|
Basis for Qualified opinion |
We have issued qualified opinion on the basis that the company's opening balance of intangible assets was not verified due to the fact that the last year's accounts were not audited. The lack of audit work performed on the opening balance of intangible assets could potentially have a material impact on the financial statements. However, we were unable to obtain sufficient appropriate audit evidence to determine whether any adjustments were necessary to the opening balance of intangible assets to rectify any misstatements. Therefore, our audit opinion is qualified in respect of the possible effects on the financial statements of the lack of verification of the opening balance of intangible assets |
|
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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. |
Other Matters |
The financial statements for the prior year ended 31 March, 2021, were not audited by us or any other auditor. Accordingly, we were unable to obtain sufficient appropriate audit evidence to provide an opinion on those financial statements. |
|
Conclusions relating to going concern |
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
|
Opinions 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the directors’ report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Auditor’s responsibilities for the audit of the accounts |
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 accounts. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
|
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
● |
Enquiry of management and those charged with governance around actual and potential litigations and claims; |
● |
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; |
● |
Reviewing minutes of meetings of those charged with governance; |
● |
Reviewing financial statement disclosure and testing to supporting documents to assess compliance with applicable laws and regulations; |
● |
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bids. |
|
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements of non-compliance with regulations. This risk increases further when that compliance with law and regulations is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
|
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
|
Use of our report |
|
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 them in as Auditor's report 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. |
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|
|
Mr Opinder Singh Sawhney
|
(Senior Statutory Auditor) |
Harrow Business Centre |
for and on behalf of |
429-433 Pinner Road |
Sawhney Consulting
|
North Harrow |
Accountants and Statutory Auditors |
Middlesex |
31 March 2023
|
HA1 4HN |
|
A.P.T. Capital Limited |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2022 |
|
1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard)
|
|
|
Turnover |
|
Futures- In case of intra-day transactions, profit / loss is recognised on the basis of trade. However, at the end of each trading day positions are marked to market, i.e., the positions are valued on the basis of closing price through the statement of profit & loss. |
|
At the time of expiry, the unsquared-off positions are automatically settled and the final settlement value is recognised through the statement of profit & loss. |
|
Options- In case of intra-day transactions, profit / loss is recognised on the basis of premium received / paid on the trade date. At the time of expiry, if the holder / writer exercises the option, then the profit on settled quantity, whether assigned / exercised, is recognised through the statement of profit & loss. |
|
|
Intangible assets - Development Costs |
|
The company capitalises development costs related to the creation or enhancement of software, patents, and other intellectual property when it is probable that the related product or service will generate future economic benefits, and the costs can be reliably measured.
|
|
Recognition and measurement |
|
The company recognises development costs as intangible assets when all of the following criteria are met |
• |
the development costs relate to an identifiable asset that is controlled by the company; |
• |
it is probable that the asset will generate future economic benefits; |
• |
the development costs can be measured reliably. |
|
|
The company adopts policy to amortise the development cost once it starts generating revenue. |
|
|
Tangible fixed assets |
|
|
Debtors
|
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors
|
