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Company Registration No. 02923936 (England and Wales)
EXCEL PRECISION ENGINEERING SERVICES LIMITED Unaudited accounts for the year ended 31 May 2024
EXCEL PRECISION ENGINEERING SERVICES LIMITED Unaudited accounts Contents
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Company Information for the year ended 31 May 2024
Director
Eirian Davies
Company Number
02923936 (England and Wales)
Registered Office
Unit 16 Trostre Industrial Estate Llanelli Carmarthenshire SA14 9UU United Kingdom
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Accountants' report on the preparation of the unaudited statutory statements of EXCEL PRECISION ENGINEERING SERVICES LIMITED (The Company) for the year ended 31 May 2024
In order to assist you as the sole director to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 May 2024 which comprises of the profit and loss account, the balance sheet, and explanatory notes from the company's accounting records and from information and explanations which you have provided us with.
As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.
This report is made solely to you as the sole director of the company, in accordance with the terms of our letter of engagement dated . Our work has been undertaken solely to prepare for your approval the financial statements of the company, and state those matters that we have agreed to state to you, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and you as the sole director for our work or for this report.
It is your duty to ensure that the company 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 financial performance of the company. You consider that the company is exempt from the statutory audit requirement for the year ended 31 May 2024.
We have not been instructed to carry out any assurance service on the financial statements of the company. 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.
Financial Accountants 17 January 2025
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,116,404 
1,057,318 
Current assets
Inventories
588,355 
630,000 
Debtors
283,063 
467,492 
Cash at bank and in hand
462,266 
587,407 
1,333,684 
1,684,899 
Creditors: amounts falling due within one year
(443,345)
(628,721)
Net current assets
890,339 
1,056,178 
Total assets less current liabilities
2,006,743 
2,113,496 
Creditors: amounts falling due after more than one year
(218,433)
(341,929)
Net assets
1,788,310 
1,771,567 
Capital and reserves
Called up share capital
100,000 
100,000 
Profit and loss account
1,688,310 
1,671,567 
Shareholders' funds
1,788,310 
1,771,567 
For the year ending 31 May 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 January 2025 and were signed on its behalf by
Eirian Davies Director Company Registration No. 02923936
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
EXCEL PRECISION ENGINEERING SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02923936. The registered office is Unit 16, Trostre Industrial Estate, Llanelli, Carmarthenshire, SA14 9UU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
in accordance with property
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 June 2023
60,605 
2,229,157 
103,457 
36,868 
52,600 
2,482,687 
Additions
281,042 
6,311 
- 
- 
- 
287,353 
Disposals
- 
(216,232)
- 
- 
- 
(216,232)
At 31 May 2024
341,647 
2,019,236 
103,457 
36,868 
52,600 
2,553,808 
Depreciation
At 1 June 2023
20,629 
1,264,627 
56,554 
35,629 
47,930 
1,425,369 
Charge for the year
930 
185,406 
9,380 
248 
934 
196,898 
On disposals
- 
(184,863)
- 
- 
- 
(184,863)
At 31 May 2024
21,559 
1,265,170 
65,934 
35,877 
48,864 
1,437,404 
Net book value
At 31 May 2024
320,088 
754,066 
37,523 
991 
3,736 
1,116,404 
At 31 May 2023
39,976 
964,530 
46,903 
1,239 
4,670 
1,057,318 
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EXCEL PRECISION ENGINEERING SERVICES LIMITED Notes to the Accounts for the year ended 31 May 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
273,083 
457,698 
Amounts due from group undertakings etc.
- 
696 
Accrued income and prepayments
9,284 
9,098 
Other debtors
696 
- 
283,063 
467,492 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
64,246 
72,500 
VAT
52,049 
56,808 
Obligations under finance leases and hire purchase contracts
60,490 
129,772 
Trade creditors
115,116 
309,012 
Taxes and social security
25,687 
26,243 
Other creditors
93,750 
23,096 
Loans from directors
290 
7,290 
Accruals
31,717 
4,000 
443,345 
628,721 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
218,433 
341,929 
8
Average number of employees
During the year the average number of employees was 26 (2023: 29).
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