| REGISTERED NUMBER: 11148347 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Access Platform Sales Holdings Limited |
| REGISTERED NUMBER: 11148347 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Access Platform Sales Holdings Limited |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| Access Platform Sales Holdings Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 7 Lower Brook Street |
| Oswestry |
| Shropshire |
| SY11 2HG |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| 2024 suffered from the start of the demise of our relationship with LGMG. The increased competition from other Chinese manufacturers and the resulting reduction in average sales prices meant that their products were becoming increasingly difficult to sell at sensible margins. Our dealership agreement with them has now been terminated. In addition, we experienced a slowdown in the market generally and most other product offerings also showed a reduction on the 2023 numbers. Hinowa continues to be a significant contributor to the company's performance, representing 39% of our turnover (33% in 2023). |
| In total turnover fell by 19% to £28 Million however we managed to maintain margins at 14.6%. |
| The newly created parts operation continued to preform well, showing an increase in turnover of 42% and a significant contributor to the overall profitability of the company. |
| The termination of the LGMG relationship has had a very positive impact on our cashflow management. Inventory levels fell by £4.8 million to £4.4 million and trade creditors fell by £4.2 million to a more manageable £2 million. At year end we were beginning to see the impact of these factors on our bank borrowings and interest charges which puts is in a much stronger financial position going into 2025. |
| We have decided to make provision for an old outstanding debt in last years accounts which had an impact of £57K. |
| The final result showed a PBIT of £484K compared to £1.2 million in 2023. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company faces a range of risks and uncertainties as part of its day to day operations. Significant risk factors identified include: |
| - Potential changes in distribution policy by principal suppliers. |
| In order to combat this threat, the company is continuing to develop closer relationships with manufacturers for whom distribution agreements are already in place as well as seeking new opportunities. |
| The company's principal financial assets are stock, bank balances and cash, trade and other receivables, and investments. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the accounts are net of allowances for doubtful receivables. |
| The company has no significant concentration of credit risk, with exposure spread over a large number of customers. |
| In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the company continues to use an invoice discounting facility with BNP Commercial Finance. |
| ON BEHALF OF THE BOARD: |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the sale of hydraulic access platforms and materials handling equipment and associated support services. |
| DIVIDENDS |
| An interim dividend of 16.938p per share was paid on 9th April 2024. The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 December 2024 will be £249,998. |
| FUTURE DEVELOPMENTS |
| Our main focus going into 2025 is to replace LGMG with other distribution agreements and to focus increased energy on growing our parts and service operations. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements 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 company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Access Platform Sales Holdings Limited |
| Opinion |
| We have audited the financial statements of Access Platform Sales Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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. |
| 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 UK, including the FRC'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 and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| Report of the Independent Auditors to the Members of |
| Access Platform Sales Holdings Limited |
| 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| Report of the Independent Auditors to the Members of |
| Access Platform Sales Holdings Limited |
| 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 a Report of the Auditors 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 financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| -the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| -we identified the laws and regulations applicable to the company through discussions with directors and other |
| management, and from our commercial knowledge and experience of the client's operating sector; |
| -we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; |
| -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
| -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| -making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and |
| -reviewing the client's system notes and internal controls. |
| To address the risk of fraud through management bias and override of controls, we: |
| -performed analytical procedures to identify any unusual or unexpected relationships; |
| -tested journal entries to identify unusual transactions; |
| -assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; |
| -investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| -agreeing financial statement disclosures to underlying supporting documentation; |