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected at apply in the periods when the timing differences will reverse. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
|
|
|
Derivative financial instruments for trading purposes |
|
The company uses derivative financial instruments, including options and futures, for trading purposes. These instruments are entered into with the intention of making a profit or for speculative purposes, rather than for the purpose of reducing or hedging the risk associated with underlying assets or liabilities. |
|
|
Going concern |
|
The accounts are prepared on a going concern basis notwithstanding the fact that the company has accumulated losses on the basis it will receive continous support from it's parent company. The parent company will not demand amount owed to them until such time the company is financially able to repay the loan on its own. |
|
|
|
|
|
2 |
Audit information |
|
|
The audit report is qualified. |
|
|
Senior statutory auditor: |
|
Mr Opinder Singh Sawhney |
|
Firm: |
|
Sawhney Consulting |
|
Date of audit report: |
|
|
|
31-Mar-23 |
|
3 |
Operating profit |
2022 |
2021 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
97,596 |
39,390 |
|
Auditors' remuneration for audit services |
8,000 |
- |
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
4 |
Average number of employees during the year |
Number |
Number |
|
|
Administration |
9 |
9 |
|
|
|
|
|
|
|
9 |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
5 |
Intangible fixed assets |
£ |
£ |
|
Software development cost |
|
|
Cost |
|
At 1 April 2021 |
4,972,885 |
3,135,220 |
|
Additions |
1,688,710 |
1,837,665 |
|
At 31 March 2022 |
6,661,595 |
4,972,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Office Equipements & Plant and machinery |
|
|
|
|
|
|
|
|
At cost |
£ |
|
Cost or valuation |
|
At 1 April 2021 |
179,446 |
|
Additions |
362,757 |
|
At 31 March 2022 |
542,203 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
97,596 |
|
At 31 March 2022 |
97,596 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 March 2022 |
444,607 |
|
At 31 March 2021 |
179,446 |
|
|
|
|
|
|
|
|
|
|
7 |
Debtors |
|
|
|
|
|
|
|
2,022 |
2,021 |
£ |
£ |
|
|
Trade debtors |
508,849 |
489,904 |
|
Deferred tax asset |
|
|
|
|
|
623,560 |
723,031 |
|
Derivatives (Options) Inventory |
|
|
|
|
|
1,047,465 |
139,183 |
|
Derivatives (stock) Inventory |
1,026,471 |
(832,560) |
|
Other debtors |
678,365 |
3,081,640 |
|
|
|
|
|
|
|
|
3,884,710 |
3,601,198 |
|
|
|
|
|
|
|
|
|
|
8 |
Investments held as current assets |
2022 |
2021 |
£ |
£ |
|
Crypto Curreny investments |
912,253 |
- |
|
Unlisted investments (Dash & COMEX Seat Purchases) |
|
|
|
|
|
125,550 |
125,550 |
|
|
|
|
|
|
|
1,037,803 |
125,550 |
|
|
|
|
|
|
|
|
|
9 |
Creditors: amounts falling due within one year |
|
|
|
|
|
|
|
2022 |
2021 |
£ |
£ |
|
Trade creditors |
675,716 |
463,219 |
|
Other taxes and social security costs |
34,457 |
34,957 |
|
Accruals and deferred income |
8,000 |
435 |
|
|
|
|
|
|
|
718,173 |
498,611 |
|
|
|
|
|
|
|
|
|
10 |
Creditors: amounts falling due after one year |
|
|
|
|
|
|
|
|
2022 |
2021 |
£ |
£ |
|
Amount owed to parent undertaking |
|
|
|
|
|
10,701,382 |
7,453,356 |
|
|
|
|
|
|
|
10,701,382 |
7,453,356 |
|
|
|
|
|
|
|
|
|
|
|
11 |
Share capital |
Nominal |
|
2022 |
|
2022 |
2021 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
4,000,000 |
|
4,000,000 |
4,000,000 |
|
|
|
|
|
|
|
4,000,000 |
4,000,000 |
|
|
|
|
|
|
|
|
|
|
12 |
Profit and loss account |
2022 |
2021 |
£ |
£ |
|
|
At 1 April |
(2,940,203) |
(2,741,523) |
|
Loss for the financial year |
(100,541) |
(198,680) |
|
|
At 31 March |
(3,040,744) |
(2,940,203) |
|
|
|
|
|
|
|
|
|
|
|
13 |
Ultimate Controlling Party |
|
A.P.T. Portfolio limited is the ultimate parent company. The director of A.P.T. portfolio limited are the ultimate controlling parties. A.P.T. portfolio limited prepares the consolidated financial statement which can be obtained by writing to the registered address of the company. |
|
|
14 |
Comparative Figures |
|
Prior year figures are reallocated and regrouped to make the comparative with the current year figures. |
|
15 |
Prior Year Financial Statements |
|
The prior year financial statements were not audited. As a result, the comparability of the financial statements with prior periods may be affected. |
|
16 |
Presentation currency |
|
|
The financial statements are presented in Sterling.
|
|
17 |
Legal form of entity and country of incorporation |
|
|
A.P.T. Capital Limited is a private company limited by shares and incorporated in England. |
|
|
18 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
|
Airivo Richmond Suite 207 |
|
Oriel House, 26 The Quadrant, Richmond |
|
TW9 1DL |