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EXCED Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06682287
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 206 -
206 -
CURRENT ASSETS
Debtors 5 677,209 629,082
Cash at bank and in hand 2,999 21,257
680,208 650,339
Creditors: Amounts Falling Due Within One Year 6 (47,975 ) (50,167 )
NET CURRENT ASSETS (LIABILITIES) 632,233 600,172
TOTAL ASSETS LESS CURRENT LIABILITIES 632,439 600,172
Creditors: Amounts Falling Due After More Than One Year 7 (600,000 ) (600,000 )
NET ASSETS 32,439 172
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 32,438 171
SHAREHOLDERS' FUNDS 32,439 172
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Felicity Stewart
Director
2 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
EXCED Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06682287 . The registered office is Gowran House, 56 Broad Street, Chipping Sodbury, Bristol, BS37 6AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
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 lives on the following bases:
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 3)
1 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2022 2,535 423 2,958
Additions 275 - 275
As at 31 August 2023 2,810 423 3,233
Depreciation
As at 1 September 2022 2,535 423 2,958
Provided during the period 69 - 69
As at 31 August 2023 2,604 423 3,027
Net Book Value
As at 31 August 2023 206 - 206
As at 1 September 2022 - - -
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 76,900 27,400
Other debtors 600,000 600,000
VAT debtor 304 1,682
Other taxes and social security 5 -
677,209 629,082
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 30,000 40,000
Corporation tax 7,990 2,882
Director's loan account 9,985 7,285
47,975 50,167
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Directors loan account 600,000 600,000
600,000 600,000
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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