Independent Access Platform Services Lim - Limited company accounts 18.2

REGISTERED NUMBER: 08366577 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2017

for

Independent Access Platform Services

Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

J I Daintith

A D Jennings

K B J Shadbolt

S R Couling

SECRETARY:

K Golestani

REGISTERED OFFICE:

Shropshire House

Hortonwood 1

TELFORD

Shropshire

TF1 7GN

REGISTERED NUMBER:

08366577 (England and Wales)

AUDITORS:

Morgan Griffiths LLP

Chartered Accountants

Statutory Auditor

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

The directors present their strategic report of the company and group for the year ended 31 December 2016.

REVIEW OF BUSINESS

All aspects of the group performed well with sales of machines, parts sales and outrigger Pad sales all showing healthy

growth over 2016.

Overall operating profit from trading activities increased from £719K in 2016 to £845K. Market conditions remained good

in the UK despite the Brexit decision.

The business continues to operate in two primary divisions:

Machine sales (APS)

APS had put in another impressive sales performance with revenues of £21.1 M , 34% up on the previous year.

Increased competition and the weak pound both had an impact on average gross margins down from 14.2% in 2016 to

11.8%. Relationships with our principal suppliers continues to be an area of focus in particular with Genie and Hinowa.

Replacement Parts (IPS)

IPS have further consolidated their significant growth in 2016 with a further 13% increase in revenues during 2017 to

£9.75Million. Margins suffered slightly due to more aggressive pricing and increases in purchasing costs due to the

weakness of STG.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a range of risks and uncertainties as part of its day to day operations. Significant risk factors

identified include:

- Volatility of exchange rates causing reduced margins, higher, uncompetitive prices or lower competitor prices from

weaker-currency locations

- Increased competition from new market entrants including manufacturers and dealers as depressed home markets

cause overseas companies to seek opportunities elsewhere

- Potential changes in distribution policy by principal suppliers as UK market conditions improve.

The company will continue to develop new distribution agreements with leading manufacturers and offer products

covering all sectors of the powered access market as well as strengthening existing relationships with market leading

suppliers.

The company's principal financial assets are stock, bank balances and cash, trade and other receivables, and

investments. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the

accounts are net of allowances for doubtful receivables.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties

and customers.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future

developments, the company uses a debt factoring facility.

ON BEHALF OF THE BOARD:

A D Jennings - Director

19 September 2018

The directors present their report with the financial statements of the company and the group for the year ended

31 December 2017.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of an investment company.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A .01p shares

0.9569

- 27 July 2017

Ordinary B .01p shares

0.9569

- 27 July 2017

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2017 will be £ 500,000 .

FUTURE DEVELOPMENTS

In an attempt to simplify the group structure the directors and shareholders decided to demerge the two trading

businesses of IPS and APS. In April 2018 Independent Access Platform Services ceased to become the parent

company of APS. The company was sold off to a newly formed holding company Access Platform Services Holdings

Ltd. In addition the shares in Independent Access Platform Services Ltd were sold to another newly formed holding

company, Independent Parts and Service Holdings Ltd.

Following this share sale the old parent company Independent Access Platform Services Group Ltd was placed into

members voluntary liquidation.

As of April 2018 both companies have traded separately from each other and no longer form part of any group structure.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this

report.

J I Daintith

A D Jennings

K B J Shadbolt

S R Couling

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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 the group and of 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the

company and the group 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 the group 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 group'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 group's

auditors are aware of that information.

AUDITORS

The auditors, Morgan Griffiths LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A D Jennings - Director

19 September 2018

Opinion

We have audited the financial statements of Independent Access Platform Services Limited (the 'parent company') and

its subsidiaries (the 'group') for the year ended 31 December 2017 which comprise the Consolidated Income Statement,

Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated

Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and

Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 affairs as at 31 December 2017 and of the group's loss for the year then ended;

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

-	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 Auditors' 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the

Auditors thereon.

Our opinion on the financial statements does not cover the other information and 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, 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.

Opinion 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Group Strategic Report or the Report of the

Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's shareholders, 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 shareholders 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

shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Landers BA FCA (Senior Statutory Auditor)

for and on behalf of Morgan Griffiths LLP

Chartered Accountants

Statutory Auditor

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

19 September 2018

TURNOVER

30,245,067

-

30,245,067

Cost of sales

(24,963,615

)

-

(24,963,615

)

GROSS PROFIT

5,281,452

-

5,281,452

Distribution costs

(1,358,688

)

-

(1,358,688

)

Administrative expenses

(3,177,026

)

-

(3,177,026

)

745,738

-

745,738

Other operating income

100,000

-

100,000

OPERATING PROFIT

4

845,738

-

845,738

Exceptional expenses

5

(3,617,855

)

-

(3,617,855

)

(2,772,117

)

-

(2,772,117

)

Interest receivable and similar income

56

-

56

Interest payable and similar expenses

6

(134,232

)

-

(134,232

)

LOSS BEFORE TAXATION

(2,906,293

)

-

(2,906,293

)

Tax on loss

7

(126,441

)

-

(126,441

)

LOSS FOR THE FINANCIAL YEAR

(3,032,734

)

-

(3,032,734

)

Loss attributable to:

Owners of the parent

(3,032,734

)

TURNOVER

23,786,892

3,077,992

26,864,884

Cost of sales

(18,963,631

)

(679,210

)

(19,642,841

)

GROSS PROFIT

4,823,261

2,398,782

7,222,043

Distribution costs

(969,712

)

