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Registration number: 01012731

Excelsior Textiles Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Excelsior Textiles Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Excelsior Textiles Limited

Company Information

Directors

Mr T Mahalla

Mr J Yahooda

Mr M J Mahalla

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Excelsior Textiles Limited

(Registration number: 01012731)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

14,353

17,125

Other financial assets

7

2,010,390

1,963,428

 

2,024,743

1,980,553

Current assets

 

Stocks

8

257,523

160,219

Debtors

9

73,680

101,088

Cash at bank and in hand

 

6,709,650

6,729,034

 

7,040,853

6,990,341

Creditors: Amounts falling due within one year

10

(767,688)

(990,702)

Net current assets

 

6,273,165

5,999,639

Net assets

 

8,297,908

7,980,192

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

8,296,908

7,979,192

Shareholders' funds

 

8,297,908

7,980,192

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
Mr J Yahooda
Director

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales (Company number: 01012731).

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments, including those held as fixed asset investments, at fair value. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The Directors have carefully considered the impact of existing trading conditions on the company's financial position, liquidity and future performance and irrespective of the problems that may have been caused by the existing trading conditions, as set out in the Directors' Report, the Directors believe that it is well placed to manage its business risks successfully.Where further resources are required the Directors are prepared to provide these.

Accordingly at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, less their residual values over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings Leasehold

see below

Fixtures, fittings & equipment

10% per annum - Straight Line Basis

Motor vehicles

25% per annum - Reducing Balance Basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided in respect of leasehold land and buildings on the grounds that it is immaterial.

Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses. Any fixed asset investments carried at revalued amounts are recorded at their fair value at the date of the valuation less any subsequent impairment losses. The surplus or deficit on revaluation is recognised in profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred 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 and that are expected to apply to the reversal of the timing difference.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The company operates two money purchase (defined contribution) pension schemes. The pension charge represents the amounts payable by the company to the funds in respect of the year. These contributions are invested separately from the company's assets.

Leases

Rentals payable under operating leases, including any lease incentives received, where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit or loss on a straight line basis over the term of the relevant lease.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling (functional currency of the company) are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Judgements and key sources of estimation uncertainty

In application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the year to 30 June 2023 93% (2022: 94%) of the company's turnover was to markets outside the United Kingdom.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

58,492

64,344

UK corporation tax adjustment to prior periods

-

(16)

58,492

64,328

Deferred taxation

Arising from origination and reversal of timing differences

17,535

(8,832)

Tax expense in the income statement

76,027

55,496

The applicable rate of UK Corporation Tax was 20.5% (2022: 19%).

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

63

Listed Investments revalued

8,345

-

8,345

63

2022

Asset
£

Liability
£

Accelerated capital allowances

-

137

Listed Investments revalued

25,954

-

25,954

137

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The deferred tax debtor of £8,345 is expected to reverse in future years as the expected tax on listed investments increases due to further disposals. The deferred tax liability of £63 relating to accelerated capital allowances is also expected to reverse in future years as accelerated capital allowances reduce. The Net deferred tax assets are included in Other debtors, note 13.

5

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary Shares

 

-

 

-

         

The Directors do not propose a final dividend.

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

3,317

82,265

25,005

110,587

At 30 June 2023

3,317

82,265

25,005

110,587

Depreciation

At 1 July 2022

-

76,838

16,624

93,462

Charge for the year

-

677

2,095

2,772

At 30 June 2023

-

77,515

18,719

96,234

Carrying amount

At 30 June 2023

3,317

4,750

6,286

14,353

At 30 June 2022

3,317

5,427

8,381

17,125

Land and buildings represent capital costs incurred in respect of short leasehold premises.

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Investments

Fixed asset investments

The market value of the listed investments at 30 June 2023 was £2,010,390 (2022 - £1,963,428).

The listed investments were valued at their open market price as at 30 June 2023, by HSBC Private Bank Limited. If the listed investments were included in the balance sheet on a historic cost basis, then the carrying amount would be £2,000,175 (2022: £2,016,158).

A provision for deferred tax in the region of £8,345 (2022: £25,954) arising on the movement in fair value during the year has been made in these financial statements.

Movements in fixed asset investments

2023
£

Fair Value

At 1 July 2022

1,963,428

Additions

114,405

Fair Value Increase

62,945

Disposals

(130,388)

At 30 June 2023

2,010,390

8

Stocks

2023
£

2022
£

Stocks

257,523

160,219

There is no material difference between the replacement cost of stocks and their balance sheet amounts.

9

Debtors

2023
£

2022
£

Trade debtors

-

26,214

Prepayments

39,648

23,307

Other debtors

34,032

51,567

73,680

101,088

Included in Other debtors are Net deferred tax assets of £8,282 (2022: £25,817).

 

Excelsior Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

118,937

198,893

Taxation and social security

113,254

136,073

Accruals and deferred income

36,355

27,049

Directors current accounts

263,102

267,887

Undrawn Directors Remuneration

236,040

360,800

767,688

990,702

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

43,000

43,000

Later than one year and not later than five years

114,667

157,667

157,667

200,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,000 (2022 - £39,000).

12

Directors' transactions

During the year, a net decrease of £4,785 was made to the directors' loan account and the value of their loan account included in creditors at the end of the financial year stood at £263,102 (2022: £267,887).

The directors of the company had no other material transactions with the company during the year other than directors' emoluments as disclosed in the notes.