Apollo Motor Group Limited Group accounts (Group and Company)

Apollo Motor Group Limited Group accounts (Group and Company)

APOLLO MOTOR GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05732870
Apollo Motor Group Limited
Financial Statements
31 May 2021
Apollo Motor Group Limited
Financial Statements
Year ended 31 May 2021
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
6
Independent auditor's report to the members
9
Consolidated statement of comprehensive income
14
Consolidated statement of financial position
15
Company statement of financial position
16
Consolidated statement of changes in equity
17
Company statement of changes in equity
18
Consolidated statement of cash flows
19
Notes to the financial statements
20
Apollo Motor Group Limited
Officers and Professional Advisers
The board of directors
Mr P J Clements
Mr G J Eyles
Mr B L Eyles
Mrs T H Eyles
Registered office
Unit 6 Fitzherbert Road
Portsmouth
Hampshire
England
PO6 1RU
Auditor
Forshaws Accountants Limited
Chartered accountants & statutory auditor
Crossens Way
Southport
PR9 9LY
Apollo Motor Group Limited
Strategic Report
Year ended 31 May 2021
Principal activity
The principal activity of the Company in the year under review was that of a holding including holding certain properties for group. The principal activity of the Group in the year under review was that of motor vehicle accident repairs for the insurance industry.
Business review
The year ended 31st May 2021 was severely impacted by the continuing Covid-19 pandemic, during which we experienced a number of government mandated lockdowns and directives to work from home. The reduction in traffic on the roads led to a reduction in insurance claims across the industry in the region of 50% compared with previous years. Turnover dropped by £6.8 million (18.3%) to £30.28 million compared with the year ended 31st May 2020, due to reasons beyond the boards control. Furthermore, Covid-19 has had a detrimental impact on supply chains throughout the business, more specifically it has frustrated the parts supply chain causing backlogs on vehicle parts. Alongside which the global microchip shortage has disrupted the production of new vehicles, causing numerous supply issues with courtesy vehicles. Gross profit margin indicates a drop of 2.4% to 23.4% (2020: 25.8%), however this includes the full payroll cost for the year excluding funding via the Coronavirus Job Retention Scheme. The adjusted gross profit margin for the year 26.5%. This is a testament to the group's continual focus on labour efficiency and its ongoing investment in state-of-the-art repair technology to drive further efficiencies throughout the repair process. Apollo continued to ensure it took adequate measures to protect the financial health of the business during the Covid-19 pandemic. The utilisation of a number of government initiatives to support the business, including the Coronavirus Job Retention Scheme, retail rates relief, additional restriction grants and VAT payment deferments. Despite the pressures of the pandemic the board remained confident that work volumes would recover and made the strategic decision to open a 16th site in Polegate to further increase its repair capabilities and widen its offering to both its customers and partners. In addition, the group has also carried out a full refurbishment on its Bexhill branch to enhance the Apollo brand and upgrade its existing capital equipment. Apollo has continued to develop and strengthen its IT infrastructure which has proven to be a saving grace throughout Covid, enabling the business to ensure that administrative staff can effectively operate remotely to minimise the disruption to its operations. The management team continue to foster excellent working relationships with its insurer partners, thus enabling Apollo to continually deliver an unrivalled customer journey which puts the policyholder at the forefront. The central deployment function continues to evolve our customer journey, as the business is able to offer a digitalised communication platform for our customers.
Future trading and developments
Since the year end, the board have been extremely encouraged to see that volumes have recovered more quickly than anticipated with the group turnover being up 12% on the first 6 months of trading compared with previous year. Furthermore, the group has continued to build its work in progress over the last few months, which in the event of another lockdown should help mitigate the impact on business performance, if any downturn in volume is experienced. Apollo has continued to captivate market share across the South of England, opening a 17th site in Exeter, fully equipped with EV repair bays, Aluminium repair bays, ADAS and both Mercedes and Tesla manufacturer approvals. This excellent addition also further enhances Apollo's geographical footprint into the South West region. Moreover, the board is also exploring further investment opportunities at a number of locations across the South of England to further enhance the groups repair capabilities and capacity. The board remains extremely confident that with the new site additions and the increase in work volumes that the business is on track to achieve its target for the year, growing both sales and operating margin.
