Caseware UK (AP4) 2023.0.135 2023.0.135 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, using the straight-line method. 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.The principal activity of the Company is plumbing, heat and air conditioning installation2023-10-01false2117falsetrue NI064716 2023-10-01 2024-09-30 NI064716 2022-06-01 2023-09-30 NI064716 2024-09-30 NI064716 2023-09-30 NI064716 2022-06-01 NI064716 c:Director1 2023-10-01 2024-09-30 NI064716 c:Director1 2024-09-30 NI064716 c:Director2 2023-10-01 2024-09-30 NI064716 c:Director3 2023-10-01 2024-09-30 NI064716 c:Director4 2023-10-01 2024-09-30 NI064716 c:Director4 2024-09-30 NI064716 c:RegisteredOffice 2023-10-01 2024-09-30 NI064716 c:Agent1 2023-10-01 2024-09-30 NI064716 d:PlantMachinery 2023-10-01 2024-09-30 NI064716 d:PlantMachinery 2024-09-30 NI064716 d:PlantMachinery 2023-09-30 NI064716 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI064716 d:MotorVehicles 2023-10-01 2024-09-30 NI064716 d:MotorVehicles 2024-09-30 NI064716 d:MotorVehicles 2023-09-30 NI064716 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI064716 d:FurnitureFittings 2023-10-01 2024-09-30 NI064716 d:FurnitureFittings 2024-09-30 NI064716 d:FurnitureFittings 2023-09-30 NI064716 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI064716 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI064716 d:ComputerSoftware 2024-09-30 NI064716 d:ComputerSoftware 2023-09-30 NI064716 d:CurrentFinancialInstruments 2024-09-30 NI064716 d:CurrentFinancialInstruments 2023-09-30 NI064716 d:Non-currentFinancialInstruments 2024-09-30 NI064716 d:Non-currentFinancialInstruments 2023-09-30 NI064716 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 NI064716 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 NI064716 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 NI064716 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 NI064716 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 NI064716 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 NI064716 d:ShareCapital 2023-10-01 2024-09-30 NI064716 d:ShareCapital 2024-09-30 NI064716 d:ShareCapital 2023-09-30 NI064716 d:ShareCapital 2022-06-01 NI064716 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI064716 d:RetainedEarningsAccumulatedLosses 2024-09-30 NI064716 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-09-30 NI064716 d:RetainedEarningsAccumulatedLosses 2023-09-30 NI064716 d:RetainedEarningsAccumulatedLosses 2022-06-01 NI064716 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 NI064716 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI064716 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 NI064716 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 NI064716 d:RetirementBenefitObligationsDeferredTax 2024-09-30 NI064716 d:RetirementBenefitObligationsDeferredTax 2023-09-30 NI064716 d:OtherDeferredTax 2024-09-30 NI064716 d:OtherDeferredTax 2023-09-30 NI064716 c:OrdinaryShareClass1 2023-10-01 2024-09-30 NI064716 c:OrdinaryShareClass1 2024-09-30 NI064716 c:OrdinaryShareClass1 2023-09-30 NI064716 c:FRS102 2023-10-01 2024-09-30 NI064716 c:Audited 2023-10-01 2024-09-30 NI064716 c:FullAccounts 2023-10-01 2024-09-30 NI064716 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI064716 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI064716 2 2023-10-01 2024-09-30 NI064716 4 2023-10-01 2024-09-30 NI064716 d:ComputerSoftware d:OwnedIntangibleAssets 2023-10-01 2024-09-30 NI064716 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Financial Statements
APW Fire Protection Limited
For the year ended 30 September 2024





































Registered number: NI064716

 
APW Fire Protection Limited
 

Company Information


Directors
David Richard Pugh (resigned 21 June 2024)
Alan John Wheal 
Mark Leonard Wheeler 
Paula Miller (appointed 28 April 2025)




