Excel 2002 Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04446128 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

EXCEL 2002 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr S R Deighton

Mr M J Brampton

Mr P E Brampton

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

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Fixed assets

Tangible assets

4

20,709

131,387

Current assets

Debtors

5

2,502,668

3,589,424

Cash at bank

1,474,415

903,304

3,977,083

4,492,728

Creditors

Amounts falling due within one year

6

1,840,054

2,564,374

Net current assets

2,137,029

1,928,354

Total assets less current liabilities

2,157,738

2,059,741

Creditors

Amounts falling due after more than one year

7

(194,950

)

(249,851

)

Provisions for liabilities

8

(3,935

)

(5,736

)

Net assets

1,958,853

1,804,154

Capital and reserves

Called up share capital

9

100

100

Revaluation reserve

10

-

32,248

Retained earnings

10

1,958,753

1,771,806

Shareholders' funds

1,958,853

1,804,154

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 January 2023 and were signed on its behalf 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.

Significant judgements and estimates

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

-

3% 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 17 (2021 - 25 ) .

4.	Tangible fixed assets

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 June 2021

110,000

4,115

28,869

15,835

158,819

Disposals

(110,000

)

-

-

-

(110,000

)

At 31 May 2022

-

4,115

28,869

15,835

48,819

Depreciation

At 1 June 2021

8,800

3,069

5,774

9,789

27,432

Charge for year

1,320

823

5,774

2,881

10,798

Eliminated on disposal

(10,120

)

-

-

-

(10,120

)

At 31 May 2022

-

3,892

11,548

12,670

28,110

Net book value

At 31 May 2022

-

223

17,321

3,165

20,709

At 31 May 2021

101,200

1,046

23,095

6,046

131,387

5.

Debtors

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

2,341,901

3,398,335

Other debtors

18,000

18,000

VAT

44,336

56,573

Prepayments

11,024

13,931

2,415,261

3,486,839

2022

2021

£

£

Amounts falling due after more than one year:

Other debtors

87,407

102,585

Aggregate amounts

2,502,668

3,589,424

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

-

50,000

Other loans

49,791

-

Hire purchase contracts

5,111

5,111

Trade creditors

722,012

1,272,149

Tax

45,447

86,285

Social security and other taxes

62,762

73,882

Other creditors

(9,944

)

11,127

Accrued expenses

964,875

1,065,820

1,840,054

2,564,374

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Other loans - 1-2 years

113,292

59,375

Other loans - 2-5 years

74,418

178,125

Hire purchase contracts

7,240

12,351

194,950

249,851

8.	Provisions for liabilities

2022

2021

£

£

Deferred tax

3,935

5,736

Deferred

tax

£

Balance at 1 June 2021

5,736

Provided during year

(1,801

)

Balance at 31 May 2022

3,935

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

33

Ordinary A

£1

33

33

33

Ordinary B

£1

33

33

33

Ordinary C

£1

33

33

100

100

10.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 June 2021

1,771,806

32,248

1,804,054

Profit for the year

160,699

160,699

Dividends

(6,000

)

(6,000

)

Revaluations

32,248

(32,248

)

-

At 31 May 2022

1,958,753

-

1,958,753