Apollo Capital Projects Development Ltd - Limited company accounts 16.3

REGISTERED NUMBER: 04246800 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2016

FOR

APOLLO CAPITAL PROJECTS DEVELOPMENT

LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Notes to the Financial Statements

9

DIRECTORS:

J W Dryburgh

R S Drew

R James

SECRETARY:

B D Smith

REGISTERED OFFICE:

Columba House

Adastral Park

Martlesham Heath

Ipswich

Suffolk

IP5 3RE

REGISTERED NUMBER:

04246800 (England and Wales)

AUDITORS:

Ballams

Chartered Accountants

Statutory Auditor

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

The directors present their report with the financial statements of the company for the year ended 31 July 2016.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of development and management

of primary care properties in the UK and involvement in hub Scotland PPP framework in the form of

development management preparatory work and specialist portfolio management services.

REVIEW OF BUSINESS

During the year ended 31 July 2016 the company completed construction of a significant multi let medical

development scheme in East Anglia servicing 25,000 patients. The development is now fully let and

operational.

The company has a significant and growing pipeline of future 3PD development opportunities which it is

actively progressing.

The company's involvement in the hub West Scotland Ltd PPP development framework through its

shareholding in the private sector development partner, Wellspring, continues to generate development fee

income and significant investment opportunities.

The company continues to develop its specialist asset management services and other advisory activities.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2015 to the date

of this report.

J W Dryburgh

R S Drew

R James

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 company and of the profit or loss of the company for that period. In

preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps

that he ought to have taken as a director in order to make himself aware of any relevant audit information

and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Ballams, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

J W Dryburgh - Director

24 April 2017

We have audited the financial statements of Apollo Capital Projects Development Limited for the year ended

31 July 2016 on pages six to fourteen. The financial reporting framework that has been applied in their

preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January

2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

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 a Report of the Auditors 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.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient

to give reasonable assurance that the financial statements are free from material misstatement, whether

caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to

the company's circumstances and have been consistently applied and adequately disclosed; the

reasonableness of significant accounting estimates made by the directors; and the overall presentation of the

financial statements. In addition, we read all the financial and non-financial information in the Report of the

Directors to identify material inconsistencies with the audited financial statements and to identify any

information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge

acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2016 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the

financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Michael Mortimer (Senior Statutory Auditor)

for and on behalf of Ballams

Chartered Accountants

Statutory Auditor

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

24 April 2017

TURNOVER

5,512,079

761,717

Cost of sales

4,604,531

350,470

GROSS PROFIT

907,548

411,247

Administrative expenses

530,360

358,616

377,188

52,631

Other operating income

-

944

OPERATING PROFIT

2

377,188

53,575

Interest receivable and similar income

35

163

377,223

53,738

Interest payable and similar charges

5,039

271

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

372,184

53,467

Tax on profit on ordinary activities

3

74,602

11,279

PROFIT FOR THE FINANCIAL YEAR

297,582

42,188

FIXED ASSETS

Tangible assets

4

460

1,156

Investments

5

214

114

674

1,270

CURRENT ASSETS

Stocks

6

-

146,868

Debtors

7

150,712

464,487

Cash at bank and in hand

1,298,496

133,360

1,449,208

744,715

CREDITORS

Amounts falling due within one year

8

990,236

554,612

NET CURRENT ASSETS

458,972

190,103

TOTAL ASSETS LESS CURRENT LIABILITIES

459,646

191,373

CREDITORS

Amounts falling due after more than one year

9

-

(29,170

)

PROVISIONS FOR LIABILITIES

11

(92

)

(231

)

NET ASSETS

459,554

161,972

CAPITAL AND RESERVES

Called up share capital

12

101

101

Profit and loss account

13

459,453

161,871

SHAREHOLDERS' FUNDS

459,554

161,972

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 24 April 2017 and were signed on its behalf by:

J W Dryburgh - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and

services to customers, and in the case of long term contracts, the value of the work done during the

year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Long term contracts are stated at net cost less forseeable losses less any applicable payments on

account. The amount recorded as turnover in respect of long term contracts is ascertained by

reference to the value of the work carried out to date. Attributable profit is recognised as the

difference between recorded turnover and related costs.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet

date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they

crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of

income and expenditure in taxation computations in periods different from those in which they are

included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded

as more likely than not that they will be recovered.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Going concern

The financial statements are prepared on a going concern basis, which the directors consider is

appropriate for the reasons set out below.

