IRIS Accounts Production v23.3.1.45 03488931 director 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034889312022-03-31034889312023-03-31034889312022-04-012023-03-31034889312021-03-31034889312021-04-012022-03-31034889312022-03-3103488931ns10:Originalns15:EnglandWales2022-04-012023-03-3103488931ns14:PoundSterlingns10:Original2022-04-012023-03-3103488931ns10:Originalns10:Director12022-04-012023-03-3103488931ns10:Original2022-04-012023-03-3103488931ns10:Original2023-03-3103488931ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3103488931ns10:Originalns10:SmallEntities2022-04-012023-03-3103488931ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3103488931ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103488931ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3103488931ns10:Originalns10:FullAccounts2022-04-012023-03-3103488931ns10:Original12022-04-012023-03-3103488931ns10:CompanySecretary1ns10:Original2022-04-012023-03-3103488931ns10:Originalns10:RegisteredOffice2022-04-012023-03-3103488931ns10:Original2022-03-3103488931ns10:Originalns5:CurrentFinancialInstruments2023-03-3103488931ns10:Originalns5:CurrentFinancialInstruments2022-03-3103488931ns10:Originalns5:Non-currentFinancialInstruments2023-03-3103488931ns10:Originalns5:Non-currentFinancialInstruments2022-03-3103488931ns5:ShareCapitalns10:Original2023-03-3103488931ns5:ShareCapitalns10:Original2022-03-3103488931ns10:Originalns5:CapitalRedemptionReserve2023-03-3103488931ns10:Originalns5:CapitalRedemptionReserve2022-03-3103488931ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3103488931ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3103488931ns10:Originalns5:NetGoodwill2022-04-012023-03-3103488931ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3103488931ns10:Originalns5:FurnitureFittings2022-04-012023-03-3103488931ns10:Originalns5:MotorVehicles2022-04-012023-03-3103488931ns10:Originalns5:ComputerEquipment2022-04-012023-03-3103488931ns10:Original2021-04-012022-03-3103488931ns10:Originalns5:NetGoodwill2022-03-3103488931ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3103488931ns10:Original2022-03-3103488931ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3103488931ns10:Originalns5:NetGoodwill2023-03-3103488931ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3103488931ns10:Originalns5:NetGoodwill2022-03-3103488931ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-3103488931ns10:Originalns5:FurnitureFittings2022-03-3103488931ns10:Originalns5:MotorVehicles2022-03-3103488931ns10:Originalns5:ComputerEquipment2022-03-3103488931ns10:Originalns5:FurnitureFittings2023-03-3103488931ns10:Originalns5:MotorVehicles2023-03-3103488931ns10:Originalns5:ComputerEquipment2023-03-3103488931ns10:Originalns5:FurnitureFittings2022-03-3103488931ns10:Originalns5:MotorVehicles2022-03-3103488931ns10:Originalns5:ComputerEquipment2022-03-3103488931ns10:Originalns5:CostValuation2022-03-3103488931ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103488931ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3103488931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103488931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3103488931ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3103488931ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-3103488931ns5:Securedns10:Original2023-03-3103488931ns5:Securedns10:Original2022-03-31
REGISTERED NUMBER: 03488931 (England and Wales)





EXEL TECHNOLOGY GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EXEL TECHNOLOGY GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr R Moore





SECRETARY: Mr N D Moxon





REGISTERED OFFICE: 1 Melton Way
Mansfield
Nottinghamshire
NG18 5FU





REGISTERED NUMBER: 03488931 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 522 36,731
Tangible assets 6 350,146 393,110
Investments 7 300 300
350,968 430,141

CURRENT ASSETS
Stocks 63,887 79,004
Debtors 8 3,593,244 2,550,110
Cash at bank and in hand 9,745 1,660
3,666,876 2,630,774
CREDITORS
Amounts falling due within one year 9 2,439,059 1,569,611
NET CURRENT ASSETS 1,227,817 1,061,163
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,578,785

1,491,304

CREDITORS
Amounts falling due after more than one
year

10

(439,328

)

(527,362

)

PROVISIONS FOR LIABILITIES (59,435 ) (72,006 )
NET ASSETS 1,080,022 891,936

CAPITAL AND RESERVES
Called up share capital 12 64,400 64,400
Capital redemption reserve 73,600 73,600
Retained earnings 942,022 753,936
SHAREHOLDERS' FUNDS 1,080,022 891,936

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

BALANCE SHEET - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 16 November 2023 and were signed by:





Mr R Moore - Director


EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Exel Technology Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts. Turnover is shown net of Value Added Tax.

