Exceed (UK) Limited - Limited company accounts 16.3

REGISTERED NUMBER: 04473979 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST JULY 2015 TO 31ST DECEMBER 2016

FOR

EXCEED (UK) LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

6

DIRECTORS:

A F Phillips

G P Visagie

S M Sutherland

SECRETARY:

Exceed Cosec Services Limited

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

04473979 (England and Wales)

ACCOUNTANTS:

Exceed CA Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the period 1st July 2015 to 31st December 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the provision of accounting, taxation,

company secretarial and payroll services to individuals and the small medium enterprise (SME's) market.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st July 2015 to the date of this report.

A F Phillips

G P Visagie

S M Sutherland

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

A F Phillips - Director

31st March 2017

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

financial statements of Exceed (UK) Limited for the period ended 31st December 2016 which comprise the Income

Statement, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Exceed (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Exceed (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Exceed (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exceed (UK) Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Exceed (UK) 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 loss of Exceed (UK) Limited. You consider that Exceed (UK) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Exceed (UK) 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.

Exceed CA Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

31st March 2017

REVENUE

1,268,122

866,483

Cost of sales

781,811

510,724

GROSS PROFIT

486,311

355,759

Distribution costs

1,153

228

Administrative expenses

412,940

258,055

414,093

258,283

OPERATING PROFIT

72,218

97,476

Interest receivable and similar income

4,452

252

76,670

97,728

Amounts written off investments

274,000

-

(LOSS)/PROFIT BEFORE TAXATION

(197,330

)

97,728

Tax on (loss)/profit

4

15,075

19,822

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(212,405

)

77,906

CURRENT ASSETS

Debtors

6

291,010

281,754

Cash at bank and in hand

126,641

163,076

417,651

444,830

CREDITORS

Amounts falling due within one year

7

416,554

231,328

NET CURRENT ASSETS

1,097

213,502

TOTAL ASSETS LESS CURRENT LIABILITIES

1,097

213,502

CAPITAL AND RESERVES

Called up share capital

8

60

60

Retained earnings

9

1,037

213,442

SHAREHOLDERS' FUNDS

1,097

213,502

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 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 financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31st March 2017 and were signed on its behalf by:

A F Phillips - Director

G P Visagie - Director

1.	STATUTORY INFORMATION

Exceed (UK) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due. Where a contract has only been partially

completed at the balance sheet date turnover represents the value of the service provided to date based on a

proportion of the total expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as

Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Fixed asset investments must initially be measured at cost. Revaluation losses caused by changes in the market

prices shall be recognised in the statement of total recognised gains and losses. Other revaluation losses shall be

recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 .

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the period was as follows:

Period

1/7/15

to

Year Ended

31/12/16

30/6/15

£

£

Current tax:

UK corporation tax

15,075

19,822

Tax on (loss)/profit

15,075

19,822

UK corporation tax has been charged at 20% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

Period

1/7/15

to

Year Ended

31/12/16

30/6/15

£

£

(Loss)/profit before tax

(197,330

)

97,728

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 20% (2015 - 20%)

(39,466

)

19,546

Effects of:

Expenses not deductible for tax purposes

54,664

383

Capital allowances in excess of depreciation

(123

)

(107

)

Total tax charge

15,075

19,822

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st July 2015

and 31st December 2016

25,784

31,538

57,322

DEPRECIATION

At 1st July 2015

and 31st December 2016

25,784

31,538

57,322

NET BOOK VALUE

At 31st December 2016

-

-

-

At 30th June 2015

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

223,549

187,819

Other debtors

49,206

60,186

Prepayments

18,255

33,749

291,010

281,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

58,078

60,048

Tax

15,075

19,822

Social security and other taxes

5,402

9,149

Other creditors

22,312

695

Directors' current accounts

290,430

123,981

Accruals and deferred income

25,257

17,633

416,554

231,328

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

60

Ordinary £1 Shares

£1

60

60

9.

RESERVES

Retained

earnings

£

At 1st July 2015

213,442

Deficit for the period

(212,405

)

At 31st December 2016

1,037

10.	RELATED PARTY DISCLOSURES

Under other creditors falling due after more than one year is an amount due to Mr AF Phillips, a director, of

£159,927 (2015 - £60,069), an amount due to Mr G Visagie, a director, of £130,503 (2015 - £63,911) and an

amount due to Mr T Winckler, a shareholder, of £20,068. These loans are unsecured, interest free and no fixed

repayment terms have been agreed.

During the period, payments of £108,000 were made to Hyrax for making available the services of consultants

Mr AF Phillips (£54,000) and Mr GP Visagie (£54.000) whilst they were also a non-executive director.

Mr S M Sutherland is a non-executive director in the company.

The ultimate controlling party of the company was its directors.