Principal risks and uncertainties
The group uses financial instruments comprising of cash and asset financing. The group is not exposed to currency risk as all financial instruments are denominated in sterling. The group seeks to manage any liquidity risk by ensuring that working capital is carefully controlled through the use of weekly cash monitoring. This focus ensures that liquidity is available to meet foreseeable needs as is demonstrated by the increased levels of cash and cash equivalent balances now held. As far as the directors are aware, the group does not face any risks or uncertainties other than the continuing challenges associated with the economic climate, the Covid-19 pandemic and Brexit. The first principal risks currently faced by the business is that of further imposed national lockdowns, although this seems increasingly unlikely, as this has the potential to severely impact repair volumes. A combination of Brexit and the Covid-19 pandemic also proposes additional challenges in terms of our supply chain.
Section 172 (10) statement
The directors consider that they have responsibly and appropriately discharged their duties under the Companies Act 2006 (the "Act"), including their duty to act in the way they consider, in good faith, will be most likely to promote the success of the group for the benefit of its members as a whole, having due regard in doing so for the matters set out in section 172 (1) (a) to (f) in the Act ("s.172"). Engaging with stakeholders is fundamental to how Apollo conducts its business, and the directors of the company believe that considering stakeholders in key business decisions is not only the right thing to do, but is vital to the group's ability to maintain a strong position in the industry and provide an excellent service to customers and other stakeholders. The directors have had regard to the matters set out in s.172 when performing their duty as set out below: The likely consequences of any decision in the long term are considered at all times. The board regularly reviews the short and medium term strategies of the group to ensure that all elements support the long term success of the group. Short term decisions are reviewed as part of the budget process, against which performance is monitored throughout the year. The interests of our people is of paramount importance to the success of the group. This has been particularly apparent during the last 2 years in the groups' response to the Covid-19 pandemic. We have focussed on the long term and supported and maintained our workforce throughout the downturn. Apollo is fully committed to the development of its people. A core focus is placed on empowering our team, to enable them to grow and succeed within their roles, with progression reviews being a key ingredient to measure career development. The Apollo Academy continues to evolve and the current cohort of apprentices are all flourishing within their respective disciplines. The company has also recently been recognised as one of the UK Top 100 Apprenticeship Employers being placed 67th across all sectors. The business relationships of the group with our suppliers, customers and other stakeholders are vital to ensuring the group delivers on its strategy. The Covid-19 pandemic has also provided testing times for such relationships, however we have been able to maintain excellent relationships with all stakeholders by keeping in regular communication and providing support in areas where required. The group seeks to have a positive impact in the communities in which it operates and reduce its impact on the environment. Apollo strives to deliver the highest level of corporate social responsibility. As an employer partner of the STEM focused UTC Portsmouth, the company provides work experience, site visits, interview techniques, assists in the delivery of practical assignments and apprenticeship opportunities. Further to this the business is forever looking for innovative solutions to reduce its impact on the environment, focusing on the digitalisation of business processes to reduce its paper usage. In addition, the majority of the motor fleet has now been converted to electric vehicles and the group has recently significantly reduced its carbon footprint and achieved the PAS 2060 Verification Carbon Neutral accreditation. The group places a very high value on its business reputation for high business standards. Internal compliance and policy monitoring is an ongoing task through the year by responsible individuals with the necessary skills. The board understands the need to act fairly as between members of the company and ensures that there is regular engagement with shareholders throughout the year.
Financial key performance indicators
Apollo's adjusted gross profit remains healthy at 26.5% (2020: 25.8%). The group's operating profit has reduced by 38.2% to £1.542 million (2020: £2.496m). Taking into account the disruption of the Covid-19 pandemic, this is an outstanding achievement. The group's cash position has decreased to £3.463 million (2020: £4.576m), however the group's net current asset position has increased to £432k (2020: £133k). This is as a result of paying off deferred liabilities from the previous year due to Covid-19. Furthermore, the overall net asset position has increased to £7.052 million (2020: £6.064m) as result of the continued investment in the group.
