Registered number: 03163163 | ||||||||
|
||||||||
|
||||||||
|
||||||||
|
||||||||
FOR THE YEAR ENDED 28/02/2017 | ||||||||
|
||||||||
Prepared By: | ||||||||
GT Accountants Limited | ||||||||
Chartered Certified Accountants | ||||||||
Unit 7, The Court House | ||||||||
72 Moorland Road, Burslem | ||||||||
Stoke-on-Trent | ||||||||
Staffordshire | ||||||||
ST6 1DY |
|
||||||||
Apex Machining Services Ltd | ||||||||
|
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 28/02/2017 | ||||||||
DIRECTORS | ||||||||
|
||||||||
|
||||||||
SECRETARY | ||||||||
Michaela Casey | ||||||||
REGISTERED OFFICE | ||||||||
|
||||||||
|
||||||||
West Midlands | ||||||||
|
||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 03163163 | ||||||||
ACCOUNTANTS | ||||||||
GT Accountants Limited | ||||||||
Chartered Certified Accountants | ||||||||
Unit 7, The Court House | ||||||||
72 Moorland Road, Burslem | ||||||||
Stoke-on-Trent | ||||||||
Staffordshire | ||||||||
ST6 1DY |
|
||||||||
Apex Machining Services Ltd | ||||||||
|
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 28/02/2017 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 |
|
||||||||
Apex Machining Services Ltd | ||||||||
|
BALANCE SHEET AT
|
||||||||||
2017 | 2016 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 |
|
|
|||||||
CURRENT ASSETS | ||||||||||
Stock | 19,159 | 5,702 | ||||||||
Debtors | 5 | 937,549 | 990,528 | |||||||
Cash at bank and in hand |
|
|
||||||||
956,740 | 1,014,825 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | 376,687 | 348,354 | |||||||
NET CURRENT ASSETS | 580,053 | 666,471 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | 991,153 | 800,787 | ||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 61,383 | 117,900 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 9 | 75,745 | 22,637 | |||||||
NET ASSETS | 854,025 | 660,250 | ||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 10 | 2 | 2 | |||||||
Profit and loss account | 854,023 | 660,248 | ||||||||
SHAREHOLDERS' FUNDS |
|
660,250 | ||||||||
|
||||||||||
|
||||||||||
|
||||||||||
|
||||||||||
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on
|
||||||||||
............................. | ||||||||||
|
||||||||||
Director | ||||||||||
|
||||||||
Apex Machining Services Ltd | ||||||||
|
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 28/02/2017 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Change In Accounting Policy | ||||||||
In preparing the financial statements for the current year, the company has adopted Financial Reporting Standard 102 Section 1A. | ||||||||
As a result of adopting FRS 102 Section 1A the company has revalued its plant and machinery at fair value. The revaluation which took place during the year ending 28 February 2017 amounting to £223,243 has been reclassified as an exceptional income item and has been disclosed seperately due to its materiality on the Statement of Comprehensive Income. | ||||||||
As a result of adopting FRS 102 Section 1A the company has been required to provide for deferred tax on the revaluation above. This has resulted in an increase in the tax charge of £42,416 in these financial statements. |
1c. Depreciation | ||||||||
|
||||||||
Land And Buildings | straight line 2% | |||||||
Plant and Machinery | straight line 10% | |||||||
Equipment | straight line 25% | |||||||
Motor Cars | straight line 20% |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1e. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
||||||||
Apex Machining Services Ltd | ||||||||
|
2. EMPLOYEES | ||||||
2017 | 2016 | |||||
No. | No. | |||||
Average number of employees | 15 | 15 | ||||
3. TANGIBLE FIXED ASSETS | ||||
Plant and | ||||
Machinery Etc. | Total | |||
£ | £ | |||
Cost | ||||
At 29/02/2016 | 831,059 | 831,059 | ||
Additions | 85,347 | 85,347 | ||
At 28/02/2017 | 916,406 | 916,406 | ||
Depreciation | ||||
At 29/02/2016 | 696,743 | 696,743 | ||
Revaluation | (223,243) | (223,243) | ||
For the year | 31,806 | 31,806 | ||
At 28/02/2017 | 505,306 | 505,306 | ||
Net Book Amounts | ||||
At 28/02/2017 |
|
|
||
At 28/02/2016 |
|
|
||
4. STOCK | 2017 | 2016 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock raw materials | 2,647 | 1,059 | ||||
Work in progress |
|
|
||||
Stock of finished goods |
|
|
||||
|
|
5. DEBTORS | 2017 | 2016 | ||||||
£ | £ | |||||||
Amounts falling due within one year: | ||||||||
Trade debtors | 137,159 | 197,620 | ||||||
Other debtors |
|
|
||||||
|
|
|||||||
|
||||||||
Apex Machining Services Ltd | ||||||||
|
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
UK corporation tax | - | 5,731 | ||||||
VAT | 39,591 | 55,754 | ||||||
PAYE control | 3,959 | 6,545 | ||||||
Bank loans and overdrafts | 6,004 | - | ||||||
Hire purchase | 109,945 | 89,256 | ||||||
Trade creditors | 49,321 | 40,549 | ||||||
Other creditors | 159,780 | 144,410 | ||||||
Accruals | 8,087 | 6,109 | ||||||
376,687 | 348,354 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Other creditors | 61,383 | 117,900 | ||||||
61,383 | 117,900 | |||||||
Included in other creditors are: | ||||||||
Obligations under hire purchase contracts | 61,383 | 117,900 | ||||||
8. SECURED CREDITORS | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Amount due under confidential invoice discounting | 159,780 | 144,410 | ||||||
Hire purchase contracts | 171,329 | 207,157 | ||||||
9. PROVISIONS FOR LIABILITIES | 2017 | 2016 | ||||||
£ | £ | |||||||
Deferred taxation | 75,745 | 22,637 | ||||||
75,745 | 22,637 | |||||||
|
||||||||
Apex Machining Services Ltd | ||||||||
|
10. SHARE CAPITAL | 2017 | 2016 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
|
2 | 2 | ||||||
2 | 2 | |||||||
11. RELATED PARTY TRANSACTIONS | ||||||||
During the year the company was charged £143,333 (2016 - £91,000) by Value Counts Associates Limited for management services. | ||||||||
Corporation Tax lossses were surrrendered to Value Counts Associates Limited amounting to £40,667 for a consideration of £8,133. | ||||||||
There is an interest free loan to the parent company Value Counts Associates Limited. At 28 February 2017 the balance outstanding was £800,000 (2016 - £791,867). | ||||||||