Company Registration No. 10493361 (England and Wales)
EXCEED MPR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
EXCEED MPR LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
EXCEED MPR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
374
872
Current assets
Trade and other receivables
7
445,273
121,041
Cash and cash equivalents
344,817
673,916
790,090
794,957
Current liabilities
8
(303,179)
(160,287)
Net current assets
486,911
634,670
Total assets less current liabilities
487,285
635,542
Non-current liabilities
8
(100,000)
Provisions for liabilities
Deferred tax liabilities
11
(6,133)
Net assets
487,285
529,409
Equity
Called up share capital
12
1
1
Retained earnings
13
487,284
529,408
Total equity
487,285
529,409
The directors of the company have elected not to include a copy of the income statement within the 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 financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr Ian Mills
Director
Company Registration No. 10493361
- 1 -
EXCEED MPR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 March 2022
1
391,417
391,418
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
137,991
137,991
Balance at 28 February 2023
1
529,408
529,409
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
57,876
57,876
Dividends
-
(100,000)
(100,000)
Balance at 29 February 2024
1
487,284
487,285
- 2 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
Company information
Exceed MPR Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office is 33 Tubby Walk, Lowestoft, United Kingdom, NR32 4GY. The activities continue to be the provision of managed pressure drilling 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 £.
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.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
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 these financial statements. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
- 3 -
EXCEED MPR 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:
Fixtures and fittings
25% - 33% 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 recognised in the income statement.
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.
- 4 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
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 cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
- 5 -
EXCEED MPR 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 other 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
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
- 6 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Foreign exchange
The company's financial statements are presented in sterling, which is the company's functional currency.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management, Engineering and Administration
5
6
- 7 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Employees
(Continued)
Certain staff costs are borne by the parent company, Exceed (XCD) Holdings Limited. A management fee is charged to allocate this from the parent to the company. For the year ended 29 February 2024, this was £157,891 (2023: 177,830).
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
182,623
26,146
Company pension contributions to defined contribution schemes
13,644
1,830
196,267
27,976
5
Intangible fixed assets
Software
£
Cost
At 28 February 2023
25,040
At 29 February 2024
25,040
Amortisation and impairment
At 28 February 2023
25,040
Charge for the year
At 29 February 2024
25,040
Carrying amount
At 29 February 2024
At 28 February 2023
- 8 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Property, plant and equipment
Fixtures and fittings
£
Cost
At 28 February 2023
2,800
Additions
At 29 February 2024
2,800
Accumulated depreciation and impairment
At 28 February 2023
1,928
Charge for the year
498
At 29 February 2024
2,426
Carrying amount
At 29 February 2024
374
At 28 February 2023
872
7
Trade and other receivables
2024
2023
£
£
Trade receivables
178,709
78,531
VAT recoverable
14,367
-
Other receivables
-
25,888
Prepayments and accrued income
252,197
16,622
445,273
121,041
8
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Borrowings
9
125,280
52,530
100,000
Trade and other payables
10
142,643
39,714
Taxation and social security
35,256
68,043
303,179
160,287
-
100,000
- 9 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Borrowings
2024
2023
£
£
Unsecured borrowings at amortised cost
Directors' loans
25,280
52,530
Loans from parent undertaking
100,000
100,000
125,280
152,530
Analysis of borrowings
No securities have been provided over the borrowings, which are interest-free.
2024
2023
£
£
Current liabilities
125,280
52,530
Non-current liabilities
100,000
125,280
152,530
10
Trade and other payables
2024
2023
£
£
Trade payables
75,012
20,180
Amounts owed to fellow group undertakings
67,603
13,169
Other payables
28
6,365
142,643
39,714
Amounts due to group undertakings are unsecured, interest free and repayable on demand.
