Apex Joiners Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Apex Joiners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11142786 . The registered office is 20-22 Wenlock Road, London, N1 7GU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods or on completion of the given contract.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% - reducing balance basis
Motor Vehicles	25% - reducing balance basis
Fixtures & Fittings	15% - reducing balance basis
Computer Equipment	15% - reducing balance basis

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

...CONTINUED

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Apex Joiners Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.6. Taxation - continued

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 3)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 February 2024	37,851	1,050	4,280	43,181
Additions	3,438	-	-	3,438
Disposals	-	(1,050 )	-	(1,050 )

As at 31 January 2025	41,289	-	4,280	45,569

Depreciation
As at 1 February 2024	17,655	842	1,996	20,493
Provided during the period	5,400	4	343	5,747
Disposals	-	(846 )	-	(846 )

As at 31 January 2025	23,055	-	2,339	25,394

Net Book Value
As at 31 January 2025	18,234	-	1,941	20,175

As at 1 February 2024	20,196	208	2,284	22,688

5. Stocks

	2025	2024
	£	£
Materials	1,540	1,810
Work in progress	7,870	26,644

	9,410	28,454

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	59,640	8,765
VAT recoverable	11,456	20,593
Other debtors - inter company loan	110,871	51,187
Sundry debtors	10,000	-
Other debtors - customer loan	79,624	-
PAYE and NI	101	101

	271,692	80,646

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Apex Joiners Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

The other debtor relates to a sundry loans granted as a short-term cash injection to a company in which the directors are co-directors and shareholders, and was given to assist that company's purchase of development land, which development will be contracted to the company under normal commercial terms once full planning consents have been granted, which were delayed due to Covid19 backlogs with the local council and other planning issues, and will therefore benefit the company financially in terms of resultant profits on that contract. The loan is unsecured, interest free and has no fixed terms of repayment, but is repayable on demand.

The sundry debtor relates to sums advanced to a materials supplier, which loan is unsecured, interest free and repayable on demand.

The customer loan relates to sums advanced to a customer, with whom a development contract is likely to be commenced in the coming year, which loan is unsecured, interest free and repayable on demand.

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	17,325	26,271
Bank loans and overdrafts	8,333	8,333
Corporation tax	53,703	55,995
Subcontractors CIS tax	22,740	19,127
Other creditors - sundry supplier loan	21,601	-
Accrued charges	2,886	2,757
Directors' loan accounts	9,643	2,530

	136,231	115,013

The directors loan accounts are unsecured, interest free and have no fixed terms of repayment.

The bank loan was obtained in May 2020 in terms of the Bounce Back Loan Scheme following the Covid19 pandemic and is accordance with the terms thereof.

The other creditor (supplier loan) relates to sums advanced by a suppplier with whom there is an ongoing trading relationship, which loan is unsecured, interest free and payable on demand.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	10,000	18,333

The bank loan was obtained in May 2020 in terms of the Bounce Back Loan Scheme following the Covid19 pandemic and is accordance with the terms thereof.

9. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances.

	2025	2024
	£	£
Other timing differences	5,044	5,672

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 February 2024	5,672	5,672
Utilised	(628 )	(628)

Balance at 31 January 2025	5,044	5,044

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Apex Joiners Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

12. Ultimate Controlling Party

There is no ultimate controlling party by virtue of the split in ownership of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		20,175		22,688

			20,175		22,688
CURRENT ASSETS
Stocks	5	9,410		28,454
Debtors	6	271,692		80,646
Cash at bank and in hand		329,307		367,322

		610,409		476,422
Creditors: Amounts Falling Due Within One Year	7	(136,231 )		(115,013 )

NET CURRENT ASSETS (LIABILITIES)			474,178		361,409

TOTAL ASSETS LESS CURRENT LIABILITIES			494,353		384,097

Creditors: Amounts Falling Due After More Than One Year	8		(10,000 )		(18,333 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(5,044 )		(5,672 )

NET ASSETS			479,309		360,092

CAPITAL AND RESERVES
Called up share capital	11		2		2
Profit and Loss Account			479,307		360,090

SHAREHOLDERS' FUNDS			479,309		360,092