Exceed Outsourcing Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08566829 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements

for the Period 1 July 2017 to 31 December 2018

for

Exceed Outsourcing Limited

Previously known as

FPS CIS Umbrella Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

B Mellor

M Parsons

REGISTERED OFFICE:

1st Floor

69 - 70 Long Lane

London

EC1A 9EJ

REGISTERED NUMBER:

08566829 (England and Wales)

AUDITOR:

SENIOR STATUTORY AUDITOR

Raymond Davidson

INDEPENDENT AUDITOR

Sedulo Audit Limited

Regency Court, 62-66 Deansgate

Manchester

M3 2EN

The directors present their strategic report of the company and the group for the period 1 July 2017 to

31 December 2018.

REVIEW OF BUSINESS

During the period ended 31st December 2018, business volumes increased at such a rapid rate, we were

announced as one of 1000 Companies to Inspire Britain by the London Stock Exchange.

The growth in turnover for the company was 6% for the period. During the reporting period Exceed

Outsourcing purchased 100% ownership Exceed Umbrella which established the Exceed Outsourcing Group

in December 2018. Exceed Umbrella has turnover growth of 205% in its financial period. It is expected that

2019 will continue to deliver growth for the Exceed Outsourcing Group.

The push for compliant, simple payroll solutions became greater throughout the period. The impact of the

public sector off-payroll legislation continued throughout 2017 and 2018. End clients were undertaking

blanket assessments, causing significant pressure being placed on contractors to operate through PAYE

umbrella solutions rather than via their own limited company. As a direct result of this, there has been a

significant increase in reliance on industry associations being utilised by recruitment agencies to verify

compliance. We noted that there is significant value in joining an industry association that verifies

compliance and during 2019 successfully undertook the compliance audit of Professional Passport.

Throughout this period of change, we have been careful to control operational costs whilst undertaking

significant investment in driving sales efforts. This has shown positive results and continues to do so in

2019. We identified one of the biggest limiting factors to our growth has been the public perception of the

Isle of Man, where our administrators, Freelance Professional Services Group (FPS Group) are based. In

2019, we brought all administrative functions in house. By doing so, it enabled us to launch additional

services both to our existing customers and in related market sectors, under the Exceed Outsourcing brand.

The decision to cut Exceed Outsourcing's ties with FPS Group post year end has offered the group the

opportunity to restructure its financial model and internal procedures. This restructuring started with the

purchase of Exceed Umbrella Limited. Further cash investment to increase sales and optimise operational

procedures is expected over the next 3 years. We aim to provide full business process outsourcing, (BPO),

services to UK businesses, including payroll, HR, sales, marketing, administration and compliance. Exceed

Outsourcing Group is in a very strong position to capitalise on the push towards BPO, especially within the

small to medium enterprise, (SME), marketplace, due to our wealth of experience and knowledge in this

area.

ON BEHALF OF THE BOARD:

M Parsons - Director

30 September 2019

The directors present their report with the financial statements of the company and the group for the period

1 July 2017 to 31 December 2018.

CHANGE OF NAME

The group passed a special resolution on 5 December 2018 changing its name from FPS CIS Umbrella

Limited to Exceed Outsourcing Limited.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of Consultancy

DIVIDENDS

No dividends will be distributed for the period ended 31 December 2018.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

DIRECTORS

The directors who have held office during the period from 1 July 2017 to the date of this report are as

follows:

M Huddleston - resigned 2 October 2017

Mrs L Wall - resigned 2 October 2017

M Parsons - appointed 2 October 2017; resigned 11 February 2019

M Parsons - appointed 1 April 2019

B Mellor - appointed 2 October 2017; resigned 11 February 2019

B Mellor - appointed 1 April 2019

D Austin - appointed 11 February 2019; Resigned 1 April 2019

DISABLED EMPLOYEES

The group gives full consideration to applicants for employment from disabled persons where the candidate's

particular aptitudes and abilities consistent with adequately meeting the requirements of the job.

Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it the group's policy to provide continuing employment

wherever practicable in the same or alternative position and to provide appropriate training to achieve this

aim. The group adheres to the Equal Opportunities Act and make reasonable adjustments in the workplace

following any access to work assessment.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the

financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied

that they give a true and fair view of the state of affairs of the company and the group and of the profit or

loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain

the company's and the group's transactions and disclose with reasonable accuracy at any time the financial

position of the company and the group and enable them to ensure that the financial statements comply with

the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group

and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps

that he ought to have taken as a director in order to make himself aware of any relevant audit information

and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

M Parsons - Director

30 September 2019

Opinion

We have audited the financial statements of Exceed Outsourcing Limited (the 'parent company') and its

subsidiaries (the 'group') for the period ended 31 December 2018 which comprise the Consolidated Income

Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance

Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity,

Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the

Financial Statements, including a summary of significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the

UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2018 and of the group's loss for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors'

responsibilities for the audit of the financial statements section of our report. We are independent of the

group 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us

to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in

the Group Strategic Report and the Report of the Directors, but does not include the financial statements and

our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment

obtained in the course of the audit, we have not identified material misstatements in the Group Strategic

Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent

company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless the directors either intend to liquidate the group or

the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms

part of our Report of the Auditors.

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 to them in a Report of the Auditors 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.

Raymond Davidson (Senior Statutory Auditor)

for and on behalf of Sedulo Audit Limited

Statutory Auditors

Regency Court

62 - 66 Deansgate

Manchester

M3 2EN

30 September 2019

TURNOVER

4,600,364

Administrative expenses

4,623,304

(22,940

)

Interest receivable and similar income

8,669

LOSS BEFORE TAXATION

4

(14,271

)

Tax on loss

6

-

LOSS FOR THE FINANCIAL PERIOD

(14,271

)

Loss attributable to:

Owners of the parent

(14,271

)

LOSS FOR THE PERIOD

(14,271

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

(14,271

)

Total comprehensive income attributable to:

Owners of the parent

(14,271

)

FIXED ASSETS

Tangible assets

9

3,359

Investments

10

-

3,359

CURRENT ASSETS

Debtors

11

54,467

Cash at bank

1,824,203

1,878,670

CREDITORS

Amounts falling due within one year

12

1,896,299

NET CURRENT LIABILITIES

(17,629

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,270

)

CAPITAL AND RESERVES

Called up share capital

13

1

Retained earnings

14

(14,271

)

SHAREHOLDERS' FUNDS

(14,270

)

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on

its behalf by:

M Parsons - Director

FIXED ASSETS

Tangible assets

9

3,359

Investments

10

1

3,360

CURRENT ASSETS

Debtors

11

5,421

Cash at bank

59,743

65,164

CREDITORS

Amounts falling due within one year

12

77,294

NET CURRENT LIABILITIES

(12,130

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,770

)

CAPITAL AND RESERVES

Called up share capital

13

1

Retained earnings

14

(8,771

)

SHAREHOLDERS' FUNDS

(8,770

)

Company's loss for the financial year

(8,771

)

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf by:

M Parsons - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

1

-

1

Total comprehensive loss

-

(14,271

)

(14,271

)

Balance at 31 December 2018

1

(14,271

)

(14,270

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

1

-

1

Total comprehensive loss

-

(8,771

)

(8,771

)

Balance at 31 December 2018

1

(8,771

)

(8,770

)

Cash flows from operating activities

Cash generated from operations

1

1,818,893

Net cash from operating activities

1,818,893

Cash flows from investing activities

Purchase of tangible fixed assets

(3,359

)

Interest received

8,669

Net cash from investing activities

5,310

Increase in cash and cash equivalents

1,824,203

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

1,824,203

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£

Loss before taxation

(14,271

)

Finance income

(8,669

)

(22,940

)

Increase in trade and other debtors

(54,466

)

Increase in trade and other creditors

1,896,299

Cash generated from operations

1,818,893

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in

respect of these Balance Sheet amounts:

