REGISTERED NUMBER:
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APOLLO APPLIANCES LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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REGISTERED NUMBER:
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APOLLO APPLIANCES LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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APOLLO APPLIANCES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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5 Cherrytree |
Union Road |
Sheffield |
South Yorkshire |
S11 9EF |
APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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BALANCE SHEET |
31 OCTOBER 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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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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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. |
APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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BALANCE SHEET - continued |
31 OCTOBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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 APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Apollo Appliances Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Website costs |
The set up costs of the website were capitalised and amortised over three years. The ongoing support, licence and hosting costs are being treated as revenue expenditure. |
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Tangible fixed assets |
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Short leasehold | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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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 balance sheet date. |
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APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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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 balance sheet 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 November 2019 |
and 31 October 2020 |
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AMORTISATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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5. | TANGIBLE FIXED ASSETS |
Short | Motor | Computer |
leasehold | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2019 |
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Disposals |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 41,043 | 15,166 |
Other creditors |
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Directors' current accounts | 102,814 | 65,065 |
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APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 6,160 | - |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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31.10.20 | 31.10.19 |
£ | £ |
Net obligations repayable: |
Within one year |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.20 | 31.10.19 |
£ | £ |
Bank overdraft |
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The directors have given personal guarantees to cover the overdraft facility up to £50,000. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
value: | £ | £ |
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ORDINARY | 1.00 | 200 | 200 |
APOLLO APPLIANCES LTD (REGISTERED NUMBER: 06644155) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019: |
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31.10.20 | 31.10.19 |
£ | £ |
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Balance outstanding at start of year |
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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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Balance outstanding at start of year |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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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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No interest has been charged on the advance. There were no fixed terms for repayment, but the advance has been repaid in full since the year end. |
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13. | RELATED PARTY DISCLOSURES |
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The company took out a secured loan, that it then loaned on to Mr N Smith, a shareholder and director of the company. The purpose of the loan was to fund the purchase of shares in the company. The banks terms and conditions are reflected in the loan made to Mr Smith, and the debt and matching liability have been netted off in these accounts to give a truer picture of the assets and liabilities of the company at the balance sheet date. |
Interest and payment terms for Mr Smith match those of the bank agreement, hence are at open market commercial rates. |
The security is in the form of a fixed and floating charge over the assets of the company. |
The balance outstanding at 31 October 2020 was £81,919. |