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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Company Information
for the year ended 31 May 2023
Company Number
02923936 (England and Wales)
Registered Office
Unit 16
Trostre Industrial Estate
Llanelli
Carmarthenshire
SA14 9UU
United Kingdom
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Statement of financial position
as at 31 May 2023
Tangible assets
1,057,318
899,038
Inventories
630,000
286,000
Cash at bank and in hand
587,407
537,546
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
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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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.
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
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.
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.
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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
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
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
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
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
-
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
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
341,929
207,128
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Average number of employees
During the year the average number of employees was 29 (2022: 34).