Company registration number 11085251 (England and Wales)
EXSEL ELECTRONICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
EXSEL ELECTRONICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
EXSEL ELECTRONICS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,803
15,283
Current assets
Debtors
4
1,841,379
1,621,757
Cash at bank and in hand
156,962
28,336
1,998,341
1,650,093
Creditors: amounts falling due within one year
5
(738,565)
(513,395)
Net current assets
1,259,776
1,136,698
Total assets less current liabilities
1,286,579
1,151,981
Creditors: amounts falling due after more than one year
6
(25,858)
(35,833)
Provisions for liabilities
(5,075)
(1,666)
Net assets
1,255,646
1,114,482
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
1,205,646
1,064,482
Total equity
1,255,646
1,114,482

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EXSEL ELECTRONICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr J Marment
Director
Company registration number 11085251 (England and Wales)
EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Exsel Electronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Ravenscroft Court, Buttington Cross Enterprise Park, Buttington, Welshpool, Powys, Wales, SY21 8SL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

Whilst the balance sheet shows a positive net assets position of £1,255,646, this includes an amount within debtors from a company which is connected to Exsel Electronics Limited. The directors of the company are confident that this amount is recoverable and as such these accounts have been prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation 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:

Fixtures and fittings
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
18
16
EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2022
26,963
Additions
25,212
At 30 April 2023
52,175
Depreciation and impairment
At 1 May 2022
11,680
Depreciation charged in the year
13,692
At 30 April 2023
25,372
Carrying amount
At 30 April 2023
26,803
At 30 April 2022
15,283
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
200,178
71,878
Amounts owed by group undertakings
1,167,264
180,952
Other debtors
473,937
1,368,927
1,841,379
1,621,757
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,868
10,000
Trade creditors
18,881
20,282
Amounts owed to group undertakings
427,308
136,272
Other creditors
282,508
346,841
738,565
513,395
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,858
35,833
EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

Unpaid share capital is as follows:

 

50,000 ordinary shares of nominal value £1

8
Financial commitments, guarantees and contingent liabilities

Exsel Electronics Limited agreed to lend Explora Security Limited, a company which shared a common director, up to a maximum of £500,000. At the year end the balance of £128,045 (2022 - £132,151) is contained within other debtors.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
84,000
98,000
EXSEL ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
10
Related party transactions

The company has taken advantage of the exemption under FRS102 section 33 "Related Party Disclosures" paragraph 33.1A not to disclose transactions with fellow wholly owned subsidiary undertakings of the Exsel Group Limited.

 

During the year the company received loan repayments from Explora Security Limited, a company which shared a common director, amounting to £4,106 (2022 - £598 loans made). As at 30 April 2023 the balance which remained unpaid was £128,045 (2022 - £132,151). No interest is being charged on amounts outstanding at the year end.

 

At the beginning of the year the company had an outstanding balance of £93,059 owed to Guartel Technologies Limited, a company whose ultimate shareholder shared a common director. This was fully repaid during the year. As at 30 April 2023, the balance which remained unpaid was £nil (2022 - £93,059). No interest was charged on amounts previously outstanding.

During the year the company made loans to Blast and Ballistics Protection Limited, a company whose ultimate shareholder shared a common director, amounting to £45,000 (2022 - £103,300). As at 30 April 2023 the balance which remained unpaid was £204,000 (2022 - £159,000). No interest is being charged on amounts outstanding at the year end.

 

During the year the company received consultancy services from Marment Consulting Limited, a company which shared a common director, amounting to £12,000 (2022 - £12,000).

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