Company registration number 02781691 (England and Wales)
Apollo Flow Measurement Limited
Unaudited financial statements
For the year ended 31 March 2023
Apollo Flow Measurement Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Apollo Flow Measurement Limited
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
217,539
236,683
Investments
4
195,080
195,080
412,619
431,763
Current assets
Debtors
5
11,042
9,755
Cash at bank and in hand
368,318
481,173
379,360
490,928
Creditors: amounts falling due within one year
6
(64,365)
(68,166)
Net current assets
314,995
422,762
Total assets less current liabilities
727,614
854,525
Provisions for liabilities
(19,000)
(22,500)
Net assets
708,614
832,025
Capital and reserves
Called up share capital
15,000
15,000
Revaluation reserve
19,041
19,041
Profit and loss reserves
674,573
797,984
Total equity
708,614
832,025
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Apollo Flow Measurement Limited
Statement of financial position (continued)
As at 31 March 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr K P Macaulay
Mr I M MacLaren
Director
Director
Company Registration No. 02781691
Apollo Flow Measurement Limited
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information
Apollo Flow Measurement Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charles Street, Walsall, WS2 9LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0-4% on reducing balance
Plant and equipment
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Apollo Flow Measurement Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
Apollo Flow Measurement Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2022
243,822
809,265
1,053,087
Additions
4,974
4,974
At 31 March 2023
243,822
814,239
1,058,061
Depreciation and impairment
At 1 April 2022
108,026
708,378
816,404
Depreciation charged in the year
3,632
20,486
24,118
At 31 March 2023
111,658
728,864
840,522
Carrying amount
At 31 March 2023
132,164
85,375
217,539
At 31 March 2022
135,796
100,887
236,683
Included in cost of land and buildings is freehold land of £45,000 which is not depreciated.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
195,080
195,080
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
11,042
9,755
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,871
10,640
Corporation tax
37,909
39,168
Other taxation and social security
10,785
13,608
Other creditors
4,800
4,750
64,365
68,166