REGISTERED NUMBER: SC680880 (Scotland)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

for

APGK Limited

Page

Group Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors are happy to report another successful year for the group.

The group has generated £23,722,266 (2023: £18,129,528) of turnover due to excellent products and customer service. The group has generated £2,959,088 (2023: £2,810,099) of profits before tax to give satisfactory results.

At the period end the group had net assets of £5,656,439 (2023: £4,201,340) including distributable profits of £5,570,435 (2023: £4,115,336). The directors therefore believe the group's position to be satisfactory, especially as the group's current assets exceed its current liabilities by £5,058,475 (2023: £3,893,658).

The directors believe that there is a strong foundation to build the business further and improve on the current period's results.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main standard risk facing the group as being increased competition from other national companies. The directors believe that the quality of our products and customer service will help mitigate these risks going forward.

ON BEHALF OF THE BOARD:

Mr Dale Paterson - Director

16 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of office fit out services and sale of packaging products

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £702,036.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr Michael Paterson

Mr Daniel Paterson

Mr Dale Paterson

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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr Dale Paterson - Director

16 September 2025

Opinion

We have audited the financial statements of APGK 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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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 two, 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.

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.

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.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through 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.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

22 September 2025

TURNOVER

23,722,266

18,129,528

Cost of sales

(16,212,361

)

(12,087,343

)

GROSS PROFIT

7,509,905

6,042,185

Administrative expenses

(4,619,808

)

(3,252,251

)

2,890,097

2,789,934

Other operating income

13,920

20,900

OPERATING PROFIT

4

2,904,017

2,810,834

Interest receivable and similar income

58,939

5,129

2,962,956

2,815,963

Interest payable and similar expenses

5

(3,868

)

(5,864

)

PROFIT BEFORE TAXATION

2,959,088

2,810,099

Tax on profit

6

(801,953

)

(649,239

)

PROFIT FOR THE FINANCIAL YEAR

2,157,135

2,160,860

Profit attributable to:

Owners of the parent

2,157,135

2,160,860

PROFIT FOR THE YEAR

2,157,135

2,160,860

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,157,135

2,160,860

Total comprehensive income attributable to:

Owners of the parent

2,157,135

2,160,860

FIXED ASSETS

Intangible assets

9

195,612

-

Tangible assets

10

254,784

149,440

Investments

11

Interest in associate

180,000

180,000

630,396

329,440

CURRENT ASSETS

Stocks

12

1,309,970

1,469,317

Debtors

13

4,068,948

4,312,959

Cash at bank

4,118,591

1,905,947

9,497,509

7,688,223

CREDITORS

Amounts falling due within one year

14

(4,439,034

)

(3,794,565

)

NET CURRENT ASSETS

5,058,475

3,893,658

TOTAL ASSETS LESS CURRENT LIABILITIES

5,688,871

4,223,098

PROVISIONS FOR LIABILITIES

17

(32,432

)

(21,758

)

NET ASSETS

5,656,439

4,201,340

CAPITAL AND RESERVES

Called up share capital

18

86,004

86,004

Retained earnings

19

5,570,435

4,115,336

SHAREHOLDERS' FUNDS

5,656,439

4,201,340

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Mr Dale Paterson - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

576,999

290,999

576,999

290,999

CURRENT ASSETS

Debtors

13

388,155

479,650

Cash at bank

1,163,784

302,342

1,551,939

781,992

CREDITORS

Amounts falling due within one year

14

(195,657

)

(2,179

)

NET CURRENT ASSETS

1,356,282

779,813

TOTAL ASSETS LESS CURRENT LIABILITIES

1,933,281

1,070,812

CAPITAL AND RESERVES

Called up share capital

18

86,004

86,004

Retained earnings

19

1,847,277

984,808

SHAREHOLDERS' FUNDS

1,933,281

1,070,812

Company's profit for the financial year

1,536,969

1,446,213

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Mr Dale Paterson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

110,004

2,665,461

2,775,465

Changes in equity

Company redemption of shares

(24,000

)

-

(24,000

)

Dividends

-

(710,985

)

(710,985

)

Total comprehensive income

-

2,160,860

2,160,860

Balance at 31 December 2023

86,004

4,115,336

4,201,340

Changes in equity

Dividends

-

(702,036

)

(702,036

)

Total comprehensive income

-

2,157,135

2,157,135

Balance at 31 December 2024

86,004

5,570,435

5,656,439

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

110,004

241,033

351,037

Changes in equity

Company redemption of shares

(24,000

)

