| API Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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The accounts are prepared on the historical cost basis except that investments in subsidiaries are stated at their fair value. |
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The Company is exempt under the small companies regime of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual and not about its group. |
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Going concern |
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At the year end the company has net current liabilities of £56,291 (2024: £73,334) which includes amounts due to related undertakings. The company meets its day to day working capital requirements through its positive cash balances, cash generated from its operations and funding provided by related parties. These related party relationships will continue for the foreseeable future and provide the necessary working capital and financial support to allow the company to continue to trade. This on-going financial support combined with a detailed review of the company’s forecasts and projections mean that the directors are confident that the company has sufficient resources to meet its liabilities as they fall due for at least 12 months from the date of approval of these accounts. Therefore these accounts are prepared on a going concern basis. |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold improvements |
over the lease term |
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Works of art |
not depreciated |
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Fixtures & fittings |
over 3-5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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Fees in respect of director's services are paid to a related undertaking |
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| 3 |
Tangible fixed assets |
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Leasehold improvements |
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Fixtures & fittings |
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Works of art |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
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At 1 April 2024 |
72,691 |
|
29,199 |
|
45,471 |
|
147,361 |
|
Additions |
- |
|
- |
|
- |
|
- |
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At 31 March 2025 |
72,691 |
|
29,199 |
|
45,471 |
|
147,361 |
|
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|
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Depreciation |
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At 1 April 2024 |
72,691 |
|
26,958 |
|
- |
|
99,650 |
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Charge for the year |
- |
|
1,359 |
|
- |
|
1,359 |
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At 31 March 2025 |
72,691 |
|
28,317 |
|
- |
|
101,008 |
|
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Net book value |
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At 31 March 2025 |
- |
|
882 |
|
45,471 |
|
46,353 |
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At 31 March 2024 |
- |
|
2,241 |
|
45,471 |
|
47,712 |
|
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| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Fair value |
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At 1 April 2024 |
10,000 |
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At 31 March 2025 |
10,000 |
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Historical cost |
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At 1 April 2024 |
10,001 |
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At 31 March 2025 |
10,001 |
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At the year end, the company owns the entire issued share capital of Associated Property Investors Limited which is incorporated in the United Kingdom and was dormant throughout the current and prior year. The registered office of this entity is: First Floor, Finchale House, Belmont Business Park, Durham, DH1 1TW. |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
412,059 |
|
421,623 |
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Other debtors |
64,553 |
|
22,900 |
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476,612 |
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444,523 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
270,035 |
|
293,436 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
257,763 |
|
107,856 |
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Taxation and social security costs |
572 |
|
358 |
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Other creditors |
141,348 |
|
139,259 |
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|
669,718 |
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540,909 |
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| 7 |
Related party transactions |
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The company undertook the following transactions with entities whose directors (or general partner's directors) include directors of this company: |
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Transactions in the year |
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Amounts due from / (to) |
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|
2025 |
|
2024 |
|
2025 |
|
2024 |
| £ |
£ |
£ |
£ |
|
Associated Property Investors Limited |
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Payments made on account |
- |
|
- |
|
(1) |
|
(1) |
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Branden Property Limited |
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Payments made on account |
- |
|
- |
|
900 |
|
900 |
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Bruder Property Limited |
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Payments made on account |
- |
|
- |
|
1,923 |
|
- |
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Coney (York) Limited |
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Payments made on account |
- |
|
- |
|
36 |
|
1,200 |
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Crossco Limited |
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Payments made on account |
- |
|
- |
|
(76,920) |
|
(47,001) |
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Derandd Investment Partners Limited Partnership |
|
Management fees receivable |
540,396 |
|
547,550 |
|
326,958 |
|
377,280 |
|
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Golftee G P 1 Limited |
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Payments made on account |
4,800 |
|
- |
|
10,560 |
|
4,800 |
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Golftee LP 4 Limited |
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Payments made on account |
- |
|
- |
|
2,340 |
|
2,340 |
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Ionic Limited |
|
Management fees receivable |
60,000 |
|
61,750 |
|
(842) |
|
- |
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Jolan Limited |
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Payments made on account |
- |
|
- |
|
1,735 |
|
(1,862) |
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Jolan Piccadilly Limited |
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Payments made on account |
- |
|
- |
|
405 |
|
- |
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Michael Noble Investments |
|
Fees payable |
(465,788) |
|
(465,788) |
|
(180,000) |
|
(58,992) |
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MNFI Limited Partnership |
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Payment on account |
- |
|
- |
|
2,078 |
|
1,042 |
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Reger Property Limited |
664 |
|
- |
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Management fees receivable |
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Stampflat Limited |
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Management fees receivable |
3,000 |
|
3,000 |
|
3,464 |
|
2,339 |
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Wellbark Property Limited |
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Management fees receivable |
26,520 |
|
26,520 |
|
60,996 |
|
31,722 |
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All related party balances are unsecured and will be settled by cash generated from operations. |
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| 8 |
Controlling party |
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The company is a wholly owned subsidiary of Crossco Limited, a company registered in England and Wales whose registered address is the same as for API Limited.
The directors regard Crossco Limited as the immediate controlling party. In the directors' opinion there is no ultimate controlling party.
The results of the company are not included in any group financial statements. |
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| 9 |
Other information |
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API Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
First Floor, Finchale House |
|
Belmont Business Park |
|
Durham |
|
DH1 1TW |