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COMPANY REGISTRATION NUMBER: 07706566
Exceeding Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Exceeding Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
232,547
175,742
Current assets
Debtors
6
182,442
295,406
Cash at bank and in hand
167,255
94,696
---------
---------
349,697
390,102
Creditors: amounts falling due within one year
7
181,118
251,251
---------
---------
Net current assets
168,579
138,851
---------
---------
Total assets less current liabilities
401,126
314,593
Provisions
Deferred tax
23,975
22,276
---------
---------
Net assets
377,151
292,317
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
376,951
292,117
---------
---------
Shareholders funds
377,151
292,317
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Exceeding Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
S P Rowland
Director
Company registration number: 07706566
Exceeding Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU. The principal place of business of the company is 2-3 Blotts Barn, Brooks Road, Raunds, Northamptonshire, NN9 6NS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference .
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Operating lease income is recognised in statement of income and retained earnings on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
20% straight line per annum
Motor vehicles
-
25% stright line per annum
Equipment
-
33.3% straight line per annum
Defined pension contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 9 ).
5. Tangible assets
Leasehold improvements
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
70,457
159,000
36,816
266,273
Additions
112,240
8,181
120,421
Disposals
( 71,000)
( 71,000)
--------
---------
--------
---------
At 31 December 2023
70,457
200,240
44,997
315,694
--------
---------
--------
---------
Depreciation
At 1 January 2023
4,696
53,250
32,585
90,531
Charge for the year
14,043
42,911
3,704
60,658
Disposals
( 68,042)
( 68,042)
--------
---------
--------
---------
At 31 December 2023
18,739
28,119
36,289
83,147
--------
---------
--------
---------
Carrying amount
At 31 December 2023
51,718
172,121
8,708
232,547
--------
---------
--------
---------
At 31 December 2022
65,761
105,750
4,231
175,742
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
62,450
2,280
Amounts owed by group undertakings and undertakings in which the company has a participating interest
109,199
281,545
Other debtors
10,793
11,581
---------
---------
182,442
295,406
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,429
168,103
Social security and other taxes
137,997
72,178
Other creditors
21,692
10,970
---------
---------
181,118
251,251
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
23,975
22,276
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
23,975
22,276
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,750
21,750
Later than 1 year and not later than 5 years
79,750
87,000
Later than 5 years
14,500
---------
---------
101,500
123,250
---------
---------
10. Directors' advances, credits and guarantees
A director, maintains a loan account with the company. At the beginning of the year the director owed the company £Nil. During the year there were payments of £15,000 (2022 £27,550) and repayments of £15,000 (2022 £36,424). At the year end the balance with the director was £Nil (2022 £Nil). No interest was charged during the year and no amounts were written off.