The net profit of £297,582 achieved in the year ended 31 July 2016 allows the company to begin the

new financial year with net current assets of £458,972.

The company continues to work in its core medical property development, investment and

management markets throughout the UK. This through continuing to invest in a significant and

growing pipeline of 3PD primary care developments, on which it has been appointed preferred

developer, and as a shareholder in hub West Scotland Ltd, a major long term PPP development

framework, sponsored by the Scottish Government.

The directors have prepared projected cash flow information. On the basis of this cash flow

information the directors consider that the company will be able to continue in operational existence

for the foreseeable future.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2016

2015

£

£

Depreciation - owned assets

696

1,461

Auditors' remuneration

7,200

6,600

Pension costs

43,072

3,454

Directors' remuneration and other benefits etc

166,684

110,795

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2016

2015

£

£

Current tax:

UK corporation tax

74,741

11,463

Deferred tax

(139

)

(184

)

Tax on profit on ordinary activities

74,602

11,279

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2015

and 31 July 2016

4,950

2,092

7,042

DEPRECIATION

At 1 August 2015

4,949

937

5,886

Charge for year

-

696

696

At 31 July 2016

4,949

1,633

6,582

NET BOOK VALUE

At 31 July 2016

1

459

460

At 31 July 2015

1

1,155

1,156

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2015

114

Additions

100

At 31 July 2016

214

NET BOOK VALUE

At 31 July 2016

214

At 31 July 2015

114

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Apollo (Hub West) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

£

Aggregate capital and reserves

2

2

Apollo (Hub E & M) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

56.00

2016

2015

£

£

Aggregate capital and reserves

100

100

Apollo (Hub Inverclyde) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

56.00

2016

2015

£

£

Aggregate capital and reserves

100

56

Apollo (Hub Investment) Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2016

£

Aggregate capital and reserves

100

6.

STOCKS

2016

2015

£

£

Net costs recoverable

-

146,868

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

31,827

50,415

Amounts recoverable on projects

-

267,944

Other debtors

8,565

20,213

Retentions

100,791

40,375

Prepayments and accrued income

9,529

85,540

150,712

464,487

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

91,251

22,220

Tax

74,741

11,463

Social security and other taxes

29,234

6,073

VAT

261,791

31,184

Other creditors

6,393

64,897

Directors' loan accounts

34,031

63,193

Accruals and deferred income

12,905

13,867

Accrued development costs

479,890

341,715

990,236

554,612

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Directors' loan accounts

-

29,170

10.	OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

2016

2015

£

£

Expiring:

Within one year

227

-

Between one and five years

6,329

7,166

6,556

7,166

11.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

Accelerated capital allowances

92

231

Deferred

tax

£

Balance at 1 August 2015

231

Credit to Profit and Loss Account during year

(139

)

Balance at 31 July 2016

92

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

10,102

Allotted, called up and fully

paid

.01

101

101

13.

RESERVES

Profit

and loss

account

£

At 1 August 2015

161,871

Profit for the year

297,582

At 31 July 2016

459,453

14.	RELATED PARTY DISCLOSURES

J W Dryburgh

A director of the company

A loan to the value of £175,000 was provided interest free to the company during the year to 31 July

2014. This is repayable over thirty six months commencing February 2014.

2016

2015

£

£

Amount due to related party at the balance sheet date

34,031

92,363

15.	ULTIMATE CONTROLLING PARTY

The controlling party is J W Dryburgh.