| -enquiring of management as to actual and potential litigation and claims |
| - reviewing correspondence with HMRC. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Report of the Independent Auditors to the Members of |
| Access Platform Sales Holdings Limited |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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 Report of the Auditors. |
| 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 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 a Report of the Auditors 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. |
| for and on behalf of |
| 7 Lower Brook Street |
| Oswestry |
| Shropshire |
| SY11 2HG |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 28,004,043 | 34,437,023 |
| Cost of sales | 23,940,674 | 29,368,983 |
| GROSS PROFIT | 4,063,369 | 5,068,040 |
| Distribution costs | 1,766,617 | 1,851,703 |
| Administrative expenses | 1,812,622 | 1,990,378 |
| 3,579,239 | 3,842,081 |
| OPERATING PROFIT | 5 | 484,130 | 1,225,959 |
| Interest receivable and similar income | - | 7,299 |
| 484,130 | 1,233,258 |
| Interest payable and similar expenses | 6 | 459,982 | 435,932 |
| PROFIT BEFORE TAXATION | 24,148 | 797,326 |
| Tax on profit | 7 | 83,550 | 276,733 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| (Loss)/profit attributable to: |
| Owners of the parent | (59,402 | ) | 520,593 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | (59,402 | ) | 520,593 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(59,402 |
) |
520,593 |
| Total comprehensive income attributable to: |
| Owners of the parent | (59,402 | ) | 520,593 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Consolidated Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 856,391 | 1,119,895 |
| Tangible assets | 11 | 868,996 | 1,005,513 |
| Investments | 12 | - | - |
| 1,725,387 | 2,125,408 |
| CURRENT ASSETS |
| Stocks | 13 | 4,375,366 | 9,245,558 |
| Debtors | 14 | 6,403,430 | 6,932,132 |
| Cash at bank and in hand | 353,235 | 377,598 |
| 11,132,031 | 16,555,288 |
| CREDITORS |
| Amounts falling due within one year | 15 | 8,091,655 | 13,506,652 |
| NET CURRENT ASSETS | 3,040,376 | 3,048,636 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,765,763 |
5,174,044 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
- |
(44,559 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (174,983 | ) | (229,305 | ) |
| NET ASSETS | 4,590,780 | 4,900,180 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 737,978 | 737,978 |
| Retained earnings | 22 | 3,852,802 | 4,162,202 |
| SHAREHOLDERS' FUNDS | 27 | 4,590,780 | 4,900,180 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by: |
| A D Jennings - Director |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Company Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS | 27 |
| Company's profit for the financial year | 250,000 | 248,999 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | 737,978 | 3,891,606 | 4,629,584 |
| Changes in equity |
| Dividends | - | (249,997 | ) | (249,997 | ) |
| Total comprehensive income | - | 520,593 | 520,593 |
| Balance at 31 December 2023 | 737,978 | 4,162,202 | 4,900,180 |
| Changes in equity |
| Dividends | - | (249,998 | ) | (249,998 | ) |
| Total comprehensive income | - | (59,402 | ) | (59,402 | ) |
| Balance at 31 December 2024 | 737,978 | 3,852,802 | 4,590,780 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,783,152 | 1,239,047 |
| Interest paid | (446,138 | ) | (420,186 | ) |
| Interest element of hire purchase payments paid |
(13,844 |
) |
(15,746 |
) |
| Tax paid | (347,810 | ) | (412,416 | ) |
| Net cash from operating activities | 975,360 | 390,699 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (290,883 | ) | (198,234 | ) |
| Sale of tangible fixed assets | 102,017 | 235,536 |
| Interest received | - | 7,299 |
| Net cash from investing activities | (188,866 | ) | 44,601 |
| Cash flows from financing activities |
| Capital repayments in year | (77,756 | ) | (101,126 | ) |
| Amount introduced by directors | 94,940 | - |
| Amount withdrawn by directors | - | (3,317 | ) |
| Equity dividends paid | (249,998 | ) | (249,997 | ) |
| Net cash from financing activities | (232,814 | ) | (354,440 | ) |
| Increase in cash and cash equivalents | 553,680 | 80,860 |
| Cash and cash equivalents at beginning of year |
2 |
(4,969,914 |
) |
(5,050,774 |
) |
| Cash and cash equivalents at end of year |
2 |
(4,416,234 |
) |
(4,969,914 |
) |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation | 24,148 | 797,326 |
| Depreciation charges | 610,771 | 611,545 |
| Profit on disposal of fixed assets | (21,884 | ) | (48,929 | ) |
| Finance costs | 459,982 | 435,932 |
| Finance income | - | (7,299 | ) |
| 1,073,017 | 1,788,575 |
| Decrease/(increase) in stocks | 4,870,192 | (2,786,328 | ) |
| Decrease in trade and other debtors | 433,762 | 4,821,611 |
| Decrease in trade and other creditors | (4,593,819 | ) | (2,584,811 | ) |
| Cash generated from operations | 1,783,152 | 1,239,047 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 353,235 | 377,598 |
| Bank overdrafts | (4,769,469 | ) | (5,347,512 | ) |
| (4,416,234 | ) | (4,969,914 | ) |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 377,598 | 219,921 |
| Bank overdrafts | (5,347,512 | ) | (5,270,695 | ) |
| (4,969,914 | ) | (5,050,774 | ) |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 377,598 | (24,363 | ) | 353,235 |
| Bank overdrafts | (5,347,512 | ) | 578,043 | (4,769,469 | ) |
| (4,969,914 | ) | 553,680 | (4,416,234 | ) |
