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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Company Information
for the year ended 31 May 2024
Company Number
02923936 (England and Wales)
Registered Office
Unit 16
Trostre Industrial Estate
Llanelli
Carmarthenshire
SA14 9UU
United Kingdom
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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Statement of financial position
as at 31 May 2024
Tangible assets
1,116,404
1,057,318
Inventories
588,355
630,000
Cash at bank and in hand
462,266
587,407
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
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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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.
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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.
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 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.
Expenditure on research and development is written off in the year in which it is incurred.
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.
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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
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
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
EXCEL PRECISION ENGINEERING SERVICES LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
64,246
72,500
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
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
218,433
341,929
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Average number of employees
During the year the average number of employees was 26 (2023: 29).