This report was approved by the board of directors on 23 February 2022 and signed on behalf of the board by:
Mr G J Eyles
Director
Registered office:
Unit 6 Fitzherbert Road
Portsmouth
Hampshire
England
PO6 1RU
Apollo Motor Group Limited
Directors' Report
Year ended 31 May 2021
The directors present their report and the financial statements of the group for the year ended 31 May 2021 .
Directors
The directors who served the company during the year were as follows:
Mr P J Clements
Mr G J Eyles
Mr B L Eyles
Mrs T H Eyles
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Greenhouse gas emissions and energy consumption
Unit
2021
2020
Emissions resulting from activities for which the group is responsible
tCO2e
1,634
1,693
CO2 emissions per £1 million turnover
tCO2e
54
46
-------
-------
Total emissions
tCO2e
1,688
1,739
Total energy consumption
kWh
7,639,887
7,782,854
------------
------------
Methodologies for energy and emissions calculations
*2020 figures are based on estimates using 2021 rationale applied to the 2020 relative expenditure.
The above figures have been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. The carbon figures have been calculated using the BEIS 2020 carbon conversion factors for all fuels.
Principal measures taken to increase energy efficiency
The group continues to take positive steps to reduce its carbon footprint. The majority of the motor fleet has now been converted to electric vehicles and the group using renewable energy sources where possible. As a result of actions taken we are proud to have achieved PAS 2060 Verification Carbon Neutral accreditation.
Employment of disabled persons
The group recruits people with disabilities to suitable vacancies on merit. We offer tailored support through the recruitment process for applicants who declare their disability. In particular, we know adjustments are of the utmost importance for employees with disabilities, be they physical or cognitive, and arrange reasonable adjustments required at an individual level to ensure our disabled applicants and staff are supported. Equal opportunities The group is committed to promoting equal opportunities in employment for existing and prospective employees throughout the recruitment process. All employees and applicants will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation.
Employee involvement
The Group continues to keep its management team informed of all operational matters and the financial and economic factors affecting the performance of the Group. This is principally achieved through regular conference calls and meetings between both the group management and site management team. The Group culture is one that places great emphasis on the training, career development and internal promotion of its employees.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 23 February 2022 and signed on behalf of the board by:
Mr G J Eyles
Director
Registered office:
Unit 6 Fitzherbert Road
Portsmouth
Hampshire
England
PO6 1RU
Apollo Motor Group Limited
Independent Auditor's Report to the Members of Apollo Motor Group Limited
Year ended 31 May 2021
Opinion
We have audited the financial statements of Apollo Motor Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2021 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 May 2021 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence,capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge. - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; - investigated the rationale behind significant or unusual transactions; and In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing correspondence with HMRC and the company’s legal advisors; There are inherent limitations in our audit procedures described above. The more removed that laws and egulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Keith Goddard
(Senior Statutory Auditor)
For and on behalf of
Forshaws Accountants Limited
Chartered accountants & statutory auditor
Crossens Way
Southport
PR9 9LY
26 February 2022
Apollo Motor Group Limited
Consolidated Statement of Comprehensive Income
Year ended 31 May 2021
2021
2020
Note
£
£
Turnover
4
30,277,059
37,057,796
Cost of sales
( 23,200,543)
( 27,479,732)
-------------
-------------
Gross profit
7,076,516
9,578,064
Administrative expenses
( 6,848,979)
( 7,238,492)
Other operating income
5
1,314,597
156,733
------------
------------
Operating profit
6
1,542,134
2,496,305
Other interest receivable and similar income
9
158
1,145
Interest payable and similar expenses
10
( 56,050)
( 79,507)
------------
------------
Profit before taxation
1,486,242
2,417,943
Tax on profit
11
( 248,566)
( 517,455)
------------
------------
Profit for the financial year
1,237,676
1,900,488
------------
------------
Revaluation of tangible assets
–
863,745
------------
------------
Total comprehensive income for the year
1,237,676
2,764,233
------------
------------
All the activities of the group are from continuing operations.
