1 April 2023 v2024.64.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP044263402023-04-012024-03-31044263402024-03-31044263402023-03-3104426340core:WithinOneYear2024-03-3104426340core:WithinOneYear2023-03-3104426340core:AfterOneYear2024-03-3104426340core:AfterOneYear2023-03-3104426340core:ShareCapital2024-03-3104426340core:ShareCapital2023-03-3104426340core:RetainedEarningsAccumulatedLosses2024-03-3104426340core:RetainedEarningsAccumulatedLosses2023-03-3104426340bus:Director12023-04-012024-03-3104426340bus:RegisteredOffice2023-04-012024-03-3104426340core:PlantMachinery2023-04-012024-03-3104426340core:FurnitureFittingsToolsEquipment2023-04-012024-03-3104426340core:MotorVehicles2023-04-012024-03-31044263402022-04-012023-03-3104426340core:IntangibleAssetsOtherThanGoodwill2024-03-3104426340core:IntangibleAssetsOtherThanGoodwill2023-03-3104426340core:PlantMachinery2023-04-0104426340core:PlantMachinery2024-03-3104426340core:PlantMachinery2023-03-310442634012023-04-012024-03-3104426340countries:EnglandWales2023-04-012024-03-3104426340bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3104426340bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104426340bus:SmallEntities2023-04-012024-03-3104426340bus:FullAccounts2023-04-012024-03-31
Company registration number:
04426340
Excel Pipelines Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Excel Pipelines Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Excel Pipelines Limited
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Excel Pipelines Limited
for the year ended
31 March 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Excel Pipelines Limited
, as a body, in accordance with the terms of my engagement letter dated 13 April 2023. My work has been undertaken solely to prepare for your approval the
financial statements
of
Excel Pipelines Limited
and state those matters that I have agreed to state to the Board of Directors of
Excel Pipelines Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Excel Pipelines Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Excel Pipelines 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
Excel Pipelines Limited
. You consider that
Excel Pipelines Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Excel Pipelines Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Real Time Accountants
Anson House
1 Cae'r Llynen
Llandudno Junction
Conwy
LL31 9LS
United Kingdom
Excel Pipelines Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Intangible assets 5
32,588
 
32,588
 
Tangible assets 6
365,439
 
341,164
 
398,027
 
373,752
 
Current assets    
Stocks
45,000
 
45,000
 
Debtors 7
435,678
 
403,797
 
Cash at bank and in hand
(40,564
)
(24,267
)
440,114
 
424,530
 
Creditors: amounts falling due within one year 8
(164,142
)
(159,823
)
Net current assets
275,972
 
264,707
 
Total assets less current liabilities 673,999   638,459  
Creditors: amounts falling due after more than one year 9
(157,552
)
(190,932
)
Provisions for liabilities
(69,433
)
(64,821
)
Net assets
447,014
 
382,706
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
446,914
 
382,606
 
Shareholders funds
447,014
 
382,706
 
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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 their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
3 December 2024
, and are signed on behalf of the board by:
Ian McDonald
Director
Company registration number:
04426340
Excel Pipelines Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 1, Mochdre Business Park
,
Station Road
,
Mochdre
,
Colwyn Bay
,
LL28 5EF
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
9
(2023:
18.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 April 2023
and
31 March 2024
32,588
 
Amortisation  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
32,588
 
At 31 March 2023
32,588
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
743,156
 
Additions
103,890
 
Disposals
(65,000
)
At
31 March 2024
782,046
 
Depreciation  
At
1 April 2023
401,992
 
Charge
68,046
 
Disposals
(53,431
)
At
31 March 2024
416,607
 
Carrying amount  
At
31 March 2024
365,439
 
At 31 March 2023
341,164
 

7 Debtors

20242023
££
Trade debtors
319,954
 
265,145
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
67,679
 
69,041
 
Other debtors
48,045
 
69,611
 
435,678
 
403,797
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
30,000
 
30,000
 
Trade creditors
27,574
 
71,669
 
Taxation and social security
24,824
 
6,561
 
Other creditors
81,744
 
51,593
 
164,142
 
159,823
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
68,358
 
95,584
 
Other creditors
89,194
 
95,348
 
157,552
 
190,932
 

10 Director's advances, credit and guarantees

Included within Debtors is a director loan of £21,196 (2022: £42,489). During the year, the amount advanced was £46,857 and the amount repaid was £68,150. The loan is unsecured, interest free and repayable on demand.