Company Registration No. SC444843 (Scotland)
EXCEED PERFORMANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
EXCEED PERFORMANCE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
EXCEED PERFORMANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
7
1,462
3,577
Current assets
Trade and other receivables
8
352,317
465,847
Cash and cash equivalents
595,047
332,089
947,364
797,936
Current liabilities
Trade and other payables
10
712,155
291,952
Current tax payable
14,401
30,740
726,556
322,692
Net current assets
220,808
475,244
Total assets less current liabilities
222,270
478,821
Net assets
222,270
478,821
Equity
Called up share capital
11
100
100
Retained earnings
12
222,170
478,721
Total equity
222,270
478,821
The director of the company has elected not to include a copy of the income statement within the financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on
29 November 2024
29 November 2024
and are signed on its behalf by:
Mr Ian Mills
Director
Company Registration No. SC444843
- 1 -
EXCEED PERFORMANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 March 2022
100
415,155
415,255
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
281,566
281,566
Dividends
5
-
(218,000)
(218,000)
Balance at 28 February 2023
100
478,721
478,821
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
215,949
215,949
Dividends
5
-
(350,000)
(350,000)
Other movements
-
(122,500)
(122,500)
Balance at 29 February 2024
100
222,170
222,270
- 2 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
Company information

Exceed Performance Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is 1 Rubislaw Terrance, Aberdeen, AB10 1XE. The activities continue to be the provision of performance improvement consultancy services. The company is a subsidiary of Exceed (XCD) Holdings Limited which prepares consolidated financial statements in which the company is included. The consolidated financial statements of Exceed (XCD) Holdings Limited are available from UK Companies House.

1.1
Accounting convention

The financial statements of the company for the year ended 29 February 2024 were authorised for issue by the board of directors on the date per the statement of financial position on page 8, and were signed on the board's behalf by Mr Ian Mills. The financial statements have been prepared in accordance with FRS 101 'Reduced Disclosure Framework' ("FRS 101") and using the historical cost convention. Monetary amounts in these financial statements are rounded to the nearest £ unless otherwise stated.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted International Accounting Standards, but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions have been taken:

 

The company has taken advantage of the following disclosure exemptions under FRS 101:

 

Where required, equivalent disclosures are given in the consolidated financial statements of Exceed (XCD) Holdings Limited. These consolidated financial statements can be obtained via the Companies House website (https://find-and-update.company-information.service.gov.uk/). Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.

New accounting standards

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements requiring that an entity discloses its material accounting policies, instead of its significant accounting policies. There are no other amendments to accounting standards or IFRIC interpretations that are effective for the year ended 29 February 2024 that have had a material impact on the company.

1.2
Going concern

At the time of approving the financial statementstrue and having considered external market conditions coupled with the company's and wider Exceed Group's financial forecasts, the directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore have made the informed judgement, at the same time as approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this informed judgement, the directors have considered a period of at least 12 months from the date of approval of the financial statements. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

- 3 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.3
Revenue

Revenue from providing services is recognised in the accounting period in which the services are rendered and is measured at the fair value of the consideration received or receivable and represents amounts receivable for services supplied, stated net of discounts and value added taxes. The company recognises revenue when performance obligations have been satisfied and for the company this is when the services have transferred to the customer. This is based on the actual service provided to the end of the reporting period, determined based on actual labour hours spent and rates specified within the contract with the customer.

 

The company also incurs expenses on behalf of customers, which are then billed onto the customer, generally at no margin. In this scenario the company is considered acting as agent for the customer and as such mere reimbursement expenses are netted off within cost of sales, rather than be recorded as revenue.

1.4
Intangible assets other than goodwill

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the necessary technical, commercial and measurement criteria for capitalisation are met. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.

 

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Software is amortised at 50% straight line.

1.5
Property, plant and equipment

Property, plant and equipment 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:

Office equipment
33% 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 recognised in the income statement.

The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the income statement.

- 4 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.6
Impairment of non-financial assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity of three months or less.

- 5 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.8
Financial assets

The company classifies its financial assets into the following categories: at fair value through profit or loss ("FVTPL), at fair value through comprehensive income ("FVOCI") and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. The company has no financial assets classified at FVTPL, FVOCI or any derivative financial instruments.