Apollo Motor Group Limited
Consolidated Statement of Financial Position
31 May 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
13
271,037
286,577
Tangible assets
14
9,406,985
8,453,359
------------
------------
9,678,022
8,739,936
Current assets
Stocks
16
245,122
231,242
Debtors
17
3,237,285
3,545,393
Cash at bank and in hand
3,463,493
4,575,544
------------
------------
6,945,900
8,352,179
Creditors: amounts falling due within one year
19
( 6,513,428)
( 8,219,193)
------------
------------
Net current assets
432,472
132,986
-------------
------------
Total assets less current liabilities
10,110,494
8,872,922
Creditors: amounts falling due after more than one year
20
( 2,373,605)
( 2,285,451)
Provisions
22
( 684,836)
( 523,094)
-------------
------------
Net assets
7,052,053
6,064,377
-------------
------------
Capital and reserves
Called up share capital
27
300
300
Revaluation reserve
28
863,745
863,745
Capital redemption reserve
28
300
300
Profit and loss account
28
6,187,708
5,200,032
------------
------------
Shareholders funds
7,052,053
6,064,377
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Mr G J Eyles
Director
Company registration number: 05732870
Apollo Motor Group Limited
Company Statement of Financial Position
31 May 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
14
5,857,734
5,696,885
Investments
15
447,685
447,685
------------
------------
6,305,419
6,144,570
Current assets
Debtors
17
505,910
1,178,048
Cash at bank and in hand
1,046,779
1,421,256
------------
------------
1,552,689
2,599,304
Creditors: amounts falling due within one year
19
( 3,628,545)
( 4,793,454)
------------
------------
Net current liabilities
( 2,075,856)
( 2,194,150)
------------
------------
Total assets less current liabilities
4,229,563
3,950,420
Creditors: amounts falling due after more than one year
20
( 1,939,918)
( 2,196,400)
Provisions
22
( 245,799)
( 214,243)
------------
------------
Net assets
2,043,846
1,539,777
------------
------------
Capital and reserves
Called up share capital
27
300
300
Revaluation reserve
28
863,745
863,745
Capital redemption reserve
28
300
300
Profit and loss account
28
1,179,501
675,432
------------
------------
Shareholders funds
2,043,846
1,539,777
------------
------------
The profit for the financial year of the parent company was £ 754,069 (2020: £ 731,638 ).
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Mr G J Eyles
Director
Company registration number: 05732870
Apollo Motor Group Limited
Consolidated Statement of Changes in Equity
Year ended 31 May 2021
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 June 2019
300
–
300
3,549,544
3,550,144
Profit for the year
1,900,488
1,900,488
Other comprehensive income for the year:
Revaluation of tangible assets
14
–
863,745
–
–
863,745
----
---------
----
------------
------------
Total comprehensive income for the year
–
863,745
–
1,900,488
2,764,233
Dividends paid and payable
12
–
–
–
( 250,000)
( 250,000)
----
---------
----
------------
------------
Total investments by and distributions to owners
–
–
–
( 250,000)
( 250,000)
At 31 May 2020
300
863,745
300
5,200,032
6,064,377
Profit for the year
1,237,676
1,237,676
----
---------
----
------------
------------
Total comprehensive income for the year
–
–
–
1,237,676
1,237,676
Dividends paid and payable
12
–
–
–
( 250,000)
( 250,000)
----
----
----
---------
---------
Total investments by and distributions to owners
–
–
–
( 250,000)
( 250,000)
----
---------
----
------------
------------
At 31 May 2021
300
863,745
300
6,187,708
7,052,053
----
---------
----
------------
------------
Apollo Motor Group Limited
Company Statement of Changes in Equity
Year ended 31 May 2021
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 June 2019
300
–
300
193,794
194,394
Profit for the year
731,638
731,638
Other comprehensive income for the year:
Revaluation of tangible assets
14
–
863,745
–
–
863,745
----
---------
----
---------
------------
Total comprehensive income for the year
–
863,745
–
731,638
1,595,383
Dividends paid and payable
12
–
–
–
( 250,000)
( 250,000)
----
---------
----
---------
------------
Total investments by and distributions to owners
–
–
–
( 250,000)
( 250,000)
At 31 May 2020
300
863,745
300
675,432
1,539,777
Profit for the year
754,069
754,069
----
---------
----
---------
------------
Total comprehensive income for the year
–
–
–
754,069
754,069
Dividends paid and payable
12
–
–
–
( 250,000)
( 250,000)
----
----
----
---------
---------
Total investments by and distributions to owners
–
–
–
( 250,000)
( 250,000)
----
---------
----
------------
------------
At 31 May 2021
300
863,745
300
1,179,501
2,043,846
----
---------
----
------------
------------
Apollo Motor Group Limited
Consolidated Statement of Cash Flows
Year ended 31 May 2021
2021
2020
Note
£
£
Cash flows from operating activities
Profit for the financial year
1,237,676
1,900,488
Adjustments for:
Depreciation of tangible assets
500,800
525,020
Amortisation of intangible assets
15,540
16,280
Government grant income
