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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Apex Construction And Developments |
Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Apex Construction And Developments |
Limited |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Chartered Accountants' Report | 13 |
Apex Construction And Developments |
Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chartered Tax Advisors |
2nd Floor, Grove House |
774-780 Wilmslow Road |
Didsbury |
Manchester |
Greater Manchester |
M20 2DR |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Strategic Report |
for the Year Ended 31 March 2019 |
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The financial year ended 31.3.19 has been the first full year of implementation of the Company's revised strategy of |
focusing on site developments rather than construction work, and the rewards are being sown. |
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Turnover growth of just over £5m when compared to the prior financial year reflects the near completion of the first of |
the two sites on which planning was secured in 2017/8 for the development of 5 houses at the luxury end of the |
market, all of which were sold off plan prior to construction. |
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Continued control of overheads and a reduced head count have resulted in a leaner business model, which, together |
with the turnover growth, has ensured a profitable financial period with pre tax profits of £160K (2018: loss £250K). |
Overall profit and loss reserves have increased by £9K as a result of the decision taken to restructure the Board of |
Directors and the resultant exceptional settlement cost of £128K. |
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Investment into improved project management processes to maintain and improve the scalability of the business |
despite the reduction in head count and core management is ongoing. This will allow the business to enjoy year on |
year growth, and this is being reflected in the Company's strategy to build up land reserves for future developments. |
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The company looks forward to an exciting year ahead with the completion of 3 luxury houses at our Witton Park site |
and the commencement of other projects currently in the design stages with sister company, Apex Architecture and |
Design Limited. |
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ON BEHALF OF THE BOARD: |
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings | 14 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Balance Sheet - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Apex Construction And Developments Limited is a
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and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Inter-company balances | 307,830 | 14,511 |
Related Party Balances | 421,852 | 254,637 |
Tax | - | 54,101 |
VAT |
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Prepayments and accrued income |
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7. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Shares in group undertakings |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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CIS Tax | 22,094 | 4,351 |
Pensions payable | 1,166 | 587 |
Loans | 1,700,000 | - |
Directors' current accounts | 62,542 | 96,716 |
Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Investor loans - 1-2 years |
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Hire purchase contracts |
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Loans |
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Related party loans | 149,999 | 99,999 |
Directors' loan accounts | 450,000 | 500,000 |
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Loans | 1,700,000 | 1,706,950 |
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The loan is secured against land owned. |
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11. | FINANCIAL INSTRUMENTS |
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Bank loans are initially measured at the present value of future payments. |
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12. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 13,456 | 14,011 |
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Deferred |
tax |
£ |
Balance at 1 April 2018 |
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Depreciation is excess of | (555 | ) |
capital allowances |
Balance at 31 March 2019 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 95 | 95 |
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A | £1 | 5 | 5 |
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B | £1 | 5 | 5 |
105 | 105 |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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14. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2018 |
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Profit for the year |
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Dividends | ( |
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At 31 March 2019 |
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15. | OTHER FINANCIAL COMMITMENTS |
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The company had outstanding commitments in respect of hire purchases at 31 March 2019 of £24,270 (2018: |
£75,497). |
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The company also had outstanding commitments in respect of operating leases at 31 March 2019 £116,418 |
(2018: £158,126). |
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16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2019 and |
31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | (38,061 | ) |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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( |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | (13,785 | ) | (6,223 | ) |
Balance outstanding at end of year |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | 13,785 | 44,285 |
Balance outstanding at end of year | ( |
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Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year | ( |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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17. | RELATED PARTY DISCLOSURES |
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Apex Paragon Limited |
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A wholly owned subsidiary of the company. |
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During the year, Apex Construction and Developments Limited made sales to Apex Paragon Limited totalling |
£1,556,836 (2018: £0) and paid expenses on behalf of Apex Paragon totalling £0 (2018: £14,511). The amount |
outstanding at the year-end in respect of these sales totals £307,830. |
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2019 | 2018 |
£ | £ |
Amount due from related party at the balance sheet date | 307,830 | 14,511 |
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Direct 2 Mum Limited |
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A company in which Graham and Alex Leslie are shareholders. |
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During the year, Apex Construction and Developments Limited made loans to Direct to Mum Limited totalling |
£81,511 and received repayments totalling £10,897. |
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2019 | 2018 |
£ | £ |
Amount due from related party at the balance sheet date | 180,738 | 110,124 |
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Hinchliffe Homes Limited |
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A company in which Alex & Emma Leslie are shareholders. |
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During the year, Apex Construction and Developments Limited made loans to Hinchliffe Homes Limited |
totalling £95,600 and received repayments totalling £3,000. |
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2019 | 2018 |
£ | £ |
Amount due from related party at the balance sheet date | 223,833 | 131,233 |
Apex Construction And Developments |
Limited (Registered number: 07072558) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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17. | RELATED PARTY DISCLOSURES - continued |
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Apex Architecture & Design Limited |
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A company in which two of the directors are shareholders. |
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During the year, Apex Architecture & Design Limited paid expenses on behalf of Apex Architecture & Design |
Limited totalling £20. |
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2019 | 2018 |
£ | £ |
Amount due from related party at the balance sheet date | 10,951 | 10,931 |
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Seas The Day Limited |
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A company in which two directors are shareholders. |
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During the year, Apex Construction and Developments Limited paid expenses on behalf of Seas The Day |
Limited totalling £85. |
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2019 | 2018 |
£ | £ |
Amount due from related party at the balance sheet date | 6,330 | 6,245 |
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Mrs K Leslie |
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A close family member of Mr Alex Leslie. |
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During the year, Apex Construction and Developments Limited received loans from Mrs K Leslie totalling |
£50,000. |
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2019 | 2018 |
£ | £ |
Amount due to related party at the balance sheet date | 149,999 | 99,999 |
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18. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Apex Construction And Developments |
Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to |
file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements |
and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Apex Construction And Developments Limited for the year ended 31 March 2019 which |
comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Apex Construction And Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Apex Construction And Developments Limited and state those matters that we have agreed to state to the Board of Directors of Apex Construction And Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Apex Construction And Developments Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Apex Construction And Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Apex Construction And Developments Limited. You consider that Apex Construction And Developments Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Apex Construction And Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Chartered Tax Advisors |
2nd Floor, Grove House |
774-780 Wilmslow Road |
Didsbury |
Manchester |
Greater Manchester |
M20 2DR |
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Date: ............................................. |