Excel Interior Lining Systems Limited Small abridged accounts

EXCEL INTERIOR LINING SYSTEMS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Excel Interior Lining Systems Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06237035

Excel Interior Lining Systems Limited

Filleted Unaudited Abridged Financial Statements

31 May 2017

Excel Interior Lining Systems Limited

Abridged Financial Statements

Year ended 31 May 2017

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Excel Interior Lining Systems Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Excel Interior Lining Systems Limited

Year ended 31 May 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 May 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

DHC ACCOUNTING LIMITED

Unit 7 Lillyhall Business Centre Jubilee Road Workington Cumbria CA14 4HA

26 February 2018

Excel Interior Lining Systems Limited

Abridged Statement of Financial Position

31 May 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	2,120	3,139

Current assets

Stocks	500	4,832
Debtors	61,556	25,822
Cash at bank and in hand	124	2,925
	------------	------------
	62,180	33,579

Creditors: amounts falling due within one year	( 58,955)	( 38,405)
	------------	------------
Net current assets/(liabilities)	3,225	( 4,826)
	------------	------------
Total assets less current liabilities	5,345	( 1,687)
	------------	------------
Net assets/(liabilities)	5,345	( 1,687)
	------------	------------

Excel Interior Lining Systems Limited

Abridged Statement of Financial Position (continued)

31 May 2017

	2017	2016
Note	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	5,343	( 1,689)
	------------	------------
Shareholders funds/(deficit)	5,345	( 1,687)
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 26 February 2018 , and are signed on behalf of the board by:

Mr S Butterfield

Director

Company registration number: 06237035

Excel Interior Lining Systems Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15h, Leconfield Industrial Estate, Cleator Moor, Cumbria, CA25 5QB, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1 June 2016	15,808
Disposals	( 4,250)
	------------
At 31 May 2017	11,558
	------------
Depreciation
At 1 June 2016	12,669
Charge for the year	594
Disposals	( 3,825)
	------------
At 31 May 2017	9,438
	------------
Carrying amount
At 31 May 2017	2,120
	------------
At 31 May 2016	3,139
	------------

6. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr N Whitelock	( 7,793)	2,328	( 5,465)
	------------	------------	------------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr N Whitelock	( 8,596)	803	( 7,793)
	------------	------------	------------

7. Related party transactions

The company was under the control of Mr N Whitelock and Mr S Butterfield throughout the current and previous year. The above named are the managing directors and shareholders. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.