Company No: 02562642 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	2,773		5,641
Tangible assets	4	1,116,865		1,225,104
Investments	5	1		1
		1,119,639		1,230,746
Current assets
Debtors	6	88,992		4,103
Cash at bank and in hand		41,874		38,296
		130,866		42,399
Creditors: amounts falling due within one year	7	( 450,092)		( 479,063)
Net current liabilities		(319,226)		(436,664)
Total assets less current liabilities		800,413		794,082
Creditors: amounts falling due after more than one year	8	( 43,604)		( 100,908)
Provision for liabilities		( 275,500)		( 301,500)
Net assets		481,309		391,674
Capital and reserves
Called-up share capital	9	1,000		1,000
Revaluation reserve		189,251		276,245
Profit and loss account		291,058		114,429
Total shareholder's funds		481,309		391,674

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Apex Services (South West) Limited (registered number: 02562642) were approved and authorised for issue by the Board of Directors on 27 May 2026. They were signed on its behalf by:

Mr M D Wimms Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Apex Services (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Apex House, Pinbrook Road, Exeter, EX4 8HH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer and revenue from services is recognised in the period to which is relates.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

4 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 - 25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Tools and equipment	25 years straight line
Computer equipment	4 years straight line
Other property, plant and equipment	3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Other property, plant and equipment and tools and equipment are carried at its revalued amount being its fair value at the date of revaluation less any accumulated depreciation or impairment losses. Fair value is derived from the current market prices for comparable plant and equipment determined annually by the Directors. Changes in fair value are recognised in other comprehensive income. If a revaluation decrease exceeds the accumulated revaluation gains, the excess shall be recognised in the profit and loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the performance model.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 January 2025	11,474		11,474
At 31 December 2025	11,474		11,474
Accumulated amortisation
At 01 January 2025	5,833		5,833
Charge for the financial year	2,868		2,868
At 31 December 2025	8,701		8,701
Net book value
At 31 December 2025	2,773		2,773
At 31 December 2024	5,641		5,641

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Tools and equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 January 2025	703,108		893,463		46,056		1,387,625		32,614		651,160		3,714,026
Additions	27,161		27,192		4,817		27,473		0		13,374		100,017
Disposals	0		0		0		( 29,250)		0		0		( 29,250)
At 31 December 2025	730,269		920,655		50,873		1,385,848		32,614		664,534		3,784,793
Accumulated depreciation
At 01 January 2025	620,929		697,952		29,239		592,335		13,509		534,958		2,488,922
Charge for the financial year	16,116		54,507		4,946		45,633		8,154		54,283		183,639
Disposals	0		0		0		( 4,633)		0		0		( 4,633)
At 31 December 2025	637,045		752,459		34,185		633,335		21,663		589,241		2,667,928
Net book value
At 31 December 2025	93,224		168,196		16,688		752,513		10,951		75,293		1,116,865
At 31 December 2024	82,179		195,511		16,817		795,290		19,105		116,202		1,225,104

Revaluation of tangible assets

The fair value of the company's plant & machinery, tools & equipment and other property, plant and equipment was revalued on 31 December 2025. An independent valuer was not involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £668,697 (2024: £720,414).

The last full valuation of plant & machinery, tools & equipment and other property, plant and equipment was carried out on 31 December 2025.

	2025		2024
	£		£
Historical cost	2,018,763		1,980,005
Accumulated depreciation	(1,350,066)		(1,259,591)
Carrying value	668,697		720,414

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	1
At 31 December 2025	1
Carrying value at 31 December 2025	1
Carrying value at 31 December 2024	1

6. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	84,583		0
Other debtors	4,409		4,103
	88,992		4,103

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	10,357		0
Amounts owed to Group undertakings	169,049		235,332
Accruals	123,458		51,695
Taxation and social security	72,005		70,222
Obligations under finance leases and hire purchase contracts (secured)	75,223		118,954
Other creditors	0		2,860
	450,092		479,063

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts (secured)	43,604		100,908

Obligation under finance leases and hire purchase contract totalling £118,828 (2024: £219,862) are secured on assets concerned.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000

10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £228,917 (2024: £295,917).

The company has provided a guarantee of £350,000 (2024: £350,000) to Apex Scaffolding (Exeter) Limited as security for the company's bank loan.

11. Contingencies

Contingent liabilities

The total amount of contingencies not included in the balance sheet is £8,419 (2024: £26,360). The company is a member of a VAT group with its subsidiary undertaking and such is jointly liable for any outstanding liability. The amount guaranteed is £8,419 (2024: £26,360).

12. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemption to not disclose transactions with 100% group companies.

13. Ultimate controlling party

Parent Company:

Apex Scaffolding Holdings Limited

Apex House, Pinbrook Road, Exeter, Devon, England, EX4 8HH