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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 |
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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 2020 |
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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 2020 |
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DIRECTORS: |
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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 2020 |
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2020 | 2019 |
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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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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 2020 |
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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
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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 2020 |
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1. | STATUTORY INFORMATION |
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Apollo Capital Projects Development Limited is a
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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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Going Concern |
The company continued to trade profitably during the year and at the statement of financial position date had net assets of £665,289. On 18 February 2021 the company was acquired by the group headed by Assura plc and this acquisition will further enhance the company's ability to progress its pipeline of development activities. The company continues therefore to adopt the going concern basis in preparing its 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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Significant judgements and estimates |
Included within amounts recoverable on contracts (see note 7) is £150,000 which is considered a significant estimate. This estimate is in relation to the amount of unbilled work carried out by the company as at the statement of financial position date in respect of a contract which reached financial close after 31 July 2020. The estimate was calculated by the directors taking into account the number of work elements completed at the statement of financial position date and applying this data on a percentage basis to the known contract value. |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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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Government grants |
Grants are accounted for using the accrual model. |
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Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable. |
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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. |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company enters into both basic and other financial instrument transactions. |
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Basic financial instruments are 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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Other financial instruments are recognised at fair value by comparing the amount the liability could be settled for between knowledgeable willing parties in an arm's length transaction with any gains or losses being reported in the Income Statement. An assessment of fair value is conducted at each reporting date. |
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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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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. |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2019 |
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Additions |
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Disposals |
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At 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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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 2020 |
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4. | TANGIBLE FIXED ASSETS - continued |
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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 2019 |
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Disposals | ( |
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At 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 August 2019 |
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Additions |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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6. | STOCKS |
2020 | 2019 |
£ | £ |
Net costs recoverable | 3,127 | 20,028 |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on contracts |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | - | 28,085 |
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The debt is secured on the relevant asset. |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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10. | FINANCIAL INSTRUMENTS |
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Included within other creditors is £100,000 relating to an other financial instrument. The creditor is in relation to the interest charged on a £100,000 loan made to the company. The terms of the loan agreement stated that the funds provided could only be used in connection with two specific speculative projects. If either of these projects reached financial close then interest, comprising a fixed £100,000 lump sum would become payable. If neither scheme reached financial close the original £100,000 loan would not be required to be repaid and no interest would become due. |
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Both schemes reached financial close during the year and hence the £100,000 loan capital was repaid to the lender in accordance with the loan agreement. The interest lump sum became due for payment following either project reaching practical completion. Since neither project reached practical completion during the year, the interest lump sum is included as a liability measured at fair value. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Allotted, called up and fully |
paid | £0.01 | 101 | 101 |
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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 2020 the company had total future minimum lease payments under non-cancellable operating leases of £10,313 (2019 - £2,545). |
APOLLO CAPITAL PROJECTS DEVELOPMENT |
LIMITED (REGISTERED NUMBER: 04246800) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2020 |
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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 2020 and 31 July 2019: |
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2020 | 2019 |
£ | £ |
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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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On 18 February 2021 the company's entire share capital was acquired by Assura Investments Limited, a subsidiary of the group headed by Assura plc. |