REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
The Directors present their strategic report for the 16 months ending 31st December 2022. |
OWNERSHIP |
On 31st March 2022 all of the company's shares were acquired by Cibes Lift UK Ltd, a subsidiary of the Swedish lift group, Cibes Lift Holdings AB. The accounting period was extended to 16 months to align with the group accounting period ending 31st December 2022. |
REVIEW OF THE COMPANY'S BUSINESS |
The Company continued to perform well in all sectors despite difficult economic conditions including rising inflation and a predominantly stagnant economy. The Company managed to perform in line with expectations, even though some large projects were delayed and the company incurred one-off costs relating to the acquisition by Cibes Lift UK Ltd. |
The backdrop to the good performance was a strong modernisation order book in September 2021. Strong sales performance continued with a high volume of orders and numerous new leads throughout 2022. The company finished the year with a full order book and continued strong enquiries for the coming year. |
The Company's reputation in the modernisation sector continues to be enhanced by the strength of our technical knowledge and resources. As such, we continued to be involved in a wide range of high-profile and prestigious projects including several landmark buildings in the City of London. |
The maintenance market remained price competitive but strong brand loyalty has seen our lift portfolio increase and margins gradually improve. |
Lift repairs activity and profit margins remained very good, and this is expected to continue throughout 2023. |
As previous years, a strong balance sheet and close monitoring of working capital remain key financial objectives for the business. Cash balances of over £7m and equity approaching £9m reflects Apex's continued strong financial position in the mid segment UK lift market. |
IMPACT OF INFLATION |
Global shortages of metal resulted in substantial rises in our production costs last year. The increase in energy costs in the UK lso had an impact on our production costs. Anticipating future levels of inflation and building these into future sales pricing strategies will be one of our main challenges in the short to medium term. |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
KEY FINANCIAL INFORMATION |
- Turnover increased by £1.775k on 2021 |
- Gross Profit margins were 35.4%% (2021 30.5%) |
- Profit before tax was £2.613m (2021 £2.756m) |
- Profit after Tax was £2,106,414 for the year (2021: £2,212,618). |
ON BEHALF OF THE BOARD: |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
The Directors present their report and financial statements for the 16 months ending 31st December 2022. |
PRINCIPAL ACTIVITY |
The Company continued to operate as lift and escalator engineers within the United Kingdom. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2022. |
DIRECTORS |
The directors who have held office during the period from 1 September 2021 to the date of this report are as follows: |
PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK |
The company operates a treasury function which is responsible for managing the liquidity and interest risks associated with its operations. |
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business. |
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on its borrowings and loans. |
FUTURE DEVELOPMENTS |
The company is expected to operate within the scope of its existing activities for the foreseeable future. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
Opinion |
We have audited the financial statements of Apex Lift & Escalator Engineers Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. |
In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are (FRS 102 and Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including health and safety and GDPR. |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
a) Identifying the controls management has put in place to prevent and detect fraud; |
b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
c) Challenging assumptions and judgements made by management in its significant accounting estimates; and |
d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature, we completed detailed testing on stage of completion during our sales test. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
APEX LIFT & ESCALATOR ENGINEERS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
INCOME STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,519,649 | 2,669,724 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Capital redemption reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 September 2020 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - | - |
Balance at 31 August 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Apex Lift & Escalator Engineers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The company has taken exemption from preparing group accounts as it is included in the consolidated accounts of a larger group. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets, the valuation of long term contracts and the recoverability of trade debtors. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate Is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sates within the company. |
The company recognises revenue when: |
- the amount of revenue can be reliably measured; |
- it is probable that future economic benefits will flow to the entity; |
- and specific criteria have been met for each of the company's activities. |
Long term contracts |
Profit on long term contracts is recognised where a proportion of the contract has been achieved and there Is a right to consideration. |
Costs incurred on contracts where work has not been commenced and also on other contracts where there is no right to consideration are included as work in progress. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition. |
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition. |
Recognition and measurement |
All financial assets are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (Jess impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial Instruments where it is a requirement to continue recording them at fair value through profit and loss. |
Taxation |
Taxation for the period 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 period 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments in dormant subsidiaries are stated at cost less diminution in value. |
Impairment |
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade and other debtors |
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the contract. |
Trade and other creditors |
Trade and other creditors are recognised Initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be Immaterial. In such cases creditors are stated at transaction price. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Computer software amortisation |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1/9/21 |
to | Year Ended |
31/12/22 | 31/8/21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Total tax charge | 506,879 | 543,685 |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
7. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 August 2021 |
8. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 September 2021 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 August 2021 |
9. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
Work-in-progress |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Tax |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 439,390 | 602,119 |
Accruals and deferred income |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
13. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 28,373 | 91,248 |
APEX LIFT & ESCALATOR ENGINEERS LIMITED (REGISTERED NUMBER: 01129631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 DECEMBER 2022 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 September 2021 |
Provided during period | ( |
) |
Balance at 31 December 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Share capital 1 | £1 | 1,200 | 1,200 |
Share capital 2 | 10p | 40 | 40 |
Share capital 3 | 10p | 500 | 500 |
1,740 | 1,740 |
15. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 September 2021 | 6,871,650 |
Profit for the period |
At 31 December 2022 | 8,978,064 |
16. | 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. |
17. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is Apex Lifts (Group) Limited, Incorporated in England. |
The most senior parent entity producing publicly available financial statements is CIBES Lift UK Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF4 3UZ |