Sale of electronic goods
Turnover is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of electronic goods are recognised when goods are delivered and legal title has passed and the company has no continuing managerial involvement associated with ownership or effective control of the goods sold. This is generally when foods have been checked and accepted by the customer on delivery at the specified location.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of four years.

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Intangible assets
Software development
The company capitalises development expenditure as an intangible asset when it is able to demonstrate all of the following:
a) The technical feasibility of completing the development so the intangible asset will be available for use or sale;
b) Its intention to complete the development and to use or sell the intangible asset;
c) Its ability to use or sell the intangible asset;
d) How the intangible asset will generate probable future economic benefits;
e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software development - 15% Straight line

The directors consider the useful life to be appropriate because the software isn't quickly outdated and the fact that they have hundreds of customers using the software, some of which have been using it for over 10 years.

Amortisation is revised prospectively for any significant change in useful life or residual value.

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 - 33% straight line and 15% straight line
Motor vehicles - 25% straight line
Computer equipment - 33% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis.

At each reporting date, the company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has been reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in income statement.

Reversals of impairment loss are also recognised in income statement.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential, i.e. benefits expected from use or sale of the stock.

Financial instruments
Financial instruments 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued
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.

Research and development
Development expenditure is carried forward when its future recoverability can be foreseen with reasonable assurance and it is amortised in line with sales from the related product. All research and other development costs are written off as incurred.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of inception and the present value of the minimum lease payments. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the Balance Sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rents payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

5. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 8,352 3,989,352 3,997,704
AMORTISATION
At 1 April 2022 5,742 3,955,231 3,960,973
Amortisation for year 2,088 34,121 36,209
At 31 March 2023 7,830 3,989,352 3,997,182
NET BOOK VALUE
At 31 March 2023 522 - 522
At 31 March 2022 2,610 34,121 36,731

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 190,772 317,575 259,307 767,654
Additions 1,079 - 65,557 66,636
At 31 March 2023 191,851 317,575 324,864 834,290
DEPRECIATION
At 1 April 2022 155,142 50,683 168,719 374,544
Charge for year 16,303 40,546 52,751 109,600
At 31 March 2023 171,445 91,229 221,470 484,144
NET BOOK VALUE
At 31 March 2023 20,406 226,346 103,394 350,146
At 31 March 2022 35,630 266,892 90,588 393,110

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 300
NET BOOK VALUE
At 31 March 2023 300
At 31 March 2022 300

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 47,251 58,998
Amounts owed by related parties 3,433,697 2,387,932
Other debtors 37,344 37,344
Prepayments and accrued income 74,952 65,836
3,593,244 2,550,110

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 557,442 338,137
Other loans 40,000 12,500
Hire purchase contracts 55,896 51,913
Trade creditors 250,982 303,031
Amounts owed to related parties 419,493 1,779
Corporation tax 31,760 100,167
Social security and other taxes 22,769 20,560
VAT 80,894 83,384
Other creditors 14,017 14,852
Directors' current accounts 513,563 246,543
Accruals and deferred income 452,243 396,745
2,439,059 1,569,611

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 107,954 285,005
Other loans - 2-5 years 144,913 -
Hire purchase contracts 186,461 242,357
439,328 527,362

EXEL TECHNOLOGY GROUP LIMITED (REGISTERED NUMBER: 03488931)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 376,763 161,003
Bank loans 288,633 462,139
Other loans 184,913 12,500
850,309 635,642

The bank loans and overdrafts are secured by an unlimited debenture over the assets of the company. In addition, the directors have provided personal guarantees in respect of the bank loans.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
Value: £ £
44,397 A Ordinary £1 44,397 44,397
20,000 B Ordinary £1 20,000 20,000
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
64,400 64,400

13. RELATED PARTY DISCLOSURES

During the year key management remuneration was £8,840 (2022: £8,952).

The company issued dividends during the year of £Nil (2022: £8,000).