(1,902,644

)

(2,872,356

)

Administrative expenses

(3,134,509

)

(293,301

)

(3,427,810

)

719,040

202,837

921,877

Other operating income

-

2,510,320

2,510,320

OPERATING PROFIT

4

719,040

2,713,157

3,432,197

Interest receivable and similar income

1,306

-

1,306

Interest payable and similar expenses

6

(154,335

)

-

(154,335

)

PROFIT BEFORE TAXATION

566,011

2,713,157

3,279,168

Tax on profit

7

(117,106

)

(57,494

)

(174,600

)

PROFIT FOR THE FINANCIAL YEAR

448,905

2,655,663

3,104,568

Profit attributable to:

Owners of the parent

3,104,568

(LOSS)/PROFIT FOR THE YEAR

(3,032,734

)

3,104,568

OTHER COMPREHENSIVE LOSS

Purchase of own shares

-

(249,614

)

Income tax relating to other comprehensive loss

-

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

-

(249,614

)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(3,032,734

)

2,854,954

Total comprehensive income attributable to:

Owners of the parent

(3,032,734

)

2,854,954

FIXED ASSETS

Intangible assets

10

64,308

128,617

Tangible assets

11

867,457

1,156,741

Investments

12

-

-

931,765

1,285,358

CURRENT ASSETS

Stocks

13

6,699,384

6,376,246

Debtors

14

6,424,790

10,350,313

Cash in hand

422

270

13,124,596

16,726,829

CREDITORS

Amounts falling due within one year

15

12,424,543

12,690,477

NET CURRENT ASSETS

700,053

4,036,352

TOTAL ASSETS LESS CURRENT LIABILITIES

1,631,818

5,321,710

CREDITORS

Amounts falling due after more than one year

16

(54,099

)

(148,462

)

PROVISIONS FOR LIABILITIES

20

(150,698

)

(213,493

)

NET ASSETS

1,427,021

4,959,755

CAPITAL AND RESERVES

Called up share capital

21

5,225

5,225

Capital redemption reserve

22

275

275

Other reserves

22

256,606

256,606

Retained earnings

22

1,164,915

4,697,649

SHAREHOLDERS' FUNDS

26

1,427,021

4,959,755

The financial statements were approved by the Board of Directors on 19 September 2018 and were signed on its behalf

by:

A D Jennings - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

100,056

100,056

100,056

100,056

CURRENT ASSETS

Debtors

14

-

3,633,754

Cash at bank

20,300

4,401

20,300

3,638,155

CREDITORS

Amounts falling due within one year

15

59

137

NET CURRENT ASSETS

20,241

3,638,018

TOTAL ASSETS LESS CURRENT LIABILITIES

120,297

3,738,074

CAPITAL AND RESERVES

Called up share capital

21

5,225

5,225

Capital redemption reserve

22

275

275

Retained earnings

22

114,797

3,732,574

SHAREHOLDERS' FUNDS

26

120,297

3,738,074

Company's (loss)/profit for the financial year

(3,117,777

)

4,232,505

The financial statements were approved by the Board of Directors on 19 September 2018 and were signed on its behalf by:

A D Jennings - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2016

5,500

2,192,950

-

256,606

2,455,056

Changes in equity

Issue of share capital

(275

)

-

-

-

(275

)

Dividends

-

(349,980

)

-

-

(349,980

)

Total comprehensive income

-

2,854,679

275

-

2,854,954

Balance at 31 December 2016

5,225

4,697,649

275

256,606

4,959,755

Changes in equity

Dividends

-

(500,000

)

-

-

(500,000

)

Total comprehensive loss

-

(3,032,734

)

-

-

(3,032,734

)

Balance at 31 December 2017

5,225

1,164,915

275

256,606

1,427,021

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2016

5,500

99,938

-

105,438

Changes in equity

Issue of share capital

(275

)

-

-

(275

)

Dividends

-

(349,980

)

-

(349,980

)

Total comprehensive income

-

3,982,616

275

3,982,891

Balance at 31 December 2016

5,225

3,732,574

275

3,738,074

Changes in equity

Dividends

-

(500,000

)

-

(500,000

)

Total comprehensive loss

-

(3,117,777

)

-

(3,117,777

)

Balance at 31 December 2017

5,225

114,797

275

120,297

Cash flows from operating activities

Cash generated from operations

1

1,836,943

3,017,807

Interest paid

(105,174

)

(117,888

)

Interest element of hire purchase payments paid

(29,058

)

(36,447

)

Tax paid

(239,063

)

(110,777

)

Net cash from operating activities

1,463,648

2,752,695

Cash flows from investing activities

Purchase of tangible fixed assets

(174,809

)

(298,085

)

Sale of tangible fixed assets

163,748

925,018

Interest received

56

1,306

Net cash from investing activities

(11,005

)

628,239

Cash flows from financing activities

Loan repayments in year

-

(21,242

)

Loan to new Parent company

15,900

(3,633,754

)

Capital repayments in year

(252,687

)

(196,434

)

Amount introduced by directors

-

117,001

Share buyback

-

(249,889

)

Equity dividends paid

(500,000

)

(349,980

)

Net cash from financing activities

(736,787

)

(4,334,298

)

Increase/(decrease) in cash and cash equivalents

715,856

(953,364

)

Cash and cash equivalents at beginning of year

2

(5,448,558

)

(4,495,194

)

Cash and cash equivalents at end of year

2

(4,732,702

)

(5,448,558

)