Company Registration No. 08494513 (England and Wales)
AP Asset Management Limited
Unaudited accounts
for the year ended 30 April 2021
AP Asset Management Limited
Unaudited accounts
Contents
AP Asset Management Limited
Company Information
for the year ended 30 April 2021
Company Number
08494513 (England and Wales)
Registered Office
400 Dashwood Lang Road
Weybridge
Surrey
KT15 2HJ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
AP Asset Management Limited
Statement of financial position
as at
30 April 2021
Investments
5,861,518
4,297,513
Debtors
1,550,890
1,188,547
Cash at bank and in hand
54,416
79,307
Creditors: amounts falling due within one year
(7,059,440)
(5,159,733)
Net current liabilities
(5,454,134)
(3,891,879)
Net assets
407,384
405,634
Called up share capital
1
1
Profit and loss account
407,383
405,633
Shareholders' funds
407,384
405,634
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 December 2021 and were signed on its behalf by
Mr A M Pitts
Director
Company Registration No. 08494513
AP Asset Management Limited
Notes to the Accounts
for the year ended 30 April 2021
AP Asset Management Limited is a private company, limited by shares, registered in England and Wales, registration number 08494513. The registered office is 400 Dashwood Lang Road, Weybridge, Surrey, KT15 2HJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
AP Asset Management Limited
Notes to the Accounts
for the year ended 30 April 2021
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 May 2020
4,297,513
-
4,297,513
Additions
60,319
1,503,686
1,564,005
Valuation at 30 April 2021
4,357,832
1,503,686
5,861,518
5
Debtors: amounts falling due within one year
2021
2020
Other debtors
1,550,890
1,188,547
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
3,407,310
3,407,603
Loans from directors
3,650,456
1,750,456
The bank loan is secured by a personal guarantee by the director's wife.
7
Share capital
2021
2020
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Transactions with related parties
During the year the director provided a loan of £1,900,000 to the company. At the year end, the company owed the director £3,650,456 (2020 - £1,750,456). This balance, included within creditors, is interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 1 (2020: 1).