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

REGISTERED NUMBER: 03317757 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

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

13,062

15,905

Tangible assets

5

169,748

80,462

182,810

96,367

Current assets

Stocks

128,321

45,445

Debtors

6

273,027

225,942

Cash at bank and in hand

590,138

369,444

991,486

640,831

Creditors

Amounts falling due within one year

7

237,089

88,402

Net current assets

754,397

552,429

Total assets less current liabilities

937,207

648,796

Creditors

Amounts falling due after more than one year

8

(327

)

(2,228

)

Provisions for liabilities

(30,832

)

(13,555

)

Net assets

906,048

633,013

Capital and reserves

Called up share capital

5,882

5,882

Retained earnings

900,166

627,131

Shareholders' funds

906,048

633,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 12 May 2020 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 16 (2018 - 14 ) .

4.	Intangible fixed assets

Patents and

licences

£

Cost

At 1 January 2019

and 31 December 2019

36,267

Amortisation

At 1 January 2019

20,362

Amortisation for year

2,843

At 31 December 2019

23,205

Net book value

At 31 December 2019

13,062

At 31 December 2018

15,905

5.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2019

98,372

13,617

17,750

23,976

153,715

Additions

31,941

4,520

78,938

3,085

118,484

Disposals

-

-

-

(2,670

)

(2,670

)

At 31 December 2019

130,313

18,137

96,688

24,391

269,529

Depreciation

At 1 January 2019

37,692

7,476

11,812

16,273

73,253

Charge for year

9,311

2,179

12,664

4,528

28,682

Eliminated on disposal

-

-

-

(2,154

)

(2,154

)

At 31 December 2019

47,003

9,655

24,476

18,647

99,781

Net book value

At 31 December 2019

83,310

8,482

72,212

5,744

169,748

At 31 December 2018

60,680

6,141

5,938

7,703

80,462

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

Plant and

machinery

£

Cost

At 1 January 2019

and 31 December 2019

8,601

Depreciation

At 1 January 2019

4,802

Charge for year

1,720

At 31 December 2019

6,522

Net book value

At 31 December 2019

2,079

At 31 December 2018

3,799

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

205,303

143,728

Amounts owed by group undertakings

10,213

9,412

Amounts recoverable on contract

38,977

48,662

Other debtors

18,534

24,140

273,027

225,942

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Hire purchase contracts (see note 9)

1,901

1,798

Trade creditors

163,541

62,348

Taxation and social security

65,500

5,191

Other creditors

6,147

19,065

237,089

88,402

8.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Hire purchase contracts (see note 9)

327

2,228

9.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

1,901

1,798

Between one and five years

327

2,228

2,228

4,026

Non-cancellable

operating leases

2019

2018

£

£

Within one year

45,656

42,742

Between one and five years

201,391

207,961

In more than five years

60,500

101,500

307,547

352,203

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 2019 and

31 December 2018:

2019

2018

£

£

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.