( 1,252,489)
–
Other interest receivable and similar income
( 158)
( 1,145)
Interest payable and similar expenses
56,050
79,507
Gains on disposal of tangible assets
( 23,544)
( 7,536)
Tax on profit
248,566
517,455
Changes in:
Stocks
( 13,880)
( 59,862)
Trade and other debtors
198,293
2,156,987
Trade and other creditors
( 1,321,677)
( 1,519,421)
------------
------------
Cash generated from operations
( 354,823)
3,607,773
Interest paid
( 56,050)
( 79,507)
Interest received
158
1,145
Tax paid
( 738,316)
–
------------
------------
Net cash (used in)/from operating activities
( 1,149,031)
3,529,411
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,492,007)
( 960,699)
Proceeds from sale of tangible assets
61,125
12,896
------------
------------
Net cash used in investing activities
( 1,430,882)
( 947,803)
------------
------------
Cash flows from financing activities
Repayment of loans
( 23,316)
152,368
Government grant income
1,252,489
–
Payments of finance lease liabilities
431,574
( 147,426)
Dividends paid
( 250,000)
–
------------
------------
Net cash from financing activities
1,410,747
4,942
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,169,166)
2,586,550
Cash and cash equivalents at beginning of year
4,515,244
1,928,694
------------
------------
Cash and cash equivalents at end of year
18
3,346,078
4,515,244
------------
------------
Apollo Motor Group Limited
Notes to the Financial Statements
Year ended 31 May 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 6 Fitzherbert Road, Portsmouth, Hampshire, PO6 1RU, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Going concern
The Company has net current liabilities of £2,075,856 (2020: £2,194,150)although this balance is largely created by amounts akin to deferred income rather than financial liability. The directors have made an assessment in preparing these financial statements as to whether the Company and the Group is a going concern and have concluded that and given the strong positive future cashflows there are no material uncertainties that may cast doubt on the Company or Group's ability to continue as a going concern.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Apollo Motor Group Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In the application of Group's accounting policies, the directors are required to make judgements, estimates and assumptions which affect reported income, expenses, assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods. The directors consider that the following judgements (apart from those involving estimates) had had the most significant effect on amounts recognised in the financial statements: Accrued income Included within consolidated debtors is an accrued income balance of £1,216,074. This accounts for sales not yet invoiced, based upon the stage of completion of those sales. The directors account for these sales based upon their knowledge of the time and cost requirements of completing repair work, as well as the information provided by industry-specific specialist software as to the progress as at the year end. There is minimal estimation uncertainty, due to the directors' knowledge of repair projects' sales values, as well as the information available as to job progress as at the year end. Carrying value of intangibles In the directors' judgement, there are no indicators of a material impairment risk to the carrying value of the consolidated intangibles and Company's investments. This is because of the strong operating performance of the Group. The consolidated intangibles balance is £271,037 (2020: £286,577), the balance is £Nil (2020: £Nil) at a company level. The Company's investment balance is £447,685 (2020: £447,685).
Revenue recognition
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from work in progress is recognised by reference to the stage of completion when this can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Current and deferred taxation
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.
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.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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 years
Other intangible fixed assets
-
10 years
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:
Freehold investment property
-
Stated at fair value
Long leasehold property
-
Over the term of the lease
Short leasehold property
-
Over the term of the lease
Plant and machinery
-
5-20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Group becomes a party to the contractual provisions of the instrument. Investments in unlisted shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at fair value, with changes in fair value being recognised in profit or loss. Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group's cash management. Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
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. Turnover
The whole of the turnover is attributable to the principal activity of the business.
