Excel 2002 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04446128 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2019

for

EXCEL 2002 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

Mr S R Deighton

Secretary:

Mrs L B Deighton

Registered office:

Unit 11

Thurrock Commercial Park

Purfleet Industrial Park

South Ockendon

Essex

RM15 4YA

Registered number:

04446128 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Coopers House

65a Wingletye Lane

Hornchurch

Essex

RM11 3AT

Fixed assets

Tangible assets

4

128,214

137,123

Current assets

Debtors

5

2,248,321

2,541,142

Cash at bank

822,803

607,908

3,071,124

3,149,050

Creditors

Amounts falling due within one year

6

1,954,773

2,514,206

Net current assets

1,116,351

634,844

Total assets less current liabilities

1,244,565

771,967

Creditors

Amounts falling due after more than one year

7

(9,411

)

(15,355

)

Provisions for liabilities

8

(4,297

)

(5,572

)

Net assets

1,230,857

751,040

Capital and reserves

Called up share capital

9

100

100

Revaluation reserve

10

32,248

32,248

Retained earnings

10

1,198,509

718,692

Shareholders' funds

1,230,857

751,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issue by the director on 9 August 2019 and were signed by:

Mr S R Deighton - Director

1.	Statutory information

Excel 2002 Limited is a private company, limited by shares , registered in England and Wales. The 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible,

there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

Turnover represents the value of all goods and services sold during the period, less returns received, at selling

prices exclusive of VAT. Sales are recognised at the point at which the company has fulfilled its contractual

obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to

the customer.

Please note that Turnover will include invoiced sales and AROC movement (WIP movement), this being

normally 2 months outstanding Applications, plus client shortfall and retention less any provision required.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

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.

3.	Employees and directors

The average number of employees during the year was 19 (2018 - 24 ) .

4.	Tangible fixed assets

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 June 2018

110,000

3,000

29,614

4,310

146,924

Additions

-

1,115

-

-

1,115

At 31 May 2019

110,000

4,115

29,614

4,310

148,039

Depreciation

At 1 June 2018

2,200

600

5,923

1,078

9,801

Charge for year

2,200

823

5,923

1,078

10,024

At 31 May 2019

4,400

1,423

11,846

2,156

19,825

Net book value

At 31 May 2019

105,600

2,692

17,768

2,154

128,214

At 31 May 2018

107,800

2,400

23,691

3,232

137,123

5.

Debtors

31.5.19

31.5.18

£

£

Amounts falling due within one year:

Trade debtors

2,069,323

2,371,691

Other debtors

18,000

-

Prepayments

6,471

-

2,093,794

2,371,691

31.5.19

31.5.18

£

£

Amounts falling due after more than one year:

Other debtors

154,527

169,451

Aggregate amounts

2,248,321

2,541,142

6.

Creditors: amounts falling due within one year

31.5.19

31.5.18

£

£

Hire purchase contracts

5,944

5,944

Trade creditors

29,620

29,219

Tax

121,049

114,135

Social security and other taxes

27,543

31,647

VAT

47,320

103,408

Other creditors

4,785

307,907

Accrued expenses

1,718,512

1,921,946

1,954,773

2,514,206

7.

Creditors: amounts falling due after more than one year

31.5.19

31.5.18

£

£

Hire purchase contracts

9,411

15,355

8.	Provisions for liabilities

31.5.19

31.5.18

£

£

Deferred tax

4,297

5,572

Deferred

tax

£

Balance at 1 June 2018

5,572

Provided during year

(1,275

)

Balance at 31 May 2019

4,297

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.19

31.5.18

value:

£

£

100

Ordinary

£1

100

100

10.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 June 2018

718,692

32,248

750,940

Profit for the year

479,817

479,817

At 31 May 2019

1,198,509

32,248

1,230,757

11.	Ultimate controlling party

The controlling party is Mr S R Deighton.