Registration number:
In-Excess UK Limited
trading as
for the Year Ended 31 January 2024
In-Excess UK Limited
trading as In-Excess
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
In-Excess UK Limited
trading as In-Excess
Company Information
Director |
Mr C P Chambers |
Company secretary |
Mr C J Chambers |
Registered office |
|
Accountants |
|
Auditors |
|
In-Excess UK Limited
trading as In-Excess
Strategic Report for the Year Ended 31 January 2024
The director presents his strategic report for the year ended 31 January 2024.
Principal activity
The principal activity of the company is the operation of garden centres and the manufacture and sale of hardware and tools.
Fair review of the business
The garden centres continued to deliver strong results in what is still a challenging trading environment. The bulk of the store redevelopments have now been completed which will allow for future growth fueled by an improved customer experience at each site.
Although there continued to be significant staffing pressures, the company remains committed to maintaining high levels of customer service.
Turnover to 31 January 2024 was £18,965,903 compared to £17,941,447 in 2023. The gross margin for the year to 31 January 2024 was £4,771,493, compared to £3,793,577 in 2023.
The bulk storage facility at Nightwood Farm enables the company to be more dynamic and responsive to capitalise on opportunities as they arise and has helped facilitate supplies to the garden centres.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Gross Profit |
% |
25 |
21 |
Net Profit |
% |
7 |
3 |
Principal risks and uncertainties
The company continues to invest in technology to monitor and control performance. This helps improve reporting and minimises any risk of misappropriation. The company continues to trade well within its banking covenants.
The company has managed to bear the higher cost of container shipment without significant increases in sale prices and continues to look for sources of product in the UK to reduce and impact on customers.
Approved and authorised by the
......................................... |
In-Excess UK Limited
trading as In-Excess
Director's Report for the Year Ended 31 January 2024
The director presents his report and the financial statements for the year ended 31 January 2024.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The principal risk to the business is that sales do not continue at the current levels.The company continues to invest in new product to keep demand high and to maintain margins. The company is also investing in technology to help monitor and control financial risk.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the retail trade and a healthy positive cashflow, there are no significant risks to the company.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
......................................... |
In-Excess UK Limited
trading as In-Excess
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In-Excess UK Limited
trading as In-Excess
Independent Auditor's Report to the Members of In-Excess UK Limited
Opinion
We have audited the financial statements of In-Excess UK Limited (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In-Excess UK Limited
trading as In-Excess
Independent Auditor's Report to the Members of In-Excess UK Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
In-Excess UK Limited
trading as In-Excess
Independent Auditor's Report to the Members of In-Excess UK Limited
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. |
• |
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other rmatters, the planned scope and timing of the audit and significant audit findings, including any signficant deficiencies in internal control that we identify during our audit.
How the audit was capable of detecting irregularities, including fraud
• |
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries of management. |
• |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
• |
Identifying and assessing the design effectiveness of controls management in place to prevent and detect fraud; |
• |
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
• |
Challenging assumptions and judgements made by management in its accounting estimates; |
• |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
• |
Assessing the extent of compliance with the relevant laws and regulations. |
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
In-Excess UK Limited
trading as In-Excess
Independent Auditor's Report to the Members of In-Excess UK Limited
......................................
For and on behalf of
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Dorset
BH21 7SF
In-Excess UK Limited
trading as In-Excess
Profit and Loss Account for the Year Ended 31 January 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,682,382 |
719,113 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(371,966) |
(146,732) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
In-Excess UK Limited
trading as In-Excess
(Registration number: 04781355)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
11,607,844 |
10,805,036 |
|
Shareholders' funds |
11,608,844 |
10,806,036 |
Approved and authorised by the
......................................... |
In-Excess UK Limited
trading as In-Excess
Statement of Changes in Equity for the Year Ended 31 January 2024
Share capital |
Retained earnings |
Total |
|
At 1 February 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 January 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 February 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 January 2023 |
1,000 |
10,805,036 |
10,806,036 |
In-Excess UK Limited
trading as In-Excess
Statement of Cash Flows for the Year Ended 31 January 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Increase in trade debtors |
( |
( |
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
- |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 February |
|
|
|
Cash and cash equivalents at 31 January |
1,330,586 |
1,176,613 |
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements have been prepared in sterling which is the functional currency of the company.
