Applelec Group Limited Filleted accounts for Companies House (small and micro)

APPLELEC GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05581079

Applelec Group Limited

Filleted Unaudited Financial Statements

31 December 2021

Applelec Group Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		30,200	30,200

Current assets

Debtors	5	100	265,000
Cash at bank and in hand		–	100
		----	---------
		100	265,100

Creditors: amounts falling due within one year	6	26,515		36,515
		--------		---------
Net current (liabilities)/assets			( 26,415)	228,585
			--------	---------
Total assets less current liabilities			3,785	258,785
			-------	---------

Applelec Group Limited

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,685	258,685
	-------	---------
Shareholders funds	3,785	258,785
	-------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 20 September 2022 , and are signed on behalf of the board by:

I M Drinkwater

Director

Company registration number: 05581079

Applelec Group Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Wharfedale Business Park, Shetcliffe Lane, Bradford, West Yorkshire, BD4 9RW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the going concern basis, due to the continued support of it's group companies.

Employee ownership trust

The Applelec Employee Ownership Trust has been established with the object of ensuring that shares in the company are held by the trustee for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business, a share in its future profits and a voice in the direction of its affairs. Payments made by the company to the trust are treated as capital contributions.

Going concern

The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2021 and 31 December 2021	30,200
	--------
Impairment
At 1 January 2021 and 31 December 2021	–
	--------

Carrying amount
At 31 December 2021	30,200
	--------
At 31 December 2020	30,200
	--------

5. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	215,000
Other debtors	100	50,000
	----	---------
	100	265,000
	----	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,827	16,827
Corporation tax	6,682	6,682
Other creditors	12,900	12,900
Other creditors	106	106
	--------	--------
	26,515	36,515
	--------	--------

7. Directors' advances, credits and guarantees

There are no transactions to disclose.

8. Related party transactions

Distributions of £265,000 (2020 - £nil) were made to The Applelec Employee Ownership Trust.

9. Employee ownership trust

On 8 March 2021 Applelec Trustees Ltd, being the trustee of The Applelec Employee Ownership Trust, acquired 100% of the ordinary share capital of Applelec Group Limited .

During the year the company made capital contributions of £265,000 to the trust.

10. Financial commitments

The company has provided a guarantee in respect of the purchase of share capital in the company by Applelec Trustees Limited as trustees of The Applelec Employee Ownership Trust.

Distributions made by the company are treated as gift payments to the trust so that the trust can meet its obligations and are made at the discretion of the company directors based on available cashflows and the performance of the business.

11. Controlling party

The company is controlled by Applelec Trustees Limited, being the trustee of The Applelec Employee Ownership Trust.