REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
APM England Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
APM England Limited |
APM England Limited (Registered number: 09897281) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
APM England Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
APM England Limited (Registered number: 09897281) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
APM England Limited (Registered number: 09897281) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
APM England Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As at 31 December 2022, the company had net liabilities on its balance sheet of £1,347,069 (2021:£1,341,346) with amounts owed to group undertakings of £2,946,067 (2021: £3,106,215 ) within short term creditors. |
The group's profit-making jurisdictions continued to make sufficient profits in 2022 to fully support loss making jurisdictions, including the UK, and are expected to continue making sufficient profits in 2023 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 continue in operational existence for the foreseeable future, and can meet its debts as they fall due in throughout 2023 and beyond. |
Revenue recognition |
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. Sales of goods are recognised on sale to the customer, which is considered to be the point of sale or delivery and when the significant risks and rewards of the goods have been passed to the customer. |
APM England Limited (Registered number: 09897281) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 Between 1-3 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. |
Stocks |
Stocks, which consists of consumer merchandise held for sale, are stated at the lower of cost and estimated selling price less costs to sell. 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. |
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 (Registered number: 09897281) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
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. |
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. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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 leases asset are consumed. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
APM England Limited (Registered number: 09897281) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
APM England Limited (Registered number: 09897281) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
In accordance with FRS102 section 33 paragraph 33.1A, the company has not disclosed transactions with wholly owned fellow group undertakings. |
10. | ULTIMATE CONTROLLING PARTY |
The company is a 100% subsidiary of APM Retail HK Ltd, a company registered in Hong Kong. |
The largest group for which the results of the company are consolidated is headed by APM HK Ltd, a company registered in Hong Kong and who's registered office is 1/F, HongKong Diamond Exchange Building, 8-10 Duddell Street, Central, Hong Kong. The group accounts are not available to the public. |
The ultimate controlling party is P J P Prette. |