- 10 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
ACA's
£
Deferred tax liability at 1 March 2022
6,000
Deferred tax movements in prior year
Charge/(credit) to profit or loss
133
Deferred tax liability at 1 March 2023
6,133
Deferred tax movements in current year
Charge/(credit) to profit or loss
(6,133)
Deferred tax liability at 29 February 2024
The deferred tax liability represents temporary timing differences. Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
12
Share capital
2024
2023
£
£
Issued and fully paid
5,010 A ordinary shares of £0.0001 each
1
1
4,990 B ordinary shares of £0.0001 each
-
-
1
1
All share classes have equal voting rights and rank pari passu.
13
Retained earnings
Retained earnings reflect the aggregate of all profit and losses recognised through the income statement, less dividends paid throughout all periods up to the balance sheet date.
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.
- 11 -
EXCEED MPR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
15
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge, held by the bank, over the company's assets.
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.
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with joint control or significant influence over the company
45,962
212,844
282,670
Other related parties
15,561
102
45,962
228,405
282,772
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
167,603
113,169
Key management personnel
25,280
192,883
113,169
Other related parties relate to fellow subsidiary companies within the Exceed (XCD) Holdings Limited group.
17
Directors' transactions
During the year £27,250 (2023: £26,250) was repaid to the business from a director. At the year end £25,280 (2023: £52,530) was due to the directors.
18
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.
- 12 -
2024-02-292023-03-01Mr Ian MillsMr James DoranMr James ParrMr Alistair BrockiefalsefalseCCH SoftwareiXBRL Review & Tag 2024.2No description of principal activity2024-11-29104933612023-03-012024-02-29104933612024-02-2910493361core:ContinuingOperations2024-02-29104933612023-02-2810493361core:FurnitureFittings2024-02-2910493361core:FurnitureFittings2023-02-2810493361core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2910493361core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2810493361core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2910493361core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2810493361core:AcceleratedTaxDepreciationDeferredTax2022-02-2810493361core:AcceleratedTaxDepreciationDeferredTax2023-02-2810493361core:AcceleratedTaxDepreciationDeferredTax2024-02-2910493361core:ShareCapital2024-02-2910493361core:ShareCapital2023-02-2810493361core:RetainedEarningsAccumulatedLosses2024-02-2910493361core:RetainedEarningsAccumulatedLosses2023-02-28104933612022-02-2810493361core:ShareCapitalOrdinaryShares2024-02-2910493361core:ShareCapitalOrdinaryShares2023-02-2810493361bus:Director12023-03-012024-02-2910493361core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2810493361core:RetainedEarningsAccumulatedLosses2023-03-012024-02-29104933612022-03-012023-02-2810493361core:ComputerSoftware2023-02-2810493361core:ComputerSoftware2024-02-2910493361core:ComputerSoftware2023-02-2810493361core:ComputerSoftware2023-03-012024-02-2910493361core:FurnitureFittings2023-02-2810493361core:FurnitureFittings2023-03-012024-02-2910493361core:CurrentFinancialInstruments2024-02-2910493361core:CurrentFinancialInstruments2023-02-2810493361core:Non-currentFinancialInstruments2024-02-2910493361core:Non-currentFinancialInstruments2023-02-2810493361core:FinancialLiabilitiesAmortisedCostcore:Unsecured12024-02-2910493361core:FinancialLiabilitiesAmortisedCostcore:Unsecured2024-02-2910493361core:FinancialLiabilitiesAmortisedCostcore:Unsecured2023-02-2810493361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchasePropertyOrOtherAssets2024-02-2910493361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2023-02-2810493361core:OtherRelatedPartiescore:SaleOrPurchaseGoods2024-02-2910493361core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-02-2810493361core:SaleOrPurchaseGoods2024-02-2910493361core:SaleOrPurchaseGoods2023-02-2810493361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2024-02-2910493361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-02-2910493361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-02-2810493361core:KeyManagementPersonnel2024-02-2910493361core:KeyManagementPersonnel2023-02-2810493361bus:PrivateLimitedCompanyLtd2023-03-012024-02-2910493361bus:FRS1012023-03-012024-02-2910493361bus:Audited2023-03-012024-02-2910493361bus:Director22023-03-012024-02-2910493361bus:Director32023-03-012024-02-2910493361bus:Director42023-03-012024-02-2910493361bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2910493361bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP