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

REGISTERED NUMBER: 03474667 (England and Wales)

Excel Laminating Limited

Audited Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J W Thomas

Mrs L D Thomas

Miss R Thomas

A L Thomas

A Thomas

SECRETARY:

Mrs L D Thomas

REGISTERED OFFICE:

Unit 3

Kingston International Business Park

Hedon Road

Hull

HU9 5NX

REGISTERED NUMBER:

03474667 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

703,711

677,324

Investments

5

1

1

703,712

677,325

CURRENT ASSETS

Stocks

1,125,863

949,541

Debtors

6

2,035,838

2,261,800

Cash at bank and in hand

80,112

37,174

3,241,813

3,248,515

CREDITORS

Amounts falling due within one year

7

2,355,372

2,466,742

NET CURRENT ASSETS

886,441

781,773

TOTAL ASSETS LESS CURRENT LIABILITIES

1,590,153

1,459,098

CREDITORS

Amounts falling due after more than one year

8

-

(14,666

)

PROVISIONS FOR LIABILITIES

(105,815

)

(101,342

)

NET ASSETS

1,484,338

1,343,090

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Capital redemption reserve

100

100

Retained earnings

1,474,238

1,332,990

SHAREHOLDERS' FUNDS

1,484,338

1,343,090

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23rd December 2020 and were signed on its behalf by:

J W Thomas - Director

1.	STATUTORY INFORMATION

Excel Laminating 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.

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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Depreciation

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land & Building Improvements

- Over the lease term

Plant & Machinery

- Over 5 to 10 years

Fixtures & Fittings

- Over 4 years

Motor Vehicles

- Over 4 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and operating lease commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable / payable

Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2018 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

1,617,954

Additions

189,498

Disposals

(2,965

)

At 31st December 2019

1,804,487

DEPRECIATION

At 1st January 2019

940,630

Charge for year

163,111

Eliminated on disposal

(2,965

)

At 31st December 2019

1,100,776

NET BOOK VALUE

At 31st December 2019

703,711

At 31st December 2018

677,324

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1st January 2019

and 31st December 2019

1

NET BOOK VALUE

At 31st December 2019

1

At 31st December 2018

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,318,309

1,579,631

Other debtors

554,784

582,009

Tax

50,063

50,062

Prepayments

112,682

50,098

2,035,838

2,261,800

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

14,666

17,600

Trade creditors

1,570,285

1,771,624

Amounts owed to group undertakings

173,148

57,098

Corporation tax

140,813

140,663

Social security and other taxes

20,347

16,659

Other creditors

169,400

212,864

Directors' current accounts

215

215

Accrued expenses

266,498

250,019

2,355,372

2,466,742

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

-

14,666

9.	LEASING AGREEMENTS

The following operating leases commitments were due at the 31st December:

2019

2018

£

£

Within one year

256,601

260,729

Between one and five years

943,461

975,062

In more than five years

112,500

337,500

1,312,562

1,573,291

There were no capital commitments at 31st December 2019 (2018: None).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

14,666

32,266

Other creditors

160,838

212,644

175,504

244,910

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

9,400

Ordinary 'A'

£1

9,400

9,400

600

Ordinary 'B'

£1

600

600

10,000

10,000

The 'A' and 'B' ordinary shares rank pari passu in all respects except that dividends may be declared on one class and not the other and that dividends at differing rates can be declared on the various classes.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Lamb FCA CF (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge in the accounts in respect of pensions represents contributions payable by the company to the fund and amounted to £12,711 (2018 £4,669). At the year end £4,467 (2018 £1,024) was owed to the schemes.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2019 and 31st December 2018:

2019

2018

£

£

A L Thomas

Balance outstanding at start of year

153,822

147,403

Amounts advanced

4,056

6,419

Amounts repaid

(46,600

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

111,278

153,822

The loan is accruing interest at H.M. Revenue & Customs approved rates.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

16.	POST BALANCE SHEET EVENTS

The virus known as Covid-19 has spread worldwide leading to various restrictions on movement and businesses being imposed. The company has put several measures in place to mitigate the risks to staff and the business caused by Covid-19. Production continued throughout the initial lockdown and demand in the industry and the company's products is currently at a good level such that the company will show a strong profitability for the year ended 31st December 2020.

17.	ULTIMATE CONTROLLING PARTY

The company is controlled by J W Thomas and Mrs L D Thomas who between them own a controlling interest in Excel Laminating Holdings Limited, the ultimate parent company.