Apex General Supplies and Maintenance Li - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06409087 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2020

for

APEX GENERAL SUPPLIES

AND MAINTENANCE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr R R Banks

Mr S C L Bailey

Mr S Bailey

REGISTERED OFFICE:

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

REGISTERED NUMBER:

06409087 (England and Wales)

ACCOUNTANTS:

Barrons

Chartered Accountants

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Apex General Supplies and Maintenance Limited for the year ended 31st March 2020 which

comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Apex General Supplies and Maintenance Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Apex General Supplies and Maintenance Limited and state those matters that we have agreed to state to the Board of Directors of Apex General Supplies and Maintenance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Apex General Supplies and Maintenance Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Apex General Supplies and Maintenance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Apex General Supplies and Maintenance Limited. You consider that Apex General Supplies and Maintenance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Apex General Supplies and Maintenance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Barrons

Chartered Accountants

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

9th June 2020

FIXED ASSETS

Intangible assets

4

99,283

119,140

Tangible assets

5

66,144

7,030

165,427

126,170

CURRENT ASSETS

Stocks

109,859

112,527

Debtors

6

509,082

552,723

Cash at bank and in hand

2,151

6,442

621,092

671,692

CREDITORS

Amounts falling due within one year

7

320,037

479,131

NET CURRENT ASSETS

301,055

192,561

TOTAL ASSETS LESS CURRENT LIABILITIES

466,482

318,731

CREDITORS

Amounts falling due after more than one year

8

(74,086

)

-

PROVISIONS FOR LIABILITIES

(10,510

)

(610

)

NET ASSETS

381,886

318,121

CAPITAL AND RESERVES

Called up share capital

335,268

335,268

Retained earnings

46,618

(17,147

)

SHAREHOLDERS' FUNDS

381,886

318,121

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th June 2020 and were signed on its behalf by:

Mr R R Banks - Director

1.	STATUTORY INFORMATION

Apex General Supplies and Maintenance Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is

recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at

the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated

amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit

and Loss Account over its useful economic life.

The estimated useful life is as follows:

Goodwill - Straight line over 10 years

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives,

using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc

- 25% on reducing balance, 25% straight line and over the operating life

of the lease

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, 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 payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less

any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of

acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2019

and 31st March 2020

305,491

AMORTISATION

At 1st April 2019

186,351

Charge for year

19,857

At 31st March 2020

206,208

NET BOOK VALUE

At 31st March 2020

99,283

At 31st March 2019

119,140

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2019

29,700

Additions

86,076

Disposals

(19,538

)

At 31st March 2020

96,238

DEPRECIATION

At 1st April 2019

22,670

Charge for year

22,474

Eliminated on disposal

(15,050

)

At 31st March 2020

30,094

NET BOOK VALUE

At 31st March 2020

66,144

At 31st March 2019

7,030

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

117,695

175,319

Amounts owed by group undertakings

334,652

334,402

Other debtors

56,735

43,002

509,082

552,723

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

4,372

Hire purchase contracts (see note 9)

15,827

-

Trade creditors

226,667

410,604

Taxation and social security

68,935

48,923

Other creditors

8,608

15,232

320,037

479,131

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

53,038

-

Other creditors

21,048

-

74,086

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

15,827

-

Between one and five years

53,038

-

68,865

-

Non-cancellable

operating leases

2020

2019

£

£

Within one year

18,500

20,000

Between one and five years

74,000

68,000

92,500

88,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

-

4,372

Factoring creditor

78,171

141,641

Hire purchase contracts

68,865

-

147,036

146,013

The factoring creditor is secured by an all assets debenture dated 30th April 2010 and incorporates a fixed and

floating charge over the company and all present and future assets.

The hire purchase creditor is secured against the assets to which the liability relates.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

As at the balance sheet date there were overdrawn director's current account balances totalling £52,110 (2019:

£27,914).

During the year interest was charged on overdrawn director's current accounts totalling £460 (2019: £511).

As at the balance sheet date the bank loan was secured by personal guarantee from the director.