| Debt |
| Finance leases | (122,315 | ) | 77,756 | (44,559 | ) |
| (122,315 | ) | 77,756 | (44,559 | ) |
| Total | (5,092,229 | ) | 631,436 | (4,460,793 | ) |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Access Platform Sales Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation currency of the financial statements is Pound Sterling (£), rounded to the nearest £1. |
| The financial statements are for the group as well as the individual entity. |
| Basis of consolidation |
| The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31st December each year. |
| All subsidiary undertakings included within the consolidation are fully owned. |
| Significant judgements and estimates |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the 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. |
| The company makes estimates of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
| The company makes an estimate of the warranty provision required. When assessing the provision management consider factors including the previous history if claims and current sales which are eligible. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue Recognition |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stock is valued on the first in first out basis. |
| Financial instruments |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the society transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Basic financial liabilities, including creditors and loans, 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. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the society's contractual obligations expire or are discharged or cancelled. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Research and development |
| Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Sale of goods | 26,951,462 | 33,315,040 |
| Rendering of services | 1,052,581 | 1,121,983 |
| 28,004,043 | 34,437,023 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries | 1,706,776 | 2,040,201 |
| Social security costs | 208,963 | 235,582 |
| Other pension costs | 84,181 | 86,778 |
| 1,999,920 | 2,362,561 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Directors | 8 | 8 |
| Administration | 4 | 4 |
| Production and sales | 26 | 26 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration | 639,419 | 751,367 |
| Directors' pension contributions to money purchase schemes | 34,597 | 36,214 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 7 | 7 |
| Information regarding the highest paid director is as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Emoluments etc | 138,736 | 170,087 |
| Pension contributions to money purchase schemes | 8,569 | 4,499 |
| The company's key management personnel are considered to be the directors. |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire of plant and machinery | - | 3,350 |
| Depreciation - owned assets | 262,395 | 254,515 |
| Depreciation - assets on hire purchase contracts | 84,872 | 93,526 |
| Profit on disposal of fixed assets | (21,884 | ) | (48,929 | ) |
| Goodwill amortisation | 263,504 | 263,504 |
| Auditors' remuneration | 8,500 | 12,000 |
| Auditors' remuneration for non audit work | - | 2,660 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank interest | 372,131 | 365,750 |
| Provision for interest | 71,948 | 50,000 |
| Loan | - | 1,001 |
| Interest payable | 2,059 | 3,435 |
| Hire purchase | 13,844 | 15,746 |
| 459,982 | 435,932 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 137,872 | 337,836 |
| Deferred tax | (54,322 | ) | (61,103 | ) |
| Tax on profit | 83,550 | 276,733 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax | 24,148 | 797,326 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) |
6,037 |
187,531 |
| Effects of: |
| Expenses not deductible for tax purposes | 17,987 | 11,750 |
| Depreciation in excess of capital allowances | 47,722 | 76,463 |
| Amortisation of goodwill | 65,876 | 61,976 |
| Capital gain | 250 | 116 |
| Deferred tax | (54,322 | ) | (61,103 | ) |
| Total tax charge | 83,550 | 276,733 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of 50p each |
| Interim | 249,998 | 249,997 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Development |
| Goodwill | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 | 2,647,337 | 30,000 | 2,677,337 |
| AMORTISATION |
| At 1 January 2024 | 1,527,442 | 30,000 | 1,557,442 |
| Amortisation for year | 263,504 | - | 263,504 |
| At 31 December 2024 | 1,790,946 | 30,000 | 1,820,946 |
| NET BOOK VALUE |
| At 31 December 2024 | 856,391 | - | 856,391 |
| At 31 December 2023 | 1,119,895 | - | 1,119,895 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 | 194,018 | 1,345,825 | 30,177 | 594,147 | 2,164,167 |
| Additions | - | 62,178 | - | 228,705 | 290,883 |
| Disposals | - | (97,399 | ) | (15,243 | ) | (88,400 | ) | (201,042 | ) |
| At 31 December 2024 | 194,018 | 1,310,604 | 14,934 | 734,452 | 2,254,008 |
| DEPRECIATION |
| At 1 January 2024 | 94,652 | 813,860 | 24,975 | 225,167 | 1,158,654 |
| Charge for year | 19,402 | 210,100 | 5,202 | 112,563 | 347,267 |
| Eliminated on disposal | - | (56,626 | ) | (15,243 | ) | (49,040 | ) | (120,909 | ) |
| At 31 December 2024 | 114,054 | 967,334 | 14,934 | 288,690 | 1,385,012 |
| NET BOOK VALUE |
| At 31 December 2024 | 79,964 | 343,270 | - | 445,762 | 868,996 |
| At 31 December 2023 | 99,366 | 531,965 | 5,202 | 368,980 | 1,005,513 |
