Apollo Business Finance Limited - Accounts to registrar (filleted) - small 18.2
Apollo Business Finance Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
FOR |
APOLLO BUSINESS FINANCE LIMITED |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
APOLLO BUSINESS FINANCE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Warwick Road |
Old Trafford |
Manchester |
M16 0QQ |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2018 |
2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
1. | STATUTORY INFORMATION |
Apollo Business Finance Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
Revenue recognition |
Revenue comprises fees for the provision of invoice financing services, net of Value Added Tax, and is |
recognised as explained below. |
Discount income |
Discount income is recognised in the statement of comprehensive income for all financial assets measured at fair |
value. Discount income is calculated and applied to clients' accounts on a daily basis. |
Service fee and other income |
Ancillary to the provision finance to its customers, the company provides various services for which it charges a |
fee. Income for these services is recognised as the service is provided. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
2. | ACCOUNTING POLICIES - continued |
Operating lease payments |
Leases are categorised as operating leases where the lessor retains substantially all the risks and rewards of |
ownership of the leased asset. All leased assets held by the company are categorised as operating leases. |
Payments made under operating leases are recognised in the statement of comprehensive income on a straight- |
line basis over the term of the lease. Lease incentives received are recognised in the statement of comprehensive |
income as an integral part of the total lease expense over the term of the lease. |
Finance Leases |
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are |
classified as finance leases. Where land and buildings are held under leases the accounting treatment of the land |
is considered separately from that of the buildings. Leased assets acquired by way of finance lease are stated at |
an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception |
of the lease less accumulated depreciation and impairment losses. |
Borrowing costs |
Borrowing costs in relation to the back-back financing facility are shown within cost of sales. The facility is used |
to provide invoice finance to clients and is backed by the underlying debts of the clients. |
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 profit or loss in the period to which they relate. |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial assets and financial liabilities. |
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments' and section 12 |
'Other Financial Instruments issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument |
Classification and Measurement |
Management determine the classification of the company's financial assets at initial recognition into one of the |
following categories - loans and other receivables, held-to-maturity financial assets, available-for-sale financial |
assets at fair value through profit or loss. The company has not held any held-to-maturity, available-for-sale |
financial assets or financial assets at fair value through profit or loss at any point during the period. |
The company initially recognises advances to clients and related parties on the date that they originated. These |
balances are included in loans and other receivables and are initially recognised at fair value including directly |
attributable costs, and subsequently measure at fair value less impairment losses |
The company initially recognises borrowings from banks and related parties at fair value, These balances are |
included in borrowings and trade and other payables |
Impairment of finance assets and receivables |
The recognition of impairment is a critical accounting judgement. Determining whether or not a financial |
instrument is impaired at the balance sheet date is complex and requires management judgement, as an |
instrument may be impaired with obvious indication, such as arrears. As well as using experience of prior periods |
and detailed knowledge of customers' performance, management is also able to assess the behaviour of financial |
instruments since the balance sheet date to determine which financial instruments may be impaired as at the |
balance sheet date. In respect of finance and receivables, the company assess on an ongoing basis whether there |
is objective evidence that an individual asset is impaired. If such indication exists, the assets' recoverable |
amount is estimated. Where its value is known this will take into account the value of any collateral held. An |
impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. |
Impairment losses are recognised in the statement of comprehensive income. |
Impairment losses are reversed through the statement of comprehensive income if there is a change in the |
estimates used to determine the recoverable amount |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of |
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the |
asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party |
the company de recognises a financial liability when, and only when, the obligation specified in the contract is |
discharged or cancelled or expires. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
2. | ACCOUNTING POLICIES - continued |
Offsetting of financial assets and liabilities |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is a legally enforceable right to offset the recognised amounts and there is intention to settle on an net basis, |
or to realise the liability simultaneously. |
Cash and cash equivalents |
Cash balances and demand deposits are included as a component of cash and cash equivalents for the purpose |
only of the statement of cash flows. |
Expenses |
Where commission is recognised in the statement of comprehensive income over the life of the relationship. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Trade creditors | 1,249,864 | 798,839 |
APOLLO BUSINESS FINANCE LIMITED (REGISTERED NUMBER: 10292884) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the period Universal Acceptances Limited a company in which the director Mr JDS Cranston has |
controlling interest loaned the company £46,500 at the following rate of interest. 9% above the Barclays Bank |
plc base rate(subject to a minimum 1%) during the year the sum of £4,400 was charged in interest |
During the period Burton Varley Ltd a company in which the directors Mr and Mrs J Burton have controlling |
interest loaned the company £65,000 at the following rate of interest. 9% above the Barclays Bank plc base rate |
(subject to a minimum 1%). during the year the sum of £4664 was charged in interest |
During the period Fryday Consulting Ltd a company in which the director Mr J Day has controlling interest |
loaned the company £7,500 at the following rate of interest. 9% above the Barclays Bank plc base rate (subject |
to a minimum of 1%) during the year the sum of £750 was charged in interest |
8. | POST BALANCE SHEET EVENTS |
On the 3 August 2018 Advance Global Capital Ltd agreed to replace Aldermore Bank Plc in providing the |
working capital for Apollo Business Finance Limited. Advance Global Capital Ltd have a fixed and floating |
charge over all assets of the company they also hold the personal Guarantees of Mr J Burton £125,000 and Mr J |
Day £25,000. |