REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019 |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019 |
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FOR |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Crane Court |
302 London Road |
Ipswich |
Suffolk |
IP2 0AJ |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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STATEMENT OF FINANCIAL POSITION |
31 JULY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | 11 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2019 |
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1. | STATUTORY INFORMATION |
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Apollo Capital Projects Development Limited is a
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England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Apollo Capital Projects Development Limited as an |
individual company and do not contain consolidated financial information as the parent of a group. The |
company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policies |
adopted for the recognition of turnover are as follows: |
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Rendering of services |
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Turnover from the rendering of short term services is recognised upon delivery. Turnover from the |
rendering of long term services is recognised by reference to the stage of completion at the statement of |
financial position date. |
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Development contracts |
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When the outcome of a development contract can be estimated reliably, contract costs and turnover are |
recognised by reference to the stage of completion at the statement of financial position date. Stage of |
completion is measured by reference to development programme progress and costs incurred. |
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Where the outcome of a development contract cannot be measured reliably, contract costs are recognised as |
an expense in the period in which they are incurred and contract turnover is recognised to the extent of |
costs incurred that it is probable will be recoverable. |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertaking are recognised at cost less any provisions for impairments. |
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Stocks |
Stocks represent costs recoverable on future potential development projects. These costs are deemed by the |
directors to be speculative in nature as they relate to projects which have not yet reached financial close or |
are otherwise not covered by a third party commitment. The directors regularly monitor the progress of |
these projects and will transfer speculative costs to the Income Statement either at an appropriate stage in |
the project, or when the costs are deemed no longer recoverable. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, bank facilities and |
loans with related parties. |
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Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are |
measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments that are repayable or receivable after one year are initially measured at the present value |
of the future cash flows and subsequently at amortised cost using the effective interest method. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year |
for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised |
in the Income Statement. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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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 CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements are prepared on a going concern basis, which the Directors consider is appropriate |
for the reasons set out below:- |
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The net profit before tax for the year was £270,948. |
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The company begins the new financial year with net assets of £527,158. |
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The company continues to work in its core medical property development and investment markets |
throughout the UK. |
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At the date of preparation of these financial statements, the Coronavirus Pandemic had resulted in |
considerable disruption to people's lives and the economy, as a result of "lockdown" and "social |
distancing". The company has carefully assessed risk at this time to its operations as a result. All staff |
continue to work full time, from home currently, with remote working practices already embedded in |
company operations. The company's risks on Scottish construction projects are very limited, and the risks |
on the Welsh construction projects are anticipated to be primarily related to additional development finance |
interest, linked to extended programmes. Projects in the earlier stages of development may suffer some |
delays, but the current risk profile is considered overall to be relatively low at this time. Scenario tested |
risk analysis indicates a moderate impact on cash flow and profitability, and we forecast that the business |
will continue to remain profitable. The Directors have prepared projected cash flow information. Based on |
this cash flow information the Directors consider that the company will be able to continue in operational |
existence for the foreseeable future. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2018 |
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Additions |
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At 31 July 2019 |
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DEPRECIATION |
At 1 August 2018 |
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Charge for year |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 August 2018 |
and 31 July 2019 |
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DEPRECIATION |
At 1 August 2018 |
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Charge for year |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 August 2018 |
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Disposals | ( |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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6. | STOCKS |
2019 | 2018 |
£ | £ |
Net costs recoverable | 20,028 | 148,788 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts recoverable on contracts |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 28,085 | 33,918 |
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The debt is secured on the relevant asset. |
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11. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | - | 778 |
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Deferred |
tax |
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Balance at 1 August 2018 |
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Credit to Statement of Income and Retained Earnings during year | ( |
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Balance at 31 July 2019 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | OTHER FINANCIAL COMMITMENTS |
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At 31 July 2019 the company had total future minimum lease payments under non-cancellable operating |
leases of £2,545 (2018 - £9,332). |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 July 2019 and |
31 July 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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15. | POST STATEMENT OF FINANCIAL POSITION EVENTS |
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Included in other creditors is an unsecured profit participating loan of £100,000 (2018 - nil). Upon |
reaching financial close on one of the company's development projects after the statement of financial |
position date, an additional amount of £100,000 became due to the creditor. Half of the additional amount |
will become payable twenty days after practical completion of the project, with the second half becoming |
payable within six months of practical completion. |