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COMPANY REGISTRATION NUMBER: 04680238
Exel