EXELENT PROPERTY LTD

Company Registration Number:
13301433 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

EXELENT PROPERTY LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes

EXELENT PROPERTY LTD

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

Construction works on new build residential housing sites.



Directors

The director shown below has held office during the whole of the period from
1 April 2022 to 31 March 2023

Martins Grigalaitis


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
14 December 2023

And signed on behalf of the board by:
Name: Martins Grigalaitis
Status: Director

EXELENT PROPERTY LTD

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 40,538 41,609
Total fixed assets: 40,538 41,609
Current assets
Stocks: 4 4,810 5,932
Debtors: 5 8,655 10,306
Cash at bank and in hand: 15,902 17,684
Total current assets: 29,367 33,922
Creditors: amounts falling due within one year: 6 ( 7,588 ) ( 8,595 )
Net current assets (liabilities): 21,779 25,327
Total assets less current liabilities: 62,317 66,936
Creditors: amounts falling due after more than one year: 7 ( 5,000 ) ( 5,000 )
Provision for liabilities: ( 4,768 ) ( 4,953 )
Total net assets (liabilities): 52,549 56,983
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 52,548 56,982
Total Shareholders' funds: 52,549 56,983

The notes form part of these financial statements

EXELENT PROPERTY LTD

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 14 December 2023
and signed on behalf of the board by:

Name: Martins Grigalaitis
Status: Director

The notes form part of these financial statements

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.Turnover includes revenue earned from the sale of goods and from the rendering of services. Sale of goods, Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services, Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off' the cost of the fixed assets, less their estimated residual value, over their expected useful life on the following bases: --- Plant and Machinery 20% straight line --- Fixtures and fittings 33.33% straight line --- Office Equipment 25% straight line --- Motor vehicles 25% Reducing balance.

    Other accounting policies

    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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deterred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. ---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. ---Provisions--- Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are lsited in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. ---Basis of preparation--- The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 3

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2022 14,650 2,375 9,430 28,312 54,767
Additions 5,946 1,015 3,258 6,985 17,204
Disposals
Revaluations
Transfers
At 31 March 2023 20,596 3,390 12,688 35,297 71,971
Depreciation
At 1 April 2022 2,930 792 2,358 7,078 13,158
Charge for year 5,149 1,130 3,172 8,824 18,275
On disposals
Other adjustments
At 31 March 2023 8,079 1,922 5,530 15,902 31,433
Net book value
At 31 March 2023 12,517 1,468 7,158 19,395 40,538
At 31 March 2022 11,720 1,583 7,072 21,234 41,609

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Stocks

2023 2022
£ £
Stocks 4,810 5,932
Total 4,810 5,932

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Debtors

2023 2022
£ £
Trade debtors 8,655 10,306
Total 8,655 10,306

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 2,461 2,119
Taxation and social security 5,127 6,476
Total 7,588 8,595

EXELENT PROPERTY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 5,000 5,000
Total 5,000 5,000