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

REGISTERED NUMBER: 02721926 (England and Wales)

EXCEL LABELS LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2020 TO 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr A.R. Keatinge

REGISTERED OFFICE:

25 Manorside Industrial Estate

North Moons Moat

Redditch

Worcestershire

B98 9HF

REGISTERED NUMBER:

02721926 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

Barclays Bank Plc

15 Colmore Row

Birmingham

West Midlands

B3 2BH

FIXED ASSETS

Tangible assets

4

1,200,760

1,217,456

CURRENT ASSETS

Stocks

80,415

79,765

Debtors

5

576,116

672,573

Cash at bank and in hand

194,598

163,931

851,129

916,269

CREDITORS

Amounts falling due within one year

6

549,049

626,948

NET CURRENT ASSETS

302,080

289,321

TOTAL ASSETS LESS CURRENT LIABILITIES

1,502,840

1,506,777

CREDITORS

Amounts falling due after more than one year

7

(254,012

)

(261,238

)

PROVISIONS FOR LIABILITIES

(169,339

)

(172,209

)

NET ASSETS

1,079,489

1,073,330

CAPITAL AND RESERVES

Called up share capital

200

200

Capital redemption reserve

800

800

Retained earnings

1,078,489

1,072,330

SHAREHOLDERS' FUNDS

1,079,489

1,073,330

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 director and authorised for issue on 13 December 2021 and were signed by:

Mr A.R. Keatinge - Director

1.	STATUTORY INFORMATION

Excel Labels 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.

Turnover

Turnover represents net sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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.

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 statement of financial position date.

Deferred tax

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 period was 16 (2020 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2020

and 31 December 2020

1,962,339

132,919

397,139

22,830

2,515,227

DEPRECIATION

At 1 December 2020

970,249

86,514

219,354

21,654

1,297,771

Charge for period

12,183

738

3,704

71

16,696

At 31 December 2020

982,432

87,252

223,058

21,725

1,314,467

NET BOOK VALUE

At 31 December 2020

979,907

45,667

174,081

1,105

1,200,760

At 30 November 2020

992,090

46,405

177,785

1,176

1,217,456

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 December 2020

and 31 December 2020

686,417

296,547

982,964

DEPRECIATION

At 1 December 2020

177,984

148,616

326,600

Charge for period

5,721

3,684

9,405

At 31 December 2020

183,705

152,300

336,005

NET BOOK VALUE

At 31 December 2020

502,712

144,247

646,959

At 30 November 2020

508,433

147,931

656,364

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2020

£

£

Trade debtors

464,235

554,111

Other debtors

111,881

118,462

576,116

672,573

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2020

£

£

Bank loans and overdrafts

100,000

100,000

Hire purchase contracts

149,118

156,835

Trade creditors

118,107

210,278

Taxation and social security

178,202

156,414

Other creditors

3,622

3,421

549,049

626,948

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2020

£

£

Hire purchase contracts

254,012

261,238

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2020

£

£

Hire purchase contracts

403,130

418,073

Fixed and floating charges over the undertaking on all assets present and future. Hire purchases are secured on the assets acquired.

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

The Report of the Auditors was unqualified.

Mr. N.H. Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

10.	ULTIMATE CONTROLLING PARTY

Control over the company is exercised by Mr. A.R. Keatinge by virtue of him holding a majority of the issued share capital of the company.