Excel Laminating Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03474667 (England and Wales)

Excel Laminating Limited

Audited Financial Statements for the Year Ended 31st December 2022

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

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

872,750

906,111

Investments

5

1

1

872,751

906,112

CURRENT ASSETS

Stocks

723,916

1,138,401

Debtors

6

3,081,923

2,097,679

Cash at bank and in hand

1,242,948

108,730

5,048,787

3,344,810

CREDITORS

Amounts falling due within one year

7

3,859,554

2,334,406

NET CURRENT ASSETS

1,189,233

1,010,404

TOTAL ASSETS LESS CURRENT LIABILITIES

2,061,984

1,916,516

CREDITORS

Amounts falling due after more than one year

8

(27,708

)

(92,538

)

PROVISIONS FOR LIABILITIES

(166,585

)

(186,768

)

NET ASSETS

1,867,691

1,637,210

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Capital redemption reserve

100

100

Retained earnings

1,857,591

1,627,110

SHAREHOLDERS' FUNDS

1,867,691

1,637,210

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 28th September 2023 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 24 (2021 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2022

2,366,885

Additions

279,197

Disposals

(156,550

)

At 31st December 2022

2,489,532

DEPRECIATION

At 1st January 2022

1,460,774

Charge for year

226,227

Eliminated on disposal

(70,219

)

At 31st December 2022

1,616,782

NET BOOK VALUE

At 31st December 2022

872,750

At 31st December 2021

906,111

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2022

and 31st December 2022

1

NET BOOK VALUE

At 31st December 2022

1

At 31st December 2021

1

The company owns 100% of the ordinary share capital of Humber Panels Limited, a company incorporated in England and Wales, which has not yet traded and has capital and reserves of £1 at 31 December 2022.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,110,721

1,450,752

Other debtors

778,640

465,115

Tax

50,063

50,063

Prepayments

142,499

131,749

3,081,923

2,097,679

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 9)

13,300

33,300

Trade creditors

2,199,166

1,506,035

Amounts owed to group undertakings

987,079

378,144

Corporation tax

282,575

189,382

Social security and other taxes

81,105

75,371

Other creditors

20,958

6,857

Accrued expenses

275,371

145,317

3,859,554

2,334,406

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 9)

27,708

92,538

9.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

353,907

360,174

Between one and five years

586,850

933,955

In more than five years

-

6,762

940,758

1,300,931

There were no capital commitments at 31st December 2022 (2021: None).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

41,008

125,838

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

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 £32,990 (2021 £3,770). At the year end £4,016 (2021 £456) 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 2022 and 31st December 2021:

2022

2021

£

£

A L Thomas

Balance outstanding at start of year

6,650

6,517

Amounts advanced

133

133

Amounts repaid

(10,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,217

)

6,650

Any overdrawn 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

On 13th March 2023 Excel Laminating Holdings Limited (this company's parent company) was acquired by a newly incorporated company Excel Laminating Group Limited. Excel Laminating Group Limited has no one ultimate controlling party.

17.	ULTIMATE CONTROLLING PARTY

At the year end the company was controlled by J W Thomas and Mrs L D Thomas who between them owned a controlling interest in Excel Laminating Holdings Limited (this company's parent company), Note 16 provides further details of post year end changes to the ownership of the parent company. Control remains with the Thomas family.