Registered number
NI064716



Registered office
Unit B5
17 Heron Road

Belfast

Antrim

Northern Ireland

BT3 9LE




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

Northern Ireland

BT1 6JH




Bankers
Bank of Ireland
11 Market Street

Magherafelt

BT45 6EE

United Kingdom




Solicitors
Cornerton & Hill
32-36 May Street

Belfast

BT2 7BA

Northern Ireland





 
APW Fire Protection Limited
 

Contents



Page
Directors' report
1
Independent auditor's report
2 - 5
Statement of financial position
6 - 7
Statement of changes in equity
8
Notes to the financial statements
9 - 21


 
APW Fire Protection 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

The directors who served during the year were:

David Richard Pugh (resigned 21 June 2024)
Alan John Wheal 
Mark Leonard Wheeler 

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
Mark Leonard Wheeler
Director

Date: 27 June 2025

Page 1

 
 
img2230.png
 
Independent auditor's report to the members of APW Fire Protection Limited
 

Opinion


We have audited the financial statements of APW Fire Protection Limited which comprise the Statement of financial position, the Statement of changes in equity for the financial year ended 30 September 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The 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, APW Fire Protection Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 September 2024 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 Company's ability to continue as a going concern for a period of at least twelve months from the date 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 2

 
 
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Independent auditor's report to the members of APW Fire Protection Limited (continued)


Other information


Other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinions 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 Directors' report  for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report  has 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 company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 3

 
 
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Independent auditor's report to the members of APW Fire Protection Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 Auditor's report that includes their 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 financial statements.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation.We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. 
 
Page 4

 
 
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Independent auditor's report to the members of APW Fire Protection Limited (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
In response to these principal risks, our audit procedures included but were not limited to: 
 
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud; 
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets and estimating an allowance for the impairment of inventories and debtors; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those  charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
 

The purpose of our audit work and to whom we owe our responsibilities
 

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 2006. Our 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 auditor’s 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.



 
 
Neal Taylor FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
27 June 2025
Page 5

 
APW Fire Protection Limited
Registered number:NI064716

Statement of financial position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
3,709
4,808

Tangible assets
 6 
59,623
81,884

  
63,332
86,692

Current assets
  

Stocks
 7 
396,841
648,253

Debtors: amounts falling due within one year
 8 
4,564,900
2,732,832

Cash at bank and in hand
 9 
542,982
428,347

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(2,161,982)
(1,471,750)

Net current assets
  
 
 
3,342,741
 
 
2,337,682

Total assets less current liabilities
  
3,406,073
2,424,374

Creditors: amounts falling due after more than one year
 11 
(12,269)
(38,019)

Provisions for liabilities
  

Deferred tax
 13 
(15,833)
(20,471)

  
 
 
(15,833)
 
 
(20,471)

Net assets
  
3,377,971
2,365,884


Capital and reserves
  

Called up share capital 
 14 
199
199

Profit and loss account
 15 
3,377,772
2,365,685

Shareholders' funds
  
3,377,971
2,365,884


Page 6

 
APW Fire Protection Limited
Registered number:NI064716

Statement of financial position (continued)
As at 30 September 2024

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 27 June 2025.




................................................
Mark Leonard Wheeler
Director

The notes on pages 9 to 21 form part of these financial statements.

Page 7

 
APW Fire Protection Limited
 

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
199
2,365,685
2,365,884


Comprehensive income for the year

Profit for the year
-
1,012,087
1,012,087


At 30 September 2024
199
3,377,772
3,377,971



Statement of changes in equity
For the period ended 30 September 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
199
1,092,653
1,092,852


Comprehensive income for the period

Profit for the period
-
1,473,032
1,473,032


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)


At 30 September 2023
199
2,365,685
2,365,884


The notes on pages 9 to 21 form part of these financial statements.

Page 8

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

1.


General information

APW Fire Protection Limited is a Company limited by shares and incorporated in Northern Ireland. The registered office is Unit B5, 17 Heron Road, Belfast, Northern Ireland, BT3 9LE.
The principal activity of the Company is plumbing, heat and air conditioning installation.

