Apollo Lighting Limited 31/03/2021 iXBRL

Apollo Lighting Limited 31/03/2021 iXBRL

APOLLO LIGHTING LIMITED - Company Information

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Company registration number: 01518386
Apollo Lighting Limited
Unaudited filleted financial statements
31 March 2021
Apollo Lighting Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Apollo Lighting Limited
Directors and other information
Directors Mr James Goldsbrough (Appointed 12 March 2021)
Mr Charles David Moss (Appointed 12 March 2021)
Dr Howard Brian James Stone (Appointed 12 March 2021)
Mr Geoffrey Falkingham (Resigned 12 March 2021)
Company number 01518386
Registered office Unit D9 Cross Green Approach
Cross Green Industrial Estate
Leeds
West Yorkshire
LS9 0SG
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers HSBC
33 Park Row
Leeds
LS1 1LD
Apollo Lighting Limited
Statement of financial position
31 March 2021
31/03/21 31/07/20
Note £ £ £ £
Fixed assets
Tangible assets 5 49,810 51,960
_______ _______
49,810 51,960
Current assets
Stocks 222,164 174,505
Debtors 6 897,392 415,878
Cash at bank and in hand 93,955 615,707
_______ _______
1,213,511 1,206,090
Creditors: amounts falling due
within one year 7 ( 230,212) ( 265,422)
_______ _______
Net current assets 983,299 940,668
_______ _______
Total assets less current liabilities 1,033,109 992,628
Provisions for liabilities ( 9,161) ( 7,843)
_______ _______
Net assets 1,023,948 984,785
_______ _______
Capital and reserves
Called up share capital 3,326 3,156
Share premium account 4,063 -
Capital redemption reserve 2,432 2,432
Profit and loss account 1,014,127 979,197
_______ _______
Shareholders funds 1,023,948 984,785
_______ _______
For the period ending 31 March 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 period 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 December 2021 , and are signed on behalf of the board by:
Mr James Goldsbrough
Director
Company registration number: 01518386
Apollo Lighting Limited
Notes to the financial statements
Period ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit D9 Cross Green Approach, Cross Green Industrial Estate, Leeds, West Yorkshire, LS9 0SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 statement of financial position 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 period amounted to 17 (2020: 23 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2020 85,608 132,392 24,975 242,975
Additions 7,232 355 - 7,587
_______ _______ _______ _______
At 31 March 2021 92,840 132,747 24,975 250,562
_______ _______ _______ _______
Depreciation
At 1 August 2020 64,435 112,139 14,439 191,013
Charge for the year 3,184 4,799 1,756 9,739
_______ _______ _______ _______
At 31 March 2021 67,619 116,938 16,195 200,752
_______ _______ _______ _______
Carrying amount
At 31 March 2021 25,221 15,809 8,780 49,810
_______ _______ _______ _______
At 31 July 2020 21,173 20,253 10,536 51,962
_______ _______ _______ _______
6. Debtors
31/03/21 31/07/20
£ £
Trade debtors 245,681 346,346
Amounts owed by group undertakings and undertakings in which the company has a participating interest 590,000 -
Other debtors 61,711 69,532
_______ _______
897,392 415,878
_______ _______
Trade debtors with a value of £225,327 (2020: £346,346) are pledged as security for liabilities of the company.
7. Creditors: amounts falling due within one year
31/03/21 31/07/20
£ £
Trade creditors 134,855 91,660
Corporation tax 30,787 2,131
Social security and other taxes 19,602 68,929
Other creditors 44,968 102,702
_______ _______
230,212 265,422
_______ _______
Hire purchase creditors totalling £nil (2020: £522) are securred by the finance company's title to the assets financed.
8. Share capital
An option was exercised on the 12 March 2021 for 5 employees to purchase a total of 170 ordinary shares at £24.90 per share, these were immediately sold as part of a company sale.