 

i. Financial assets at amortised cost

 

The company classified its financial assets as at amortised cost only if both of the following criteria are met:

 

ii. Impairment of financial assets

 

Assets carried at amortised cost

 

The company assesses, at the end of each reporting period, whether there is objective evidence that a financial asset or group of financial assets is impaired. Refer to the note below.

 

iii. Trade and other receivables

 

Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets.

 

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

 

The company applies the IFRS 9 Financial Instruments simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

 

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

1.9
Trade and other creditors

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Dividend distributions to the company’s shareholders are recognised as a liability in the company’s Financial Statements in the period in which the dividends are approved by the company’s shareholders.

- 6 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.11
Taxation

The tax expense 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. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.

 

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised on an undiscounted basis.

 

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.

 

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

1.12
Foreign exchange

The company’s financial statements are presented in sterling, which is also the company’s functional currency.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

 

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.

2
Critical accounting estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.

- 7 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2024
2023
Number
Number
Management, Engineering and Administration
9
8
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
176,400
173,672
Directors' social security costs
23,079
23,909
199,479
197,581
5
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
A ordinary shares
Interim dividend paid
3,500.00
3,000.00
245,000
210,000
B ordinary shares
Interim dividend paid
3,500.00
400.00
70,000
8,000
C ordinary shares
Interim dividend paid
3,500.00
-
35,000
-
Total dividends
Interim dividends paid
350,000
218,000

A catch-up adjustment of £122,500 was made to reserves representing historic dividends declared from the company but not recognised in previous financial statements.

- 8 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Intangible fixed assets
Software
£
Cost
At 28 February 2023
32,638
At 29 February 2024
32,638
Amortisation and impairment
At 28 February 2023
32,638
At 29 February 2024
32,638
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
-
0
7
Property, plant and equipment
Office equipment
£
Cost
At 28 February 2023
27,902
At 29 February 2024
27,902
Accumulated depreciation and impairment
At 28 February 2023
24,325
Charge for the year
2,115
At 29 February 2024
26,440
Carrying amount
At 29 February 2024
1,462
At 28 February 2023
3,577
- 9 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
8
Trade and other receivables
2024
2023
£
£
Trade receivables
279,970
327,458
Other receivables
1,324
1,948
Amounts owed by fellow group undertakings
18,623
108
Prepayments and accrued income
52,400
136,333
352,317
465,847

 

Amounts due from group undertakings are unsecured, interest free and repayable on demand.

9
Liabilities
2024
2023
Notes
£
£
Trade and other payables
10
668,780
249,501
Taxation and social security
43,375
42,451
712,155
291,952
10
Trade and other payables
2024
2023
£
£
Trade payables
23,326
19,048
Amounts owed to fellow group undertakings
466,502
123,869
Accruals and deferred income
171,744
100,076
Other payables
7,208
6,508
668,780
249,501

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
70
70
70
70
B ordinary shares of £1 each
20
20
20
20
C ordinary shares of £1 each
10
10
10
10
100
100
100
100

All share classes have equal voting rights and rank pari passu.

- 10 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12
Retained earnings

Retained earnings reflect the aggregate of all profits and losses recognised through the income statement, less dividends paid throughout all periods up to the balance sheet date.

13
Financial commitments, guarantees and contingent liabilities

There is a floating charge, held by the bank, over the company’s assets.

 

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Stephen McIlwaine and the auditor was Johnston Carmichael LLP.
15
Controlling party

The immediate and ultimate parent of the company is Exceed (XCD) Holdings Limited. Exceed (XCD) Holdings Limited is a company registered in Scotland and is the smallest and largest group to prepare consolidated financial statements, which includes the company's financial results. Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.

- 11 -
EXCEED PERFORMANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16
Related party transactions
Other transactions with related parties

The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned members of the group.

 

 

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with joint control or significant influence over the company
-
0
60
370,821
335,116
Other related parties
7,198
32,551
24,810
11,082
7,198
32,611
395,631
346,198

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
Entities with joint control or significant influence over the company
465,002
122,369
Other related parties
1,500
2,583
466,502
124,952

Intercompany balances are interest free and repayable on demand.

 

Other related parties relate to fellow subsidiary companies within the Exceed (XCD) Holdings Limited group.

 

The following amounts were outstanding at the reporting end date:

Amounts owed from related parties
2024
2023
£
£
Other related parties
18,623
1,434

Intercompany balances are interest free and repayable on demand.

 

Other related parties relate to fellow subsidiary companies within the Exceed (XCD) Holdings Limited group.

 

- 12 -
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