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. The financial statements have therefore been prepared on a going concern basis.
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Valuation of provision for obsolete stock:
The provision for obsolete stock of £385,759 (2023: £332,218) is calculated on a percentage basis that reflects the length of time an item has been held in stock. The percentage basis represents the director's best estimate of the value of obsolete stock held by the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants of a revenue nature are recognised under the accruals model with in income recognised in the period that related costs are incurred and for which the grant is intended to compensate.
Foreign currency transactions and balances
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.
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
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.
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 of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Buildings |
2% Straight line |
Improvements to property |
15% reducing balance |
Plant & machinery |
25% reducing balance |
Fixtures & fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated on a straight-line basis over the useful economic life of 4 years.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
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 and work in progress 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Loss on disposal of Tangible assets |
( |
( |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Operating lease expense - plant and machinery |
|
|
Loss on disposal of property, plant and equipment |
|
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
- |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains/(losses) |
|
( |
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 February 2023 |
|
|
At 31 January 2024 |
|
|
Amortisation |
||
At 1 February 2023 |
|
|
At 31 January 2024 |
|
|
Carrying amount |
||
At 31 January 2024 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 February 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
- |
( |
At 31 January 2024 |
|
|
|
|
Depreciation |
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At 1 February 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
At 31 January 2024 |
|
|
|
|
Carrying amount |
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At 31 January 2024 |
|
|
|
|
At 31 January 2023 |
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|
|
|
Included within the net book value of land and buildings above is £9,400,264 (2023 - £10,280,184) in respect of freehold land and buildings and £1,186,656 (2023 - £1,182,959) in respect of long leasehold land and buildings.
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
361,604 |
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 February 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 January 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
800 |
|
800 |
|
|
200 |
|
200 |
|
|
|
|
Rights, preferences and restrictions
Ordinary £1 A Shares have the following rights, preferences and restrictions: |
Ordinary £1 B Shares have the following rights, preferences and restrictions: |
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Bank borrowings
National Westminster Bank PLC (NatWest) hold four charges dated 28 November 2018 over the assets of the company. |
Included in the loans and borrowings are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
|
|
- |
- |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Later than one year and not later than five years |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
Dividends |
Interim dividends paid
2024 |
2023 |
|
Interim dividend of £ |
|
|
Interim dividend of £ |
- |
|
|
|
Related party transactions |
Key management personnel
Key management personnel is considered to be the director.
Included within Other debtors is £597,599 being the balance on a loan made to the director by the company during the year. The loan is interest free and repayable on demand.
Key management compensation
2024 |
2023 |
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with key management
During the year, the company paid rent to the Chambers Family Trust in respect of the lease of business premises. Amounts paid to the trust were £125,000 (2023: £125,000).
The director is also a director and shareholder in George Barclay England Limited. During the year sales of £31,210 (2023: £34,298) and purchases of £36,537 (2023: £27,123) were made with this company. The transactions comprise general trading all of which took place under normal commercial terms. Included within Other Debtors is £200,828 (2023: £347,522) due from this entity.
Transactions with the director |
2024 |
Repayments to directors |
Loans by director |
At 31 January 2024 |
Mr C P Chambers |
|||
Loan to company |
|
( |
|
In-Excess UK Limited
trading as In-Excess
Notes to the Financial Statements for the Year Ended 31 January 2024
2023 |
Repayments to directors |
Loans by director |
At 31 January 2023 |
Mr C P Chambers |
|||
Loan to company |
|
( |
( |
Dividends paid to the director
2024 |
2023 |
|||
Mr C P Chambers |
||||
£1 ordinary "A" Shares |
95,000 |
30,000 |
||
Parent and ultimate parent undertaking |
The ultimate controlling party is