REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2023 |
for |
Excel -A- Rate Business Services Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2023 |
for |
Excel -A- Rate Business Services Limited |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Excel -A- Rate Business Services Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
70 Market Street |
Tottington |
Bury |
Greater Manchester |
BL8 3LJ |
BANKERS: |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Statement of Financial Position |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Excel -A- Rate Business Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The turnover of the company comprises interest receivable on loans made and assets leased to customers. The asset values are included in debtors along with the finance charges allocated to future periods. The finance element of the rental receipt is credited to the profit and loss account so as to produce constant periodic rates of return on the net obligations receivable in each period. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
30.9.23 | 30.9.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
6,000 |
5,500 |
5. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Included within trade debtors is an amount of £4,575,620 (2022: £4,855,285) being the gross investment due on finance leases. The aggregate rentals receivable in the year from finance leases was £2,283,356 (2022: £2,655,212). The amounts falling due after more than one year, and included in trade debtors are £2,545,143 (2022: £2,899,562). |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank and block discount loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
The bank loans and overdrafts are secured by a charge over various property assets of the Ballan Family Trust. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank and block discount loans (see note 9) |
Hire purchase contracts |
9. | LOANS |
An analysis of the maturity of loans is given below: |
30.09.23 | 30.09.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank and block discount loans | 2,171,002 | 1,998,109 |
2,171,002 | 1,998,109 |
Amounts falling due between two and seven years: |
Bank and block discount loans | 4,128,016 | 3,868,585 |
10. | PROVISIONS FOR LIABILITIES |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax | 110,206 | 31,274 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Charge to Income Statement during year |
Balance at 30 September 2023 |
Excel -A- Rate Business Services Limited (Registered number: 03282233) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | 1 | 15,000 | 15,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | ULTIMATE CONTROLLING PARTY |
In the directors opinion, the controlling party is D.A. Ballan, by virtue of his interest in The Ballan Family Trust, and by virtue of the Trusts shareholding in the company. |