All turnover arose within the United Kingdom.
5. Other operating income
2021
2020
£
£
Rental income
49,108
67,593
Commission receivable
13,000
89,140
Government grant income
1,252,489
–
------------
---------
1,314,597
156,733
------------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2021
2020
£
£
Amortisation of intangible assets
15,540
16,280
Depreciation of tangible assets
500,800
525,020
Gains on disposal of tangible assets
( 23,544)
( 7,536)
Impairment of trade debtors
7,687
14,022
---------
---------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2021
2020
No.
No.
325
350
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2021
2020
£
£
Wages and salaries
10,834,925
11,194,949
Other pension costs
188,993
194,376
-------------
-------------
11,023,918
11,389,325
-------------
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2021
2020
£
£
Remuneration
491,371
432,879
Company contributions to defined contribution pension plans
5,114
4,170
---------
---------
496,485
437,049
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2021
2020
No.
No.
Defined contribution plans
3
4
----
----
Remuneration of the highest paid director in respect of qualifying services:
2021
2020
£
£
Aggregate remuneration
161,417
110,333
Company contributions to defined contribution pension plans
1,626
1,125
---------
---------
163,043
111,458
---------
---------
9. Other interest receivable and similar income
2021
2020
£
£
Interest on cash and cash equivalents
158
1,145
----
-------
10. Interest payable and similar expenses
2021
2020
£
£
Interest on banks loans and overdrafts
32,688
43,424
Interest on obligations under finance leases and hire purchase contracts
18,423
36,083
Other interest payable and similar charges
4,939
–
--------
--------
56,050
79,507
--------
--------
11. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
86,824
397,223
Deferred tax:
Origination and reversal of timing differences
161,742
120,232
---------
---------
Tax on profit
248,566
517,455
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2020: higher than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
1,486,242
2,417,943
------------
------------
Profit on ordinary activities by rate of tax
329,422
459,409
Effect of expenses not deductible for tax purposes
1,652
1,970
Effect of capital allowances and depreciation
( 35,008)
59,434
Effect of revenue exempt from tax
( 47,500)
–
Other differences
–
( 3,358)
------------
------------
Tax on profit
248,566
517,455
------------
------------
12. Dividends
2021
2020
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
250,000
250,000
---------
---------
13. Intangible assets
Group
Goodwill
Other intangible fixed assets
Total
£
£
£
Cost
At 1 June 2020 and 31 May 2021
606,337
96,603
702,940
---------
--------
---------
Amortisation
At 1 June 2020
319,760
96,603
416,363
Charge for the year
15,540
–
15,540
---------
--------
---------
At 31 May 2021
335,300
96,603
431,903
---------
--------
---------
Carrying amount
At 31 May 2021
271,037
–
271,037
---------
--------
---------
At 31 May 2020
286,577
–
286,577
---------
--------
---------
The company has no intangible assets.
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2020
6,276,259
3,421,896
868,020
1,481,167
12,047,342
Additions
80,248
660,837
375,837
375,085
1,492,007
Disposals
–
–
–
( 113,494)
( 113,494)
------------
------------
------------
------------
-------------
At 31 May 2021
6,356,507
4,082,733
1,243,857
1,742,758
13,425,855
------------
------------
------------
------------
-------------
Depreciation
At 1 June 2020
319,048
1,941,984
523,390
809,561
3,593,983
Charge for the year
67,972
155,574
85,496
191,758
500,800
Disposals
–
–
–
( 75,913)
( 75,913)
------------
------------
------------
------------
-------------
At 31 May 2021
387,020
2,097,558
608,886
925,406
4,018,870
------------
------------
------------
------------
-------------
Carrying amount
At 31 May 2021
5,969,487
1,985,175
634,971
817,352
9,406,985
------------
------------
------------
------------
-------------
At 31 May 2020
5,957,211
1,479,912
344,630
671,606
8,453,359
------------
------------
------------
------------
-------------
Company
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2020
5,465,000
17,000
225,251
5,707,251
Additions
–
–
176,417
176,417
------------
--------
---------
------------
At 31 May 2021
5,465,000
17,000
401,668
5,883,668
------------
--------
---------
------------
Depreciation
At 1 June 2020
–
10,366
–
10,366
Charge for the year
–
3,636
11,932
15,568
------------
--------
---------
------------
At 31 May 2021
–
14,002
11,932
25,934
------------
--------
---------
------------
Carrying amount
At 31 May 2021
5,465,000
2,998
389,736
5,857,734
------------
--------
---------
------------
At 31 May 2020
5,465,000
6,634
225,251
5,696,885
------------
--------
---------
------------
Tangible assets held at valuation
The Company's freehold properties represent investment properties and are stated at fair value. The valuations were conducted on 28 August 2020 by an independent valuer in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards 2020.
