REGISTERED NUMBER: |
APC (GB) Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
APC (GB) Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2022 |
APC (GB) Limited (Registered number: 03354916) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
APC (GB) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Accountants |
Statutory Auditors |
No.2 Silkwood Office Park |
Fryers Way |
Wakefield |
West Yorkshire |
WF5 9TJ |
BANKERS: |
City Office |
33 Park Row |
Leeds |
West Yorkshire |
LS1 1LD |
APC (GB) Limited (Registered number: 03354916) |
Strategic Report |
for the Year Ended 31 December 2022 |
Business Overview |
APC (GB) Limited is a joint-venture business of SARIA Limited (SARIA) and APC Europe Inc. The equity is split equally 50:50 between the two companies. |
SARIA operates in a wide range of sectors associated with the food chain, renewable energy, and recycling. APC is headquartered in Ankeny, Iowa, United States and is the world's largest producer of functional proteins; APC Inc operates production facilities in North & South America, Europe, and Asia. |
APC (GB) Limited manufactures high-quality blood products used in a range of applications for animal nutrition and the pet food manufacturing sector; the company operates a manufacturing facility at SARIA's Doncaster site with ingredients sourced from across the UK primary meat production sector. |
Key Performance Indicators (KPIs) |
As shown in the company's profit and loss account on page 9, the company has maintained a similar level of profit being £2,215,521 compared with £2,579,961 in the previous period. |
At the year end the shareholder's funds were £7,307,409 (2021 - £5,091,888). |
SARIA manages its operations on a divisional basis. For this reason, the company's directors believe that further key performance indicators for the company are not necessary or appropriate for an understanding of the development, performance, or position of the business. |
Risk |
With businesses active across a wide variety of sectors and operating large-scale processing operations always entails risk. Beside market developments, we are also affected by global events such as commodity market price changes driven by weather patterns; such events entail risks but also present us with new opportunities. |
Brexit has been a challenge regarding EU sales this year, but this has been mitigated by increased sales to other countries. |
The Group is faced with challenges when conducting analyses and making decisions. If we do not incorporate market developments or if we evaluate them incorrectly, they may pose serious business risks. The risks affecting APC (GB) Limited are largely dealt with on a group basis or from close collaboration with our JV partners, apart from the ones highlighted below: |
Business Unit / Area | Risk | Mitigation Factor |
Disease outbreak | Reduced supply of raw material due to disease affected porcine or bovine livestock. |
Material unsuitable for APC (GB) would be diverted into the Group's disposal facilities which provide secure disposal routes for by-products affected by disease. |
Reduced demand for finished product due to local disease outbreaks. |
Sales diverted to other territories or markets in partnership with APC Inc. - reduces the exposure to individual geographic markets affected by diseases such as Porcine Epidemic Diarrhoea virus (PEDv). |
Increasing market costs for energy | Increased market price for electricity and/or gas. |
Increase in-house generation of energy from AD and Biomass Power Generation plants to benefit from rise in market price and offset cost impact on other elements of the business. |
APC (GB) Limited (Registered number: 03354916) |
Strategic Report |
for the Year Ended 31 December 2022 |
Health & Safety | Health & safety incidents could result in harm to the company's employees, contractors or local communities. Ensuring safety and wellbeing is an ethical obligation for the company. Poor safety records or serious accidents could have a serious impact on the company's production and reputation. |
The company focuses on identifying, mitigating and managing the safety risks inherent across its operations. The company's objective is to create a safety culture through regular training and awareness campaigns for employees and contractors. The company operates a 'best practice' system of in-house training to develop an embedded health & safety culture. |
Employees |
Details of the number of employees can be found in note 4 to the financial statements on page 16. |
The company participates in the group's policies and practices regarding Health & Safety at work, pension, and health care schemes. |
Future developments |
APC are continually looking to manufacture further enhanced products for the Pet Food and animal nutrition markets and are currently looking at additional uses of blood plasma within these markets. |
ON BEHALF OF THE BOARD: |
APC (GB) Limited (Registered number: 03354916) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
There have been no Political Donations made in the period. |
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. |
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, Paylings, 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 |
APC (GB) Limited |
Opinion |
We have audited the financial statements of APC (GB) Limited (the 'company') for the year 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 year 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. |
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. |
Report of the Independent Auditors to the Members of |
APC (GB) Limited |
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 page four, 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. |
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: |
- reviewed the nature of the industry and sector, the control environment and business performance for the year. |
- identifying the laws and regulations the company operates within and enquiring with management if they are aware of |
any non compliance issues. |
- discussed how and where fraud may occur with all members of the audit engagement team. |
- in line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management |
override. |
We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if |
any bias, and assessed the rationale behind any significant or unusual transactions. |
- reviewed directors' minutes to assess if any indications of fraud or non compliance. |
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 |
APC (GB) 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 |
Accountants |
Statutory Auditors |
No.2 Silkwood Office Park |
Fryers Way |
Wakefield |
West Yorkshire |
WF5 9TJ |
APC (GB) Limited (Registered number: 03354916) |
Income Statement |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Changes in stocks of finished goods and work in progress |
1,720,236 |
210,489 |
15,455,151 | 10,091,257 |
Other operating income |
15,949,350 | 14,325,803 |
Raw materials and consumables |
Other external expenses |
5,584,128 | 4,291,161 |
10,365,222 | 10,034,642 |
Staff costs | 4 |
Depreciation |
Other operating expenses |
7,593,060 | 6,772,849 |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
APC (GB) Limited (Registered number: 03354916) |
Other Comprehensive Income |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
APC (GB) Limited (Registered number: 03354916) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
APC (GB) Limited (Registered number: 03354916) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