| Fixed assets, included in the above, which are held under hire purchase contracts amount to £42,617 (2023 £164,489). |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Leewood Business Park, Upton, Huntingdon, Cambridgeshire, PE28 5YQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Leewood Business Park Upton, Huntingdon, Cambridgeshire PE28 5YQ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| LGMG UK limited was incorporated on the 16th June 2023 and is currently dormant. |
| 13. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Stocks | 4,375,366 | 9,245,558 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Trade debtors | 6,192,204 | 6,658,505 |
| Other debtors | 17,296 | - |
| Directors' current accounts | 90,450 | 185,390 | - | - |
| Tax | 61,054 | 61,054 |
| Called up share capital not paid | 1,000 | 1,000 |
| Prepayments and accrued income | 41,426 | 26,183 |
| 6,403,430 | 6,932,132 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 4,769,469 | 5,347,512 |
| Hire purchase contracts (see note 18) | 44,559 | 77,756 |
| Trade creditors | 1,972,640 | 6,208,819 |
| Amounts owed to group undertakings | - | - |
| Tax | 47,872 | 257,810 |
| Social security and other taxes | 48,496 | 63,550 |
| VAT | 866,941 | 930,303 | - | - |
| Other creditors | 92,580 | 103,842 |
| Accrued expenses | 249,098 | 517,060 |
| 8,091,655 | 13,506,652 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts (see note 18) | - | 44,559 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank overdrafts | 4,769,469 | 5,347,512 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 52,555 | 91,600 |
| Between one and five years | - | 52,555 |
| 52,555 | 144,155 |
| Finance charges repayable: |
| Within one year | 7,996 | 13,844 |
| Between one and five years | - | 7,996 |
| 7,996 | 21,840 |
| Net obligations repayable: |
| Within one year | 44,559 | 77,756 |
| Between one and five years | - | 44,559 |
| 44,559 | 122,315 |
| Group |
| Non-cancellable | operating leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year | 18,000 | 72,000 |
| Between one and five years | - | 18,000 |
| 18,000 | 90,000 |
| Operating lease payments expended through the profit and loss account amounted to £72,000 (2023 £72,000). |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank overdraft | 4,769,469 | 5,347,512 |
| Hire purchase contracts | 44,559 | 122,315 |
| 4,814,028 | 5,469,827 |
| National Westminster Bank Plc hold a mortgage debenture dated the 16th July 1998 covering all assets of the group. |
| BNP Paribas Commercial Finance Limited hold a fixed and floating charge dated the 3rd October 2016 over debts against the Company in respect of their Invoice discounting facility. |
| All Hire Purchase contracts are secure against the assets to which they relate. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 174,983 | 229,305 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 229,305 |
| Provided during year | (54,322 | ) |
| Balance at 31 December 2024 | 174,983 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | 50p | 737,978 | 737,978 |
| The ordinary shares have full rights in the company with respect to voting, dividends and distributions. |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 22. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | 4,162,202 |
| Deficit for the year | (59,402 | ) |
| Dividends | (249,998 | ) |
| At 31 December 2024 | 3,852,802 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| 23. | PENSION COMMITMENTS |
| The group subsidiary contributes to a defined contribution scheme for employees. The charge to profit for the year in respect of the scheme was £84,181 (2023 £86,778). At the year end the amount not paid to the pension provider was £9,099 (2023 £7,914). |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ms H L Treggalles |
| Balance outstanding at start of year | 92,695 | 91,037 |
| Amounts advanced | - | 1,658 |
| Amounts repaid | (2,245 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 90,450 | 92,695 |
| D W Leyshon |
| Balance outstanding at start of year | 92,695 | 91,037 |
| Amounts advanced | - | 1,658 |
| Amounts repaid | (92,695 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 92,695 |
| Access Platform Sales Holdings Limited (Registered number: 11148347) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Interest has been charged on the loans to the directors. There is no set repayment date for the capital. |
| 25. | RELATED PARTY DISCLOSURES |
| During the year the company paid rent of £72,000 (2023 £72,000) to Leewood Properties Limited. The shareholders and directors of Leewood Properties Limited are Mr J Daintith, Mr A D Jennings, Mr K B J Shadbolt and Mr S R Couling. |
| During the year, a total of key management personnel compensation of £ 324,446 (2023 - £ 408,209 ) was paid. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties by virtue of their shareholding and or significant influence or control of the company are: |
| Mr S R Couling |
| Mr A D Jennings |
| Mr KBJ Shadbolt |
| 27. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| (Loss)/profit for the financial year | (59,402 | ) | 520,593 |
| Dividends | (249,998 | ) | (249,997 | ) |
| Share premium |
| Net (reduction)/addition to shareholders' funds | (309,400 | ) | 270,596 |
| Opening shareholders' funds | 4,900,180 | 4,629,584 |
| Closing shareholders' funds | 4,590,780 | 4,900,180 |
| Company |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit for the financial year |
| Dividends | ( |
) | ( |
) |
| Net addition/(reduction) to shareholders' funds | 2 | (998 | ) |
| Opening shareholders' funds | 3,001,840 | 3,002,838 |
| Closing shareholders' funds | 3,001,842 | 3,001,840 |