Apreco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03317757 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

APRECO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Hodges

R Gatley

S Rooke

REGISTERED OFFICE:

Unit 2 Bishops Frome Technology Park

Bishops Frome

Worcestershire

WR6 5AY

REGISTERED NUMBER:

03317757 (England and Wales)

ACCOUNTANTS:

Haines Watts Hereford Ltd

3rd Floor

Broadway House

32 - 35 Broad Street

Hereford

Herefordshire

HR4 9AR

FIXED ASSETS

Intangible assets

4

15,905

18,938

Tangible assets

5

80,462

28,000

96,367

46,938

CURRENT ASSETS

Stocks

45,445

85,570

Debtors

6

225,942

310,871

Cash at bank and in hand

369,444

318,204

640,831

714,645

CREDITORS

Amounts falling due within one year

7

88,402

160,865

NET CURRENT ASSETS

552,429

553,780

TOTAL ASSETS LESS CURRENT LIABILITIES

648,796

600,718

CREDITORS

Amounts falling due after more than one year

8

(2,228

)

(4,025

)

PROVISIONS FOR LIABILITIES

(13,555

)

(3,207

)

NET ASSETS

633,013

593,486

CAPITAL AND RESERVES

Called up share capital

5,882

5,882

Retained earnings

627,131

587,604

SHAREHOLDERS' FUNDS

633,013

593,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 1 July 2019 and were signed on its behalf by:

M R Hodges - Director

1.	STATUTORY INFORMATION

Apreco Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover, which is attributable to one continuing activity, represents amounts invoiced, excluding value added

tax, in respect of goods and services. In respect of long-term contracts and contracts for on-going services,

turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated

by reference to the stage of completion.

Patents and trademarks

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful

economic life of that asset as follows:

Patents & trademarks - period of the grant or estimated life

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Patents and

licences

£

COST

At 1 January 2018

and 31 December 2018

36,267

AMORTISATION

At 1 January 2018

17,329

Amortisation for year

3,033

At 31 December 2018

20,362

NET BOOK VALUE

At 31 December 2018

15,905

At 31 December 2017

18,938

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

38,613

17,882

17,750

34,113

108,358

Additions

60,704

-

-

5,094

65,798

Disposals

(945

)

(4,265

)

-

(15,231

)

(20,441

)

At 31 December 2018

98,372

13,617

17,750

23,976

153,715

DEPRECIATION

At 1 January 2018

32,118

9,621

9,833

28,786

80,358

Charge for year

6,361

1,882

1,979

2,718

12,940

Eliminated on disposal

(787

)

(4,027

)

-

(15,231

)

(20,045

)

At 31 December 2018

37,692

7,476

11,812

16,273

73,253

NET BOOK VALUE

At 31 December 2018

60,680

6,141

5,938

7,703

80,462

At 31 December 2017

6,495

8,261

7,917

5,327

28,000

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2018

and 31 December 2018

8,601

DEPRECIATION

At 1 January 2018

3,082

Charge for year

1,720

At 31 December 2018

4,802

NET BOOK VALUE

At 31 December 2018

3,799

At 31 December 2017

5,519

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

143,728

258,273

Amounts owed by group undertakings

9,412

2,432

Amounts recoverable on contract

48,662

32,423

Other debtors

24,140

17,743

225,942

310,871

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

49

Hire purchase contracts (see note 9)

1,798

1,694

Trade creditors

62,348

82,748

Taxation and social security

5,191

51,764

Other creditors

19,065

24,610

88,402

160,865

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

2,228

4,025

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

1,798

1,694

Between one and five years

2,228

4,025

4,026

5,719

Non-cancellable

operating leases

2018

2017

£

£

Within one year

42,742

39,306

Between one and five years

207,961

207,033

In more than five years

101,500

145,606

352,203

391,945

10.	SECURED DEBTS

Richard Gatley and his wife Victoria Gatley, a current and former director of the company, hold a joint first fixed

charge over:

All freehold and leasehold properties (whether registered or unregistered) and all commonhold properties, now

or in the future (and from time to time) owned by the company or in which the company holds an interest

("Properties").

All present and future interests of the company not effectively mortgaged or charged under in or over freehold or

leasehold property.

All present and future rights, licences, guarantees, rents, deposits, contracts, covenants and warranties relating

to the properties.

All licences, consents and authorisations, statutory or otherwise held or required in connection with the

company's business or the use of any of the assets, property and undertaking for the time being subject to the

security interests created by this debenture and all rights in connection with them.

All present and future goodwill and uncalled capital for the time being of the company.

All present and future equipment, plant, machinery, tools, vehicles, furniture, fittings, installations and apparatus

and other tangible moveable property for the time being owned by the company, including any part of it and all

spare parts, replacements, modifications and additions.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

R Gatley

Balance outstanding at start of year

29

29

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29

29

No interest is charged on the above Director's advances. There are no conditions attached to the balance due

from the Director at the year end.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Apreco Holdings Limited.

The company is incorporated in the United Kingdom and owns 100% of the share capital in Apreco Limited.

13.

TAXATION

During 2018, a research and development tax credits claim was made by the company. This resulted in an over

provision of tax for the year ending 31 December 2017 of £10,517.