Company registration number 04545040 (England and Wales)
X-CEL CONSTRUCT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
X-CEL CONSTRUCT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
X-CEL CONSTRUCT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF X-CEL CONSTRUCT LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of X-Cel Construct Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of X-Cel Construct Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of X-Cel Construct Limited and state those matters that we have agreed to state to the board of directors of X-Cel Construct Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than X-Cel Construct Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that X-Cel Construct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of X-Cel Construct Limited. You consider that X-Cel Construct Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of X-Cel Construct Limited. 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 statutory financial statements.
Taylor Dawson Plumb Limited
30 October 2024
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
X-CEL CONSTRUCT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,136
23,823
Investment property
4
600,000
600,000
617,136
623,823
Current assets
Stocks
1,000
1,000
Debtors
5
1,252,705
2,567,800
Cash at bank and in hand
2,053,987
2,083,249
3,307,692
4,652,049
Creditors: amounts falling due within one year
6
(1,872,978)
(3,767,040)
Net current assets
1,434,714
885,009
Total assets less current liabilities
2,051,850
1,508,832
Creditors: amounts falling due after more than one year
7
(102,120)
(125,906)
Provisions for liabilities
(19,190)
(20,862)
Net assets
1,930,540
1,362,064
Capital and reserves
Called up share capital
10
80
100
Revaluation reserve
11
234,530
234,530
Capital redemption reserve
20
Profit and loss reserves
1,695,910
1,127,434
Total equity
1,930,540
1,362,064
The notes on pages 4 to 9 form part of these financial statements.
X-CEL CONSTRUCT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
I B Winfield
Director
Company registration number 04545040 (England and Wales)
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
X-Cel Construct Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marshall House, Heanor Gate Road, Heanor, Derbyshire, DE75 7RG.
1.1
Accounting convention
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.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised by the company in respect of goods and services provided in the normal course of business, and is shown net of VAT and trade discounts.
1.3
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 equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
25% straight line
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.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Investment properties are included in the balance sheet at their fair market value in accordance with the provisions of Section 1A "Small Entities" of a Financial Reporting Standard 102 and are not depreciated.
In the opinion of the Directors, departure from the Companies Act 2006 requirement to provide depreciation on fixed assets with a limited useful economic life is necessary to present a true and fair view as such properties are not held for consumption but for investment. Depreciation is the only one amongst many factors reflected in the valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving stocks.
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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 timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Contract work in progress
Profit on contract work in progress is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
77,814
Additions
2,111
At 31 January 2024
79,925
Depreciation and impairment
At 1 February 2023
53,991
Depreciation charged in the year
8,798
At 31 January 2024
62,789
Carrying amount
At 31 January 2024
17,136
At 31 January 2023
23,823
Included within the net book value above are motor vehicles held under finance leases amounting to £13,678 (2023: £21,139).
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
600,000
The freehold investment property was revalued by the Directors at the year end at a valuation of £600,000 (2023: £600,000)
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
372,876
1,045,548
Amounts recoverable on contracts
625,602
1,281,771
Amounts owed by group undertakings
199,719
198,708
Other debtors
54,508
41,773
1,252,705
2,567,800
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,000
19,000
Trade creditors
491,680
459,101
Taxation and social security
662,441
389,652
Other creditors
699,857
2,899,287
1,872,978
3,767,040
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
93,863
111,979
Other creditors
8,257
13,927
102,120
125,906
8
Secured debts
2024
2023
£
£
Bank loans
112,863
130,979
Finance leases
14,510
20,180
127,373
151,159
Payable within one year
25,253
25,253
Payable after one year
102,120
125,906
Bank loans are secured by a fixed and floating charge over the assets of the company whilst obligations under a finance lease are secured over the asset to which it relates.
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,284
5,956
Investment property
14,906
14,906
19,190
20,862
2024
Movements in the year:
£
Liability at 1 February 2023
20,862
Credit to profit or loss
(1,672)
Liability at 31 January 2024
19,190
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A,B,C of £1 each
60
80
60
80
Non Voting P of £1 each
20
20
20
20
80
100
80
100
During the year the company purchased back the 10 Ordinary B shares and 10 Ordinary C shares.
11
Revaluation reserve
The revaluation reserve represents the non distributable fair value uplift on the investment property less the associated deferred taxation liability.
12
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
I B Winfield - Loan account
35,123
115,102
(105,000)
45,225
35,123
115,102
(105,000)
45,225
X-CEL CONSTRUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Directors' transactions
(Continued)
- 9 -
The overdrawn balance has been cleared following the year end through the declaration of dividends.
13
Off-Balance sheet arrangements
As at 31 January 2024 minimum lease receipts due to the company under non-cancellable operating leases totalled £23,805 (2023: £71,805).