Apex General Supplies and Maintenance Li - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06409087 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2017

for

APEX GENERAL SUPPLIES

AND MAINTENANCE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr L F Banks

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 director and members 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 Director 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 2017 which

comprise the Profit and Loss Account, Balance Sheet, 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 director of Apex General Supplies and Maintenance Limited 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 director of Apex General Supplies and Maintenance Limited 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 director 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

21st December 2017

FIXED ASSETS

Intangible assets

4

158,853

178,709

Tangible assets

5

9,029

12,932

167,882

191,641

CURRENT ASSETS

Stocks

92,161

88,920

Debtors

6

486,593

421,665

Cash at bank and in hand

6,175

6,022

584,929

516,607

CREDITORS

Amounts falling due within one year

7

482,778

477,328

NET CURRENT ASSETS

102,151

39,279

TOTAL ASSETS LESS CURRENT LIABILITIES

270,033

230,920

CREDITORS

Amounts falling due after more than one year

8

(14,258

)

(9,976

)

PROVISIONS FOR LIABILITIES

(1,075

)

(1,574

)

NET ASSETS

254,700

219,370

CAPITAL AND RESERVES

Called up share capital

335,268

335,268

Retained earnings

(80,568

)

(115,898

)

SHAREHOLDERS' FUNDS

254,700

219,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 director on 21st December 2017 and were signed by:

Mr L F 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 the provisions of Section 1A "Small Entities" of 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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 (2016 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

305,491

AMORTISATION

At 1st April 2016

126,782

Charge for year

19,856

At 31st March 2017

146,638

NET BOOK VALUE

At 31st March 2017

158,853

At 31st March 2016

178,709

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

45,644

Disposals

(6,930

)

At 31st March 2017

38,714

DEPRECIATION

At 1st April 2016

32,712

Charge for year

3,210

Eliminated on disposal

(6,237

)

At 31st March 2017

29,685

NET BOOK VALUE

At 31st March 2017

9,029

At 31st March 2016

12,932

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

218,757

220,531

Amounts owed by group undertakings

267,836

201,134

486,593

421,665

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

5,333

-

Hire purchase contracts

4,607

4,043

Trade creditors

397,430

405,276

Taxation and social security

32,674

19,575

Other creditors

42,734

48,434

482,778

477,328

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

8,889

-

Hire purchase contracts

5,369

9,976

14,258

9,976

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

14,222

-

Factoring creditor

165,459

153,245

Hire purchase contracts

9,976

14,019

189,657

167,264

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.

The bank loan is secured by a personal guarantee from the director.

10.	OTHER FINANCIAL COMMITMENTS

At 31st March 2017 the company had annual commitments under non-cancellable operating leases as follows:

2017

2016

£

£

Expiry date:

Less than 1 year

18,000

36,000

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 was a director's current account balance of £40,059 (2016: £37,809).

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

12.	TRANSITION TO FRS 102

This is the first year that the Company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31 March 2016. The date of transition to FRS 102 was 1 April 2015.

The only transitional adjustment arising as a result of the first time adoption of the standard is the change in

useful life of Goodwill. Goodwill should be amortised over ten years from the date of transition in the absence of

a reliable estimate of useful life.