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REGISTERED NUMBER: 04550278 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Excel Dryer (UK) Limited

Excel Dryer (UK) Limited (Registered number: 04550278)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Excel Dryer (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S J Barnes





SECRETARY: K E Barnes





REGISTERED OFFICE: Airport House
Suite 43 - 45, Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 04550278 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Excel Dryer (UK) Limited (Registered number: 04550278)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,500 6,500
Tangible assets 5 20,796 24,538
Investments 6 125,000 125,000
150,296 156,038

CURRENT ASSETS
Stocks 176,198 145,277
Debtors 7 45,724 50,767
Cash at bank 164,401 51,091
386,323 247,135
CREDITORS
Amounts falling due within one year 8 (233,428 ) (113,372 )
NET CURRENT ASSETS 152,895 133,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

303,191

289,801

CREDITORS
Amounts falling due after more than one year 9 (79,167 ) (129,167 )

PROVISIONS FOR LIABILITIES 10 (3,951 ) (4,662 )
NET ASSETS 220,073 155,972

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 11 219,873 155,772
220,073 155,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Excel Dryer (UK) Limited (Registered number: 04550278)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





S J Barnes - Director


Excel Dryer (UK) Limited (Registered number: 04550278)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Excel Dryer (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Excel Dryer UK Ltd has sole distribution rights for the revolutionary Xlerator Hand Dryer.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property 25% on SLM

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and Machinery25% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment25% on reducing balance

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.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


Excel Dryer (UK) Limited (Registered number: 04550278)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PENSIONS
DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earning when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

Excel Dryer (UK) Limited (Registered number: 04550278)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 January 2023
and 31 December 2023 8,000
AMORTISATION
At 1 January 2023 1,500
Amortisation for year 2,000
At 31 December 2023 3,500
NET BOOK VALUE
At 31 December 2023 4,500
At 31 December 2022 6,500

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 11,362 33,225 - 44,587
Additions - - 2,800 2,800
At 31 December 2023 11,362 33,225 2,800 47,387
DEPRECIATION
At 1 January 2023 4,734 15,315 - 20,049
Charge for year 1,657 4,477 408 6,542
At 31 December 2023 6,391 19,792 408 26,591
NET BOOK VALUE
At 31 December 2023 4,971 13,433 2,392 20,796
At 31 December 2022 6,628 17,910 - 24,538

Excel Dryer (UK) Limited (Registered number: 04550278)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 125,000
NET BOOK VALUE
At 31 December 2023 125,000
At 31 December 2022 125,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 45,196 50,196
Other debtors 528 571
45,724 50,767

The directors consider the carrying value of trade and other receivables approximate to their fair values.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Trade creditors 122,040 6,438
Taxation and social security 57,769 23,412
Other creditors 3,619 33,522
233,428 113,372

The directors consider the carrying amounts of current liabilities approximate to their fair values.
Legal mortgage charge at Companies House has been registered by Barclays Bank PLC for the loan taken by company, which has fixed and floating charges over all the assets.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 79,167 129,167

The directors consider the carrying amounts of long-term liabilities approximate to their fair values.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,951 4,662

Excel Dryer (UK) Limited (Registered number: 04550278)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 4,662
Provided during year (711 )
Balance at 31 December 2023 3,951

11. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £1,189 (2022 - £1,932).

Contribution totaling £258 (2022 - £280) were payable to fund at balance sheet date and are included in creditors.

13. RELATED PARTY DISCLOSURES

As at the balance sheet date included in other creditors were amounts of £46 (2022 - £30,046) due to the director.