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REGISTERED NUMBER: NI620445 (Northern Ireland)















EXI-TITE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






EXI-TITE LTD (REGISTERED NUMBER: NI620445)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


EXI-TITE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A S Robinson
Mrs V Robinson



REGISTERED OFFICE: 15A Grange Road
Ballygawley
Dungannon
Co. Tyrone
BT70 2LP



REGISTERED NUMBER: NI620445 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Santander Business Banking
Bridle Road
Bootle
Liverpool
L30 4GB



SOLICITORS: Orr & Rountree
The Old Library
41 Dublin Road
Omagh
Co Tyrone
BT78 1HE

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
EXI-TITE LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


16 September 2024

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 732,359 689,420
Investments 5 202 202
732,561 689,622

CURRENT ASSETS
Stocks 486,031 327,373
Debtors 6 1,498,539 1,647,463
Cash at bank 205,101 92,122
2,189,671 2,066,958
CREDITORS
Amounts falling due within one year 7 1,741,792 1,588,591
NET CURRENT ASSETS 447,879 478,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,180,440

1,167,989

CREDITORS
Amounts falling due after more than one
year

8

(315,753

)

(379,131

)

PROVISIONS FOR LIABILITIES (127,310 ) (121,921 )
NET ASSETS 737,377 666,937

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 145,037 145,037
Retained earnings 592,240 521,800
SHAREHOLDERS' FUNDS 737,377 666,937

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 directors acknowledge their 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.

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




Mr A S Robinson - Director



Mrs V Robinson - Director


EXI-TITE LTD (REGISTERED NUMBER: NI620445)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Exi-tite Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in sterling which is the functional currency of the Company.

Preparation of consolidated financial statements
The financial statements contain information about Exi-tite Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are summarised below.

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

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation less any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are as follows:

Freehold property - 2%
Improvements to Leasehold property - 10%
Plant and machinery - 14%
Office equipment - 20%
Computer equipment - 20%
Motor vehicles - 25%

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The company made a profit during the year ended 31 December 2023 and, at that date, the Company's assets exceeded it's liabilities. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvement
Freehold Leasehold Plant &
property property machinery
£    £    £   
COST
At 1 January 2023 353,241 - 280,090
Additions - 41,867 52,645
Disposals - - -
At 31 December 2023 353,241 41,867 332,735
DEPRECIATION
At 1 January 2023 7,054 - 96,668
Charge for year 7,065 3,206 42,011
Eliminated on disposal - - -
At 31 December 2023 14,119 3,206 138,679
NET BOOK VALUE
At 31 December 2023 339,122 38,661 194,056
At 31 December 2022 346,187 - 183,422

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Office &
Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2023 193,251 188,916 1,015,498
Additions - 64,350 158,862
Disposals (10,746 ) - (10,746 )
At 31 December 2023 182,505 253,266 1,163,614
DEPRECIATION
At 1 January 2023 112,015 110,341 326,078
Charge for year 30,076 33,565 115,923
Eliminated on disposal (10,746 ) - (10,746 )
At 31 December 2023 131,345 143,906 431,255
NET BOOK VALUE
At 31 December 2023 51,160 109,360 732,359
At 31 December 2022 81,236 78,575 689,420

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 202
NET BOOK VALUE
At 31 December 2023 202
At 31 December 2022 202

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 880,746 1,068,869
Other debtors 617,793 578,594
1,498,539 1,647,463

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 84,146 159,357
Hire purchase contracts 35,017 25,205
Trade creditors 1,484,310 1,190,699
Taxation and social security 75,579 168,225
Other creditors 62,740 45,105
1,741,792 1,588,591

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 104,628 155,734
Hire purchase contracts 87,101 86,150
Other creditors 124,024 137,247
315,753 379,131

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan 124,024 137,247

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 158,987 209,272
Bank overdraft 9,430 98,052
168,417 307,324

The company's bank overdraft and loans are secured by the following:-

- Mortgage debenture incorporating a fixed and floating charge over all company assets present and future with a specific charge over the freehold property at 15A Grange Road, Ballygawley.

- Legal mortgage/charge over part of the lands comprised in Folio 31085 County Tyrone.

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 145,037

EXI-TITE LTD (REGISTERED NUMBER: NI620445)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions contained in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33 Related Party Disclosures paragraph 33.11 and has not disclosed details of transactions with wholly owned subsidiaries within the group.