ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

As restated

Company registration number 01410742

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 5 APRIL 2017

	A.P.S. LIMITED


A.P.S. LIMITED

COMPANY INFORMATION

Directors	A P Pascoe
	D P Pascoe
	D J Pascoe
	L J Pascoe
	E P S Leask (resigned 30 July 2017)


Company secretary	S Seddon


Registered number	01410742


Registered office	Monksbridge
	Thames Street
	Sunbury on Thames
	Middlesex
	TW16 5QP


Trading Address	Monksbridge
	Thames Street
	Sunbury on Thames
	Middlesex
	TW16 1DL



Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


A.P.S. LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 10


A.P.S. LIMITED REGISTERED NUMBER:01410742

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		16,877		18,473
Investment property	6		800,000		750,000
			816,877		768,473
Current assets
Debtors: amounts falling due within one year	7	23,524		84,781
Cash at bank and in hand		213,592		216,693
		237,116		301,474
Creditors: amounts falling due within one year	8	(109,724)		(159,422)
Net current assets			127,392		142,052
Total assets less current liabilities			944,269		910,525
Provisions for liabilities
Deferred tax		(83,650)		(88,412)
			(83,650)		(88,412)
Net assets			860,619		822,113

Page 1


A.P.S. LIMITED REGISTERED NUMBER:01410742

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 5 APRIL 2017

	2017	2016
Note	£	£

Capital and reserves
Called up share capital	100	100
Profit and loss account	860,519	822,013
	860,619	822,113

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A P Pascoe

Director

Date: 18 December 2017

The notes on pages 3 to 10 form part of these financial statements.

Page 2


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

1.	General information

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

A.P.S. Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

2.1

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 following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	10%
Fixtures and fittings	-	15%
Sporting memorabilia	-		no depreciation applied

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

2.6

Debtors

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.

2.7

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.

Page 4


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instruments 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 non-puttable 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable 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.

2.9

Creditors

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.

2.10

Finance costs

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.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 5


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

2.Accounting policies (continued)

2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 06 April 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.13

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 6


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

2.Accounting policies (continued)

2.15

Current and deferred taxation

The tax expense for the Year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the Year was 0 (2016 - 0).

4.	Intangible assets

		Debenture
		£

	At 6 April 2016	10,457
	Disposals	(10,457)

	At 6 April 2016	10,457
	On disposals	(10,457)
	Net book value
	At 5 April 2017	-
	At 5 April 2016	-

Page 7


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

5.	Tangible fixed assets

	Fixtures and fittings	Sporting memorabilia	Total
	£	£	£
Cost or valuation
At 6 April 2016	45,085	10,222	55,307
At 5 April 2017	45,085	10,222	55,307
Depreciation
At 6 April 2016	36,834	-	36,834
Charge for the period on owned assets	1,596	-	1,596
At 5 April 2017	38,430	-	38,430
Net book value
At 5 April 2017	6,655	10,222	16,877
At 5 April 2016	8,251	10,222	18,473

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 6 April 2016	750,000
	Surplus on revaluation	50,000
	At 5 April 2017	800,000

The 2017 valuations were made by the directors, on an open market value for existing use basis.

Page 8


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

Debtors

						As restated
					2017	2016
					£	£


Trade debtors	13,200	81,781
Prepayments and accrued income	10,324	3,000
	23,524	84,781

Corporation tax	81,868	72,671
Other taxation and social security	3,468	18,451
Other creditors	20,888	15,621
Accruals and deferred income	3,500	52,679
	109,724	159,422

Page 9


A.P.S. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

9.	First time adoption of FRS 102

	The Company transitioned to FRS 102 from previously extant UK GAAP as at 6 April 2015. The impact of the transition to FRS 102 is as follows:
	Reconciliation of equity at 6 April 2015
	Note	£

	Equity at 6 April 2015 under previous UK GAAP		261,390
	Revaluation of investment property		442,060
	Deferred taxation on revaluation of investment property		(88,412)
	Equity shareholders funds at 6 April 2015 under FRS 102		615,038

	Reconciliation of equity at 5 April 2016
	Note	£

	Equity at 5 April 2016 under previous UK GAAP		468,365
	Revaluation of investment property		442,060
	Deferred taxation on revaluation of investment property		(88,412)
	Equity shareholders funds at 5 April 2016 under FRS 102		822,013

The following were changes in accounting policies arising from the transition to FRS 102:

Property which was previously held as freehold property has been reclassified as investment property. Deferred tax which was not previously recognised in the financial statements has been introduced.

Page 10