APC (GB) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with 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. The presentational currency is GBP. |
Going concern |
The entity is profit making and has positive reserves, therefore the going concern basis of preparation is deemed appropriate by management. |
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. |
Significant judgements and estimates |
In respect of depreciation, management apply rates across asset classes, that are reflective of the average |
economic consumption of the asset type. |
Debtor ageing is reviewed regularly by management to assess the requirement for a bad debt provision, however any such provision is not currently deemed necessary. |
Stock ageing is reviewed regularly by management to assess the requirement for a slow moving / obsolescence provision, however any such provision is not currently deemed necessary. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised on the sale of goods, on despatch of those goods from our sites when the significant risks and rewards of ownership are transferred to our customers. |
Turnover is recognised on the performance of services, as and when those services are carried out. |
Other income |
Other income arises where applicable from the sale of non core products, and the recharge of operating costs incurred by an entity, where the facility of that entity is used by other group companies. |
Straight recharge of costs that can be allocated directly to another group company are treated as recharges only, and the cost is passed directly to the other entity. No income is recognised in this instance. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Improvements to property - 10% on cost |
Plant & machinery - 10% on cost |
Fixtures and fittings - 10% on cost and 5% on cost |
Motor vehicles - 25% reducing balance |
Computer equipment - 33.3% on cost |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
For manufactured goods, the absorption cost method of valuation is used incorporating all production overheads. |
If this results in a value higher than net realisable value for any stock item, then the selling price of that item is applied. |
Financial instruments |
The Company only enters into basic financial instrument 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 ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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 the Income Statement. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforecable 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. |
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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of posting the transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company has members in the SARIA Group Pension Schemes, funded defined benefit schemes. |
Since the above schemes were closed to new members the group has opened a defined contribution scheme to provide retirement benefits to employees. |
The pension charge represents contributions payable to the defined contribution fund in respect of the accounting period. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom |
Europe |
United States of America |
South America |
Asia |
Russia | 3,082,753 | - |
Turkey | 870,056 | 797,033 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Office & management | 4 | 3 |
Collection & processing | 22 | 21 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences |
Operating Leases |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Other interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provision | 11,998 | - |
Total current tax |
Deferred tax: |
Deferred tax | ( |
) |
Under/(over) provision | (10 | ) | - |
Total deferred tax | ( |
) |
Tax on profit |
UK corporation tax was charged at 19%) in 2021. |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Change in rate from a previous period | 17,432 | 85,766 |
Superdeduction | (15,621 | ) | (24,846 | ) |
Total tax charge | 536,930 | 680,854 |
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant & | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
10. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
13. | 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 |
14. | FINANCIAL INSTRUMENTS |
2022 | 2021 |
£ | £ |
Financial assets |
Cash and cash equivalents | 40,280 | 189,195 |
Financial assets that are debt instruments measured at amortised cost | 2,514,118 | 2,246,933 |
Financial liabilities |
Financial liabilities measured at amortised cost | (2,416,200 | ) | (2,465,924 | ) |
Financial assets measured at amortised cost comprise trade debtors, other debtors (inc tax debtors) and accrued income. |
Financial liabilities measured at amortised cost comprise trade creditors, other creditors (inc tax creditors) and accruals. |
15. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 429,981 | 463,255 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Credit to Income Statement during year | ( |
) |
Change of rate | 17,432 |
Balance at 31 December 2022 |
Deferred Tax has been provided for at 25%. The current rate of corporation tax is 19%, however it is legislated to increase to 25% from 1st April 2023. |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 200,000 | 200,000 |
All shares are voting shares. They are entitled to dividends as declared. They are entitled to participate in a distribution including on winding up. All shares are non redeemable. |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
18. | PENSION COMMITMENTS |
There are two defined benefit arrangements operated by the SARIA Limited group, which are managed via independent trusts, of which some employees are members. Contributions are no longer being made to these schemes due to their surplus position. |
The company is unable to identify its share of the underlying assets and liabilities of the schemes therefore the schemes are accounted for in the balance sheet of the parent entity only. |
The above schemes have been closed to new members. The group has made alternate provision, in the form of a defined contribution scheme, for new employees or those not eligible to join the above schemes. |
Total contributions payable by the company to the defined contribution scheme during the period amounted to £124,949 (2021 £112,517). There were no accrued or prepaid pension contributions at the balance sheet date (2021 - £nil). |
19. | CAPITAL COMMITMENTS |
2022 | 2021 |
£ | £ |
Contracted but not provided for in the |
financial statements |
20. | RELATED PARTY DISCLOSURES |
Saria Group |
Joint Venture Partner. |
Sales of packing and recharge of costs associated with the group, £23,238 (2021- £16,245). Purchases of products and services £2,988,833 (2021- £2,294,129). |
2022 | 2021 |
£ | £ |
Amount due to related party at the balance sheet date | 335,154 | 367,504 |
APC (GB) Limited (Registered number: 03354916) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
20. | RELATED PARTY DISCLOSURES - continued |
APC Group |
Joint Venture Partner |
Sales of packing and recharge of costs associated with the group, £13,153,992 (2021- £9,295,685). Purchases of products and services £1,718,269 (2021- £935,460). |
2022 | 2021 |
£ | £ |
Amount due from related party at the balance sheet date | 1,729,098 | 1,503,891 |
21. | ULTIMATE CONTROLLING PARTY |
APC (GB) Limited is a joint-venture business of SARIA Limited (SARIA) and APC Europe Inc. The equity is split equally 50:50 between the two companies. |
There is no ultimate controlling party. |