Excel Process Systems Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03719357 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

Excel Process Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

G A Field

M P Moylan

SECRETARY:

C J Kerry

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

03719357 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Tangible assets

2

189,916

169,302

CURRENT ASSETS

Stocks

16,465

19,642

Debtors

946,064

747,076

Cash at bank and in hand

778,964

310,662

1,741,493

1,077,380

CREDITORS

Amounts falling due within one year

3

747,240

413,838

NET CURRENT ASSETS

994,253

663,542

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,184,169

832,844

CREDITORS

Amounts falling due after more than one
year

3

(24,855

)

(27,071

)

PROVISIONS FOR LIABILITIES

(26,125

)

(22,835

)

NET ASSETS

1,133,189

782,938

CAPITAL AND RESERVES

Called up share capital

4

80

Profit and loss account

1,133,109

782,858

SHAREHOLDERS' FUNDS

1,133,189

782,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 August 2016 and were signed on its
behalf by:

G A Field - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, 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.

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid 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 the profit and loss account in the period to which they

relate.

Amounts recoverable on contracts

Turnover and related costs on each contract are recorded in the profit and loss account as the contract

activity progresses. Turnover is calculated on the basis of the value of work done.

Amounts recoverable on contracts represents the amount that is receivable from services provided,

but not applied for, at the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

365,463

Additions

68,163

Disposals

(26,129

)

At 31 March 2016

407,497

DEPRECIATION

At 1 April 2015

196,161

Charge for year

36,653

Eliminated on disposal

(15,233

)

At 31 March 2016

217,581

NET BOOK VALUE

At 31 March 2016

189,916

At 31 March 2015

169,302

3.

CREDITORS

Creditors include an amount of £ 48,684 (2015 - £ 60,930 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

80

Ordinary

£1

80

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end G A Field, a director, was owed £4,275 by the company (2015 : £9,861 owed to the
company). The maximum balance outstanding during the year due from G A Field to the company was
£38,764. Interest is charged on directors loan account balances due to the company at the HM
Revenue and Customs rate of 3.00% (2015: 3.25%). The amount owed by the company at the year
end is included within creditors (2015: included within debtors).

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Excel Process Systems Limited for the year ended 31 March 2016 which comprise

the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Excel Process Systems Limited, as a body, in accordance with the terms of our engagement letter dated 19 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Excel Process Systems Limited and state those matters that we have agreed to state to the Board of Directors of Excel Process Systems Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Excel Process Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Excel Process Systems Limited. You consider that Excel Process Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Excel Process Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

2 August 2016