APS Procurement Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC371537 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

APS Procurement Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs A Agboola

SECRETARY:

Mrs A Agboola

REGISTERED OFFICE:

7 Queen's Gardens

Aberdeen

AB15 4YD

REGISTERED NUMBER:

SC371537 (Scotland)

ACCOUNTANTS:

Campbell Dallas Limited

Accountants

23 Carden Place

Aberdeen

AB10 1UQ

CURRENT ASSETS

Debtors

4

169,833

177,050

Investments

5

22,210

121,634

Cash at bank

3,527

15,925

195,570

314,609

CREDITORS

Amounts falling due within one year

6

169,528

225,678

NET CURRENT ASSETS

26,042

88,931

TOTAL ASSETS LESS CURRENT LIABILITIES

26,042

88,931

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

26,040

88,929

SHAREHOLDERS' FUNDS

26,042

88,931

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

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

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director on 10 August 2018 and were signed by:

Mrs A Agboola - Director

1.	STATUTORY INFORMATION

APS Procurement Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and

services provided in the normal course of business, and is shown net of VAT and other sales related

taxes. The fair value of consideration takes into account trade discounts, settlement discounts and

volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the

consideration is the present value of the future receipts. The difference between the fair value of the

consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of

the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be

measured reliably, it is probable that the economic benefits associated with the transaction will flow

to the entity and the costs incurred or to be incurred in respect of the transaction can be measured

reliably.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and

Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are recognised

in profit or loss, except that investments in equity instruments that are not publicly traded and whose

fair values cannot be measured reliably are measured at cost less impairment.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, 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. Financial liabilities classified as

payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue

costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at

the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the exchange rates

prevailing at the dates of the transactions, or valuation where items are re-measured.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the

translation of monetary assets and liabilities denominated in foreign currencies at the rates of

exchange prevailing at the year end date are recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

127,860

122,088

Other debtors

41,973

37,267

169,833

159,355

2017

2016

£

£

Amounts falling due after more than one year:

Other debtors

-

17,695

Aggregate amounts

169,833

177,050

5.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Unlisted investments

22,210

121,634

The unlisted investment is not publicly traded and its fair value cannot otherwise be measured

reliably. The unlisted investment is therefore measured at cost less impairment.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,948

5,327

Taxation and social security

21,730

36,057

Other creditors

144,850

184,294

169,528

225,678

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director repaid the company £20,898 and the company further advanced the

director amounts totalling £2,137. As at the reporting end date the director was due the company

£2,137 (2016 - £20,898). These amounts are included within other debtors. The amounts are

unsecured, interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A Agboola.