Excel Interior Lining Systems Limited Filleted accounts for Companies House (small and micro)

Excel Interior Lining Systems Limited Filleted accounts for Companies House (small and micro)

EXCEL INTERIOR LINING SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06237035
Excel Interior Lining Systems Limited
Filleted Unaudited Financial Statements
31 May 2019
Excel Interior Lining Systems Limited
Statement of Financial Position
31 May 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
4,754
4,282
Current assets
Stocks
500
650
Debtors
6
59,060
18,702
Investments
7
10,000
–
Cash at bank and in hand
13,024
32,480
------------
------------
82,584
51,832
Creditors: amounts falling due within one year
8
( 28,364)
( 19,516)
------------
------------
Net current assets
54,220
32,316
------------
------------
Total assets less current liabilities
58,974
36,598
------------
------------
Net assets
58,974
36,598
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
58,972
36,596
------------
------------
Shareholders funds
58,974
36,598
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Excel Interior Lining Systems Limited
Statement of Financial Position (continued)
31 May 2019
These financial statements were approved by the board of directors and authorised for issue on 28 February 2020 , and are signed on behalf of the board by:
Mr N Whitelock
Director
Company registration number: 06237035
Excel Interior Lining Systems Limited
Notes to the Financial Statements
Year ended 31 May 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15h, Leconfield Industrial Estate, Cleator Moor, Cumbria, CA25 5QB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2018
8,389
4,940
1,729
15,058
Additions
–
2,300
167
2,467
Disposals
–
( 1,440)
–
( 1,440)
------------
------------
------------
------------
At 31 May 2019
8,389
5,800
1,896
16,085
------------
------------
------------
------------
Depreciation
At 1 June 2018
7,335
1,858
1,583
10,776
Charge for the year
211
1,225
78
1,514
Disposals
–
( 959)
–
( 959)
------------
------------
------------
------------
At 31 May 2019
7,546
2,124
1,661
11,331
------------
------------
------------
------------
Carrying amount
At 31 May 2019
843
3,676
235
4,754
------------
------------
------------
------------
At 31 May 2018
1,054
3,082
146
4,282
------------
------------
------------
------------
6. Debtors
2019
2018
£
£
Trade debtors
45,479
10,726
Other debtors
13,581
7,976
------------
------------
59,060
18,702
------------
------------
7. Investments
2019
2018
£
£
Other investments - short term deposits
10,000
–
------------
------------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
3,841
1,158
Corporation tax
9,989
9,217
Social security and other taxes
11,429
5,195
Loan
–
1,000
Other creditors
3,105
2,946
------------
------------
28,364
19,516
------------
------------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr N Whitelock
( 512)
3,622
3,110
Mr S Butterfield
( 11)
122
111
------------
------------
------------
( 523)
3,744
3,221
------------
------------
------------
2018
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr N Whitelock
( 2,733)
2,221
( 512)
Mr S Butterfield
( 2,732)
2,721
( 11)
------------
------------
------------
( 5,465)
4,942
( 523)
------------
------------
------------