APM England Limited
Annual Report and Audited Financial Statements
For Filing With Registrar
For the year ended 31 December 2021
Company Registration No. 09897281 (England and Wales)
APM England Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
APM England Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
476,032
739,480
Current assets
Stock
368,417
566,046
Debtors
4
865,705
831,842
Cash at bank and in hand
754,681
93,546
1,988,803
1,491,434
Creditors: amounts falling due within one year
5
(3,806,181)
(3,263,516)
Net current liabilities
(1,817,378)
(1,772,082)
Total assets less current liabilities
(1,341,346)
(1,032,602)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(1,341,348)
(1,032,604)
Total equity
(1,341,346)
(1,032,602)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 December 2022
P J P Prette
Director
Company Registration No. 09897281
APM England Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
APM England Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
Historically the financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Due to the covid-19 pandemic and lockdown measures implemented by the UK government, the company was unable to trade normally through
the first quarter
of 2021, with its stores being classed as non-essential and
therefore closed in accordance with government requirements
. As a result, the company has
continued to make losses in
2021
of £308,744
(20
20
: 1,114,128 ).
The losses made by the company in 2021 have been funded by the wider group. In certain jurisdictions the group operates in, government restrictions have been different to that of the UK, and consequently strong profits have been maintained in 2021, allowing the group to fund loss making jurisdictions like the UK. As at 31 December 2021, the company had net liabilities on its balance sheet of £
1,341,346
(2020: £1,032,602), with amounts owed to group undertakings of £
3,106,215
(2020: £2,620,995) within short term creditors.
The group's profit making jurisdictions continued to make sufficient profits in 2021 to fully support loss making jurisdictions, including the UK, and are expected to continue making sufficient profits in 2022 and beyond.
Based on the group support available, at the time of approving these financial statements, the directors have a reasonable expectation that the company can to continue in operational existence for the foreseeable future, and can meet its debts as they fall due in throughout 2023 and beyond. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
APM England Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.4
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:
Leasehold land and buildings
3 years straight line
Fixtures and fittings
5 years straight line
Computers
2 years straight line
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
.
1.5
Stock
Stocks, which consists of consumer merchandise held for sale, are stated at the lower of cost and net realisable value. Cost is determined on the first-in, first-out method including the cost of merchandise, and import related costs, (including freight, import taxes and agent commissions).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated
net realisable value
is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
1.7
Financial instruments
The company only has basic financial instrument measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
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.
APM England Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
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
profit and loss account
, 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
APM England Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
26
36
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2021
107,032
1,118,643
32,186
1,257,861
Additions
19,068
19,068
Disposals
(5,000)
(48,814)
(3,573)
(57,387)
At 31 December 2021
102,032
1,088,897
28,613
1,219,542
Depreciation and impairment
At 1 January 2021
79,497
418,482
20,402
518,381
Depreciation charged in the year
20,500
220,750
7,915
249,165
Eliminated in respect of disposals
(2,496)
(18,594)
(2,946)
(24,036)
At 31 December 2021
97,501
620,638
25,371
743,510
Carrying amount
At 31 December 2021
4,531
468,259
3,242
476,032
At 31 December 2020
27,535
700,161
11,784
739,480
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
164,061
90,105
Corporation tax recoverable
13,370
Amounts owed by group undertakings
2,583
34,476
Other debtors
677,214
683,351
843,858
821,302
APM England Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
4
Debtors
(Continued)
Page 6
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
21,847
10,540
Total debtors
865,705
831,842
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
361,254
230,079
Amounts owed to group undertakings
3,106,215
2,620,995
Taxation and social security
41,156
25,992
Other creditors
297,556
386,450
3,806,181
3,263,516
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2020
Balances:
£
£
ACAs
21,847
10,540
7
Called up share capital
2021
2020
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
APM England Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
775,500
795,000
Between two and five years
2,146,507
2,317,007
In over five years
476,667
736,667
3,398,674
3,848,674
9
Related party transactions
In accordance with FRS102 section 33 paragraph 33.1A, the company has not disclosed transactions with wholly owned fellow group undertakings.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Guy Richardson.
The auditor was Moore Kingston Smith LLP.