227,585
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,514
23,466
Other debtors
20,735
22,157
34,249
45,623
7
Current asset investments
2024
2023
£
£
Other investments
240,568
227,585
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,433
7,424
Corporation tax
2,195
666
Other taxation and social security
5,561
7,892
Other creditors
233
4,981
Accruals and deferred income
115,879
99,038
132,301
120,001
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Deferred income
4,168
3,668
10
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.

Senior Statutory Auditor:
Helen Rumsey
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
19 June 2025
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
11
Related party transactions

The company trades with its members, as such this income is derived from related parties. Control is only exercised by the directors, so only the transactions and balances with directors have been disclosed.

During the year, training course speakers' fees and honoraria were paid to directors, being:

Mr J Thompson received £8,100 (2023: £4,500) in respect of training.

Mr B Humm received £11,150 (2023: £11,450 ) in respect of training and honoraria.

Mr G Bourhill received £4,250 (2023: £2,450) in respect of training and honoraria.

Mr T Daly received £9,950 (2023: £6,050) in respect of training.

Miss C L Scawthorn received £1,800 (2023:£1,800) in respect of training.

Mr A Kennedy received £nil (2023: £1,250) in respect of honoraria.

Mr I Hillier received £1,200 (2023: £1,800) in respect of training.

Mrs D Pooley received £833 (2023: £nil) in respect of honoraria.

Four of the company's Directors (J Thompson, C Scawthorn, B Humm and T Daly) have been involved in developing online training courses for the company. It was agreed that they would each receive 10% of the income generated by these courses. During the year, a total of £1,005 (2023: £1,794) was paid to these four Directors.

At the year end £42 (2023: £nil) was owed to PetroSafety, a company owned by Director T Daley.

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