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 Section 1A of 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 9

 
APW Fire Protection Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 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.

 
2.5

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.

 
2.6

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

Page 10

 
APW Fire Protection Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

 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 reporting 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 reporting 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 reporting date.

 
2.12

 Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 11

 
APW Fire Protection Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.13

 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.

 
2.14

 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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
20%
straight line

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.

  
2.15

 Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 12

 
APW Fire Protection Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.16

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

 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.

 
2.19

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.20

 Hire purchase and finance leases

Assets held under finance leases are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 
2.21

 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 13

 
APW Fire Protection Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.22

 Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
 
 
2.23

 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.

Page 14

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These 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 Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
b
) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
c) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.


4.


Employees

The average monthly number of employees, including directors, during the year was 21 (15 month period ended 30 September 2023 - 17).

Page 15

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

5.


Intangible assets




Computer software

£



Cost


At 1 October 2023
5,495



At 30 September 2024

5,495



Amortisation


At 1 October 2023
687


Charge for the year
1,099



At 30 September 2024

1,786



Net book value



At 30 September 2024
3,709



At 30 September 2023
4,808



Page 16

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
153,170
144,958
76,619
374,747


Additions
-
-
10,628
10,628



At 30 September 2024

153,170
144,958
87,247
385,375



Depreciation


At 1 October 2023
86,687
131,573
74,603
292,863


Charge for the year
23,507
7,104
2,278
32,889



At 30 September 2024

110,194
138,677
76,881
325,752



Net book value



At 30 September 2024
42,976
6,281
10,366
59,623



At 30 September 2023
66,483
13,385
2,016
81,884


7.


Stocks

2024
2023
£
£

Work in progress
125,944
422,985

Finished goods and goods for resale
270,897
225,268

396,841
648,253


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 17

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

8.


Debtors

2024
2023
£
£


Trade debtors
2,062,682
1,183,931

Amounts owed by group undertakings
2,111,566
1,095,000

Other debtors
335,337
367,686

Prepayments and accrued income
55,315
86,215

4,564,900
2,732,832


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
542,982
428,347

Less: bank overdrafts
-
(668)

542,982
427,679


Page 18

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
668

Bank loans
10,648
10,000

Trade creditors
1,235,236
898,783

Amounts owed to group undertakings
128,846
255,860

Corporation tax
105,153
104,901

Other taxation and social security
233,447
45,248

Obligations under finance lease and hire purchase contracts
15,082
33,808

Other creditors
11,340
4,931

Accruals and deferred income
422,230
117,551

2,161,982
1,471,750


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,169
13,837

Net obligations under finance leases and hire purchase contracts
9,100
24,182

12,269
38,019


Page 19

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,648
10,000

Amounts falling due 1-2 years

Bank loans
3,169
13,837



13,817
23,837



13.


Deferred taxation




2024


£






At beginning of year
(20,471)


Charged to P&L
4,638



At end of year
(15,833)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Origination and reversal of timing differences
(5,840)
6,520

Adjustment in respect of previous periods
1,202
(28,140)

Effect of changes in tax rates
-
1,149

Fixed asset timing differences
(11,195)
-

(15,833)
(20,471)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



199 (2023 - 199) Ordinary shares of £1.00 each
199
199


Page 20

 
APW Fire Protection Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

15.


Reserves

Called up share capital

Represents the nominal value of shares that have been issued.

Profit and loss account

Includes all current and prior period retained profits and losses.


16.


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 £18,323 (2023: £31,369).


17.


Related party transactions

The Company has availed of the exemption under FRS102 section 33, Paragraph 33.1A which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.


18.


Controlling party

The Company is a wholly owned subsidiary of EA-RS Fire Group Limited, a Company incorporated in United Kingdom. 
The entity is exempt from the requirements to prepare group accounts as the accounts are ultimately included in the consolidated accounts of EA-RS Fire Engineering Group Limited, which is the ultimate controlling party and is incorporated in England.


Page 21