-

(24,000

)

Dividends

-

(702,438

)

(702,438

)

Total comprehensive income

-

1,446,213

1,446,213

Balance at 31 December 2023

86,004

984,808

1,070,812

Changes in equity

Dividends

-

(674,500

)

(674,500

)

Total comprehensive income

-

1,536,969

1,536,969

Balance at 31 December 2024

86,004

1,847,277

1,933,281

Cash flows from operating activities

Cash generated from operations

1

3,996,526

1,212,622

Interest paid

(3,868

)

(5,864

)

Tax paid

(733,464

)

(596,684

)

Net cash from operating activities

3,259,194

610,074

Cash flows from investing activities

Purchase of tangible fixed assets

(143,877

)

(94,913

)

Purchase of fixed asset investments

(286,000

)

-

Sale of intangible fixed assets

-

48,656

Sale of tangible fixed assets

-

31,096

Cash introduced on acquisition

201,192

-

Interest received

58,939

5,129

Net cash from investing activities

(169,746

)

(10,032

)

Cash flows from financing activities

Loan repayments in year

(145,163

)

(169,288

)

Amount withdrawn by directors

(29,605

)

(240,168

)

Share buyback

-

(24,000

)

Equity dividends paid

(702,036

)

(710,985

)

Net cash from financing activities

(876,804

)

(1,144,441

)

Increase/(decrease) in cash and cash equivalents

2,212,644

(544,399

)

Cash and cash equivalents at beginning of year

2

1,905,947

2,450,346

Cash and cash equivalents at end of year

2

4,118,591

1,905,947

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

2,959,088

2,810,099

Depreciation charges

205,483

76,569

Profit on disposal of fixed assets

-

(48,806

)

Finance costs

3,868

5,864

Finance income

(58,939

)

(5,129

)

3,109,500

2,838,597

Decrease/(increase) in stocks

163,278

(348,023

)

Decrease/(increase) in trade and other debtors

589,636

(1,060,740

)

Increase/(decrease) in trade and other creditors

134,112

(217,212

)

Cash generated from operations

3,996,526

1,212,622

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

4,118,591

1,905,947

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,905,947

2,450,346

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,905,947

2,212,644

4,118,591

1,905,947

2,212,644

4,118,591

Debt

Debts falling due within 1 year

(192,874

)

145,162

(47,712

)

(192,874

)

145,162

(47,712

)

Total

1,713,073

2,357,806

4,070,879

1.	STATUTORY INFORMATION

APGK Limited is a private company, limited by shares, domiciled in Scotland, registration number SC680880. The registered office is Anchorpoint House, Clashburn Close, Kinross KY13 8GD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services in respect of office fit out services and the sale of packaging products, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill

Negative goodwill generated on formation of the group has been written off in the year generated.

Goodwill generated on the addition of a subsidiary to the group in 2024 is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Hire purchase and leasing commitments

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,288,956

1,766,083

Social security costs

202,003

177,209

Other pension costs

37,322

21,070

2,528,281

1,964,362

The average number of employees during the year was as follows:

31.12.24

31.12.23

Employees

63

50

The average number of employees by undertakings that were proportionately consolidated during the year was 57 (2023 - 47 ) .

31.12.24

31.12.23

£

£

Directors' remuneration

42,327

35,107

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

104,753

54,384

Depreciation - owned assets

81,943

76,569

Profit on disposal of fixed assets

-

(48,806

)

Goodwill amortisation

120,325

-

Auditors' remuneration

24,090

25,000

Foreign exchange differences

12,869

12,847

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Other interest

917

5,864

Corporation tax interest

2,951

-

3,868

5,864

6.

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

791,279

656,643

Deferred tax

10,674

(7,404

)

Tax on profit

801,953

649,239

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

2,959,088

2,810,099

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.500 %)

739,772

660,373

Effects of:

Expenses not deductible for tax purposes

2,349

1,767

Income not taxable for tax purposes

-

(11,469

)

Capital allowances in excess of depreciation

-

(5,462

)

Depreciation in excess of capital allowances

1,671

-

Utilisation of tax losses

(9,600

)

-

Deferred tax movement

-

(7,404

)

Capital gains

10,674

11,434

Adjustment on aquisition

57,087

-

Total tax charge

801,953

649,239

7.	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.

8.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary A to K shares of £1 each

Final

702,036

710,985