Acapple Construction Limited Filleted accounts for Companies House (small and micro)

ACAPPLE CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI073410

Acapple Construction Limited

Filleted Unaudited Financial Statements

31 August 2021

Acapple Construction Limited

Balance Sheet

31 August 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		229,966	213,950

Current assets

Stocks		74,725	58,213
Debtors	7	1,190,497	140,980
Cash at bank and in hand		522,836	196,495
		------------	---------
		1,788,058	395,688

Creditors: amounts falling due within one year	8	1,394,894		495,212
		------------		---------
Net current assets/(liabilities)			393,164	( 99,524)
			---------	---------
Total assets less current liabilities			623,130	114,426

Creditors: amounts falling due after more than one year	9		204,167	–

Provisions

Taxation including deferred tax	19,018	15,323
	---------	---------
Net assets	399,945	99,103
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	399,845	99,003
	---------	--------
Shareholders funds	399,945	99,103
	---------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 August 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 .

Acapple Construction Limited

Balance Sheet (continued)

31 August 2021

These financial statements were approved by the board of directors and authorised for issue on 23 May 2022 , and are signed on behalf of the board by:

Thomas Martin	Jill Appleyard
Director	Director

Company registration number: NI073410

Acapple Construction Limited

Notes to the Financial Statements

Year ended 31 August 2021

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Thomas Andrews House, Queens Road, Queens Island, Belfast, BT3 9DU.

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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Amortisation

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

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & buildings	-	2% straight line
Plant & machinery	-	20% reducing balance
Fixtures & fittings	-	20% reducing balance
Computers	-	33% straight line

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 .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2020 and 31 August 2021	280,000
	---------
Amortisation
At 1 September 2020 and 31 August 2021	280,000
	---------
Carrying amount
At 31 August 2021	–
	---------
At 31 August 2020	–
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Computers	Total
	£	£	£	£	£
Cost
At 1 September 2020	152,905	291,041	101,848	18,084	563,878
Additions	–	36,730	–	2,107	38,837
	---------	---------	---------	--------	---------
At 31 August 2021	152,905	327,771	101,848	20,191	602,715
	---------	---------	---------	--------	---------
Depreciation
At 1 September 2020	27,284	223,843	84,866	13,935	349,928
Charge for the year	3,058	14,531	3,396	1,836	22,821
	---------	---------	---------	--------	---------
At 31 August 2021	30,342	238,374	88,262	15,771	372,749
	---------	---------	---------	--------	---------
Carrying amount
At 31 August 2021	122,563	89,397	13,586	4,420	229,966
	---------	---------	---------	--------	---------
At 31 August 2020	125,621	67,198	16,982	4,149	213,950
	---------	---------	---------	--------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	1,154,355	53,088
Other debtors	36,142	87,892
	------------	---------
	1,190,497	140,980
	------------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	45,833	–
Trade creditors	855,519	230,111
Corporation tax	122,881	23,685
Social security and other taxes	325,648	87,223
Other creditors	45,013	154,193
	------------	---------
	1,394,894	495,212
	------------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	204,167	–
	---------	----

10. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2021	2020
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	522,836	196,495
	---------	---------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Thomas Martin	34,390	12,370	( 34,390)	12,370
Jill Appleyard	34,390	12,370	( 34,390)	12,370
	--------	--------	--------	--------
	68,780	24,740	( 68,780)	24,740
	--------	--------	--------	--------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Thomas Martin	80,863	34,390	( 80,863)	34,390
Jill Appleyard	80,862	34,390	( 80,862)	34,390
	---------	--------	---------	--------
	161,725	68,780	( 161,725)	68,780
	---------	--------	---------	--------

The loans were on an interest-free basis .