Period ended 31 December 2018

31.12.18

1.7.17

£

£

Cash and cash equivalents

1,824,203

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.17

Cash flow

At 31.12.18

£

£

£

Net cash

Cash at bank

-

1,824,203

1,824,203

-

1,824,203

1,824,203

Total

-

1,824,203

1,824,203

1.	STATUTORY INFORMATION

Exceed Outsourcing Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

08566829

Registered office:

1st Floor

69 - 70 Long Lane

London

EC1A 9EJ

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" and the Companies

Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

The group has net liabilities. The accounts have been prepared on a going concern basis, on the

understanding that there will be financial support from the shareholders of the group for at least 12

months from the date of signing this report.

The directors have at the time of approving the financial statements, a reasonable expectation that the

company will have sufficient resources to continue in operational existence for the foreseeable future,

and they continue to adopt the going concern basis of accounting in preparing the financial statements

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its

subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or

sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments

are made to the financial statements of subsidiaries to bring the accounting policies used into line with

those used by the Group. All intra-group transactions, balances, income and expenses are eliminated

on consolidation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated

residual value of each asset over its estimated useful life.

Fixtures and Fittings 33%

Financial instruments

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section

12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an intention to

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in

profit or loss, except that investments in equity instruments that are not publically traded and whose

fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators

of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events

that occurred after the initial recognition of the financial asset, the estimated future cash flows have

been affected. If an asset is impaired, the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective

interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been

recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the group transfers the financial asset and substantially all the risks and

rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its

entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present

value of the future receipts discounted at a market rate of interest. Financial liabilities classified as

payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic

financial instruments. Derivatives are initially recognised at fair value on the date a derivative

contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value

of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless

hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently

measured at fair value through profit or loss. Debt instruments may be designated as being measured

at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments

are measured and their performance evaluated on a fair value basis in accordance with a documented

risk management or investment strategy.

Determination of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are

discharged or cancelled.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated

Income Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 period end and that are

expected to apply to the reversal of the timing difference.

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.

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

3,999,872

Social security costs

417,132

Other pension costs

24,423

4,441,427

The average number of employees for the parent company for the full period was 86.

Following the acquisition of Exceed Umbrella Limited on 5th December 2018, the average number of

employees from this date to the period end was 1,020

£

Directors' remuneration

-

4.	LOSS BEFORE TAXATION

The loss is stated after charging:

£

Other operating leases

1,246

5.	AUDITORS' REMUNERATION

£

Fees payable to the company's auditors for the audit of the company's financial statements

10,500

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period.

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent

company is not presented as part of these financial statements.

8.	BUSINESS COMBINATIONS

On 4 December 2018, Exceed Outsourcing Limited acquired 100% of the ordinary share capital of

Exceed Umbrella Limited for total consideration of £1, paid in cash.

Exceed Umbrella Limited provides similar services to those provided by Exceed Outsourcing with the

exception that Exceed Outsourcing Limited specialises in CIS contractors in the established

contractor payroll solutions market.

The following amounts of assets, liabilities and contingent liabilities were recognised at the

acquisition date:

£

Cash at bank

1,492,056

Trade and Other Debtors

87,497

Trade and Other payables

(1,579,552

)

Total Net Assets

1

9.	TANGIBLE FIXED ASSETS

Group

Fixtures

and

fittings

£

COST

Additions

3,359

At 31 December 2018

3,359

NET BOOK VALUE

At 31 December 2018

3,359

Company

Fixtures

and

fittings

£

COST

Additions

3,359

At 31 December 2018

3,359

NET BOOK VALUE

At 31 December 2018

3,359

10.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

Additions

1

At 31 December 2018

1

NET BOOK VALUE

At 31 December 2018

1

The group or the company's investments at the Balance Sheet date in the share capital of companies

include the following:

Subsidiary

Exceed Umbrella Limited

Registered office: Office 2, 2nd Floor Parsonage Chambers, 3 Parsonage, Manchester, England, M3

2HW

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00