Company No:
Contents
DIRECTORS | Mr N P Flavin |
Mr P T Flavin | |
Mr A Gill | |
Mr G Wilson |
REGISTERED OFFICE | Unit 17 |
The Old Stables Newcourt Barton | |
Clyst Road | |
Exeter | |
EX3 0DB | |
United Kingdom |
COMPANY NUMBER | 10650285 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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1,717,166 | 1,211,686 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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286,446 | 75,894 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (858,132) | (581,589) | ||
Total assets less current liabilities | 859,034 | 630,097 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Excelle Property Limited (registered number:
Mr N P Flavin
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Excelle Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 17, The Old Stables Newcourt Barton, Clyst Road, Exeter, EX3 0DB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Fixtures and fittings |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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Additions | 509,668 |
As at 31 March 2023 |
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Valuation
The investment properties were valued on 31 March 2023 by a director who is internal to the company. The basis of the valuation was open market value.
There has been no valuation of investment property by an independent valuer.
2023 | 2022 | ||
£ | £ | ||
Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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400 | 400 |
Reserves
Included in the profit and loss account is a profit of £93,750 (2022: £125,000) that relates to non-distributable reserves. At the year end, non-distributable funds totalled £93,750 (2022: £125,000).
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Single Ply Structures Limited (Balance due) | (1,012,512) | (533,747) |
During the current year, a loan existed between Excelle Property Limited and Single Ply Structures Limited, a company under common control. No interest was charged on the loan and the balance is repayable on demand. At the balance sheet date the amount due to Single Ply Structures Limited was £1,012,512 (2022: £533,747).