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

REGISTERED NUMBER: 07172489 (England and Wales)

Financial Statements for the Year Ended 31 May 2023

for

Excel Surfacing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G Hunt

Mr A T McManus

Mr S O'Keefe

Mr M J Thornton

REGISTERED OFFICE:

Lusteen House 24 Roysdale Way

Euroway Industrial Estate

Bradford

West Yorkshire

BD4 6SE

REGISTERED NUMBER:

07172489 (England and Wales)

AUDITORS:

Sutton McGrath Hartley

5 Westbrook Court

Sharrowvale Road

Sheffield

South Yorkshire

S11 8YZ

FIXED ASSETS

Tangible assets

4

139,449

174,333

CURRENT ASSETS

Debtors

5

649,705

1,311,158

Cash at bank

1,929,118

1,126,065

2,578,823

2,437,223

CREDITORS

Amounts falling due within one year

6

996,243

902,619

NET CURRENT ASSETS

1,582,580

1,534,604

TOTAL ASSETS LESS CURRENT LIABILITIES

1,722,029

1,708,937

PROVISIONS FOR LIABILITIES

34,862

37,825

NET ASSETS

1,687,167

1,671,112

CAPITAL AND RESERVES

Called up share capital

7

202

202

Retained earnings

1,686,965

1,670,910

SHAREHOLDERS' FUNDS

1,687,167

1,671,112

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 8 November 2023 and were signed on its behalf by:

Mr A T McManus - Director

1.	STATUTORY INFORMATION

Excel Surfacing 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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

The directors consider there are no key estimates or judgements that have a material effect on these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

30% on reducing balance and 20% on reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12

‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to

the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the

dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in

foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising

on translation in the period are included in profit or loss.

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.

Going concern

The directors have considered the impact of the energy crisis, cost of living crisis and other current economic issues on the company's trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the directors are confident that they have in place plans to deal with any financial losses that may arise. In addition, the directors consider the strong cash reserves of the group further support the going concern assumption. The directors there continue to adopt the going concern basis of preparation for these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

and 31 May 2023

284,729

DEPRECIATION

At 1 June 2022

110,396

Charge for year

34,884

At 31 May 2023

145,280

NET BOOK VALUE

At 31 May 2023

139,449

At 31 May 2022

174,333

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

390,114

1,039,144

Other debtors

246,872

221,513

636,986

1,260,657

Amounts falling due after more than one year:

Trade debtors

12,719

50,501

Aggregate amounts

649,705

1,311,158

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

379,892

432,967

Amounts owed to group undertakings

591,724

444,805

Other creditors

24,627

24,847

996,243

902,619

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary A

1

100

100

2

Ordinary B

1

2

2

100

Ordinary C

1

100

100

202

202

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

The Report of the Auditors was unqualified.

Jonathon Dickens ACA (Senior Statutory Auditor)

for and on behalf of Sutton McGrath Hartley

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023

2022

£

£

Mr M J Thornton

Balance outstanding at start of year

90,000

78,674

Amounts advanced

180,000

90,000

Amounts repaid

(180,000

)

(78,674

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,000

90,000

Mr S O'Keefe

Balance outstanding at start of year

90,000

78,674

Amounts advanced

180,000

90,000

Amounts repaid

(180,000

)

(78,674

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,000

90,000

10.	RELATED PARTY DISCLOSURES

Moortown Plant Limited is a company under common control. At the year end, Moortown Plant Limited was owed £22,488 (2022 : £24,297) from Excel Surfacing Limited.

Moortown Group Limited is a company under common control. At the year end, Moortown Group Limited was owed £69,236 (2022 : £420,508) from Excel Surfacing Limited.

McManus Group Holdings Limited is a company under common control. At the year end, McManus Group Holdings Limited was owed £500,000 (2022 : £NIL) from Excel Surfacing Limited.

During 2023, the company provided management services charged at £100,000 (2022 : £100,000) to McManus Group Holdings Limited.

11.	ULTIMATE CONTROLLING PARTY

On 31 January 2022, the immediate controlling parent company change from Moortown Group Limited to

McManus Group Holdings Limited.

The ultimate controlling company is McManus Group Holdings Limited and the ultimate controlling party is Mr

A T McManus by virtue of his majority shareholding of that company.

McManus Group Holdings Limited prepare group accounts which can be obtained from Companies House,

Crown Way, Cardiff, CF14 3UZ.