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Company Registration No. 02923936 (England and Wales)
EXCEL PRECISION ENGINEERING SERVICES LIMITED Unaudited accounts for the year ended 31 May 2023
EXCEL PRECISION ENGINEERING SERVICES LIMITED Unaudited accounts Contents
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Company Information for the year ended 31 May 2023
Director
Eirian Davies
Company Number
02923936 (England and Wales)
Registered Office
Unit 16 Trostre Industrial Estate Llanelli Carmarthenshire SA14 9UU United Kingdom
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,057,318 
899,038 
Current assets
Inventories
630,000 
286,000 
Debtors
467,492 
456,199 
Cash at bank and in hand
587,407 
537,546 
1,684,899 
1,279,745 
Creditors: amounts falling due within one year
(628,721)
(576,200)
Net current assets
1,056,178 
703,545 
Total assets less current liabilities
2,113,496 
1,602,583 
Creditors: amounts falling due after more than one year
(341,929)
(246,628)
Net assets
1,771,567 
1,355,955 
Capital and reserves
Called up share capital
100,000 
100,000 
Profit and loss account
1,671,567 
1,255,955 
Shareholders' funds
1,771,567 
1,355,955 
For the year ending 31 May 2023 the company was entitled to exemption from audit 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 June 2023 and were signed on its behalf by
Eirian Davies Director Company Registration No. 02923936
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
EXCEL PRECISION ENGINEERING SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02923936. The registered office is Unit 16, Trostre Industrial Estate, Llanelli, Carmarthenshire, SA14 9UU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
in accordance with property
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 June 2022
60,605 
2,337,409 
178,580 
36,868 
52,600 
2,666,062 
Additions
- 
569,285 
18,000 
- 
- 
587,285 
Disposals
- 
(677,537)
(93,123)
- 
- 
(770,660)
At 31 May 2023
60,605 
2,229,157 
103,457 
36,868 
52,600 
2,482,687 
Depreciation
At 1 June 2022
19,699 
1,552,636 
112,607 
35,319 
46,763 
1,767,024 
Charge for the year
930 
237,519 
11,726 
310 
1,167 
251,652 
On disposals
- 
(525,528)
(67,779)
- 
- 
(593,307)
At 31 May 2023
20,629 
1,264,627 
56,554 
35,629 
47,930 
1,425,369 
Net book value
At 31 May 2023
39,976 
964,530 
46,903 
1,239 
4,670 
1,057,318 
At 31 May 2022
40,906 
784,773 
65,973 
1,549 
5,837 
899,038 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
457,698 
394,904 
Amounts due from group undertakings etc.
696 
696 
Accrued income and prepayments
9,098 
11,540 
Other debtors
- 
49,059 
467,492 
456,199 
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
72,500 
- 
VAT
56,808 
136,984 
Obligations under finance leases and hire purchase contracts
129,772 
94,217 
Trade creditors
309,012 
216,151 
Taxes and social security
26,243 
64,058 
Other creditors
23,096 
33,000 
Loans from directors
7,290 
27,790 
Accruals
4,000 
4,000 
628,721 
576,200 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
341,929 
207,128 
Other creditors
- 
39,500 
341,929 
246,628 
8
Average number of employees
During the year the average number of employees was 29 (2022: 34).
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