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group and company
Freehold property
£
At 31 May 2021
Aggregate cost
4,655,945
Aggregate depreciation
–
------------
Carrying value
4,655,945
------------
At 31 May 2020
Aggregate cost
4,655,945
Aggregate depreciation
(257,297)
------------
Carrying value
4,398,648
------------
15. Investments
The group has no investments.
Company
Investments in subsidiary companies
£
Cost
At 1 June 2020 and 31 May 2021
447,685
---------
Impairment
At 1 June 2020 and 31 May 2021
–
---------
Carrying amount
At 1 June 2020 and 31 May 2021
447,685
---------
At 31 May 2020
447,685
---------
Indirect subsidiary undertakings
The following were were indirect subsidiary undertakings of the Company. All holdings were 100% of the ordinary shares:
Apollo Motor Company (Bexhill) Limited
Apollo Motor Company (Bournemouth) Limited
Apollo Motor Company (Cheltenham) Limited
Apollo Motor Company (Dover) Limited
Apollo Motor Company (Horsham) Limited
Apollo Motor Company (Salisbury) Limited
Apollo Motor Company (Sittingbourne) Limited
Apollo Motor Company (Swindon) Limited
Apollo Motor Company (Tonbridge) Limited
Apollo Motor Company (Westbury) Limited
Apollo Motor Company (Yeovil) Limited
Direct subsidiary undertakings
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Apollo Accident Repair Group Limited
Ordinary
100
16. Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Raw materials and consumables
245,122
231,242
–
–
---------
---------
----
----
17. Debtors
Group
Company
2021
2020
2021
2020
£
£
£
£
Trade debtors
1,647,631
1,711,792
22,917
29,573
Amounts owed by group undertakings
–
–
394,615
1,147,642
Prepayments and accrued income
1,559,372
1,551,606
88,378
833
Other debtors
30,282
281,995
–
–
------------
------------
---------
------------
3,237,285
3,545,393
505,910
1,178,048
------------
------------
---------
------------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2021
2020
£
£
Cash at bank and in hand
3,463,493
4,575,544
Bank overdrafts
( 117,415)
( 60,300)
------------
------------
3,346,078
4,515,244
------------
------------
19. Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans and overdrafts
224,275
210,866
106,860
150,566
Trade creditors
2,492,704
3,073,638
65,719
8,139
Amounts owed to group undertakings
–
–
1,963,096
2,924,042
Accruals and deferred income
284,053
396,118
9,222
77,298
Corporation tax
88,723
740,215
93,070
295,172
Social security and other taxes
1,107,110
1,685,751
45,250
114,950
Obligations under finance leases and hire purchase contracts
290,922
203,984
–
–
Director loan accounts
261,269
261,493
261,269
261,493
Rebates
1,034,059
869,579
1,034,059
869,579
Other creditors
730,313
777,549
50,000
92,215
------------
------------
------------
------------
6,513,428
8,219,193
3,628,545
4,793,454
------------
------------
------------
------------
20. Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans and overdrafts
1,207,781
1,187,167
1,207,781
1,187,167
Obligations under finance leases and hire purchase contracts
433,687
89,051
–
–
Other creditors
732,137
1,009,233
732,137
1,009,233
------------
------------
------------
------------
2,373,605
2,285,451
1,939,918
2,196,400
------------
------------
------------
------------
The following liabilities were secured:
2021
2020
2021
2019
£
£
£
£
Bank loans and overdrafts
1,398,033
1,575,405
1,314,641
1,446,858
Hire purchase contracts
293,035
424,365
Nil
Nil
------------
------------
------------
------------
1,691,068
1,999,770
1,314,641
1,446,858
------------
------------
------------
------------
Details of security provided:
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the Group and are subject to a cross guarantee and debenture between all subsidiaries and Apollo Motor Group Limited .
The hire purchase liabilities are secured by a charge over the related assets of the Group.
Bank loans
2021
2020
2020
2019
£
£
£
£
Amounts falling due within 1 year
150,566
135,229
150,566
135,229
Amounts falling due 1-2 years
166,726
135,228
166,726
135,228
Amounts falling due 2-5 years
424,708
1,176,401
424,708
1,176,401
Amounts falling due after 5 year
595,733
Nil
595,733
Nil
------------
------------
------------
------------
1,337,733
1,446,858
1,337,733
1,446,858
------------
------------
------------
------------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Not later than 1 year
290,922
203,984
–
–
Later than 1 year and not later than 5 years
433,687
89,051
–
–
---------
---------
----
----
724,609
293,035
–
–
---------
---------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 June 2020
523,094
Additions
161,742
---------
At 31 May 2021
684,836
---------
Company
Deferred tax (note 23)
£
At 1 June 2020
214,243
Additions
31,556
---------
At 31 May 2021
245,799
---------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Included in provisions (note 22)
684,836
523,094
245,799
214,243
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2021
2020
2021
2020
£
£
£
£
Accelerated capital allowances
482,229
320,487
43,192
11,636
Revaluation of tangible assets
202,607
202,607
202,607
202,607
---------
---------
---------
---------
684,836
523,094
245,799
214,243
---------
---------
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 188,993 (2020: £ 194,376 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
1,252,489
–
–
–
------------
----
----
----
26. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Group
Company
2021
2020
2021
2020
£
£
£
£
Financial assets measured at fair value through profit or loss
3,463,494
4,575,545
1,046,779
1,421,256
------------
------------
------------
------------
Financial assets that are debt instruments measured at amortised cost
Group
2021
2020
£
£
Financial assets that are debt instruments measured at amortised cost
2,893,987
3,159,494
------------
------------
Financial liabilities measured at amortised cost
Group
2021
2020
£
£
Financial liabilities measured at amortised cost
9,016,405
7,783,439
------------
------------
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income. Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, amounts owed to group undertakings, rebates, other creditors and accruals.
27. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary A shares of £ 1 each
150
150
150
150
Ordinary B shares of £ 1 each
150
150
150
150
----
----
----
----
300
300
300
300
----
----
----
----
28. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Analysis of changes in net debt
At 1 Jun 2020
Cash flows
At 31 May 2021
£
£
£
Cash at bank and in hand
4,575,544
(1,112,051)
3,463,493
Bank overdrafts
(60,300)
(57,115)
(117,415)
Debt due within one year
(616,043)
(43,008)
(659,051)
Debt due after one year
(1,276,218)
(365,250)
(1,641,468)
------------
------------
------------
2,622,983
( 1,577,424)
1,045,559
------------
------------
------------
Apollo Motor Group Limited
Notes to the Financial Statements (continued)
Year ended 31 May 2021
30. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Not later than 1 year
767,584
687,774
10,000
10,000
Later than 1 year and not later than 5 years
3,406,856
2,681,587
30,000
40,000
Later than 5 years
3,398,112
2,850,991
–
–
------------
------------
--------
--------
7,572,552
6,220,352
40,000
50,000
------------
------------
--------
--------
31. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G J Eyles
( 261,493)
224
( 261,269)
---------
----
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G J Eyles
( 268,350)
6,857
( 261,493)
---------
-------
---------
No interest has been charged on the above loan and the balance is repayable on demand.
32. Related party transactions
Company
In line with the requirements of FRS102, the Company has not disclosed transactions with companies that are wholly owned within the Group of companies headed by Apollo Motor Group Limited .
33. Controlling party
The directors do not consider Apollo Motor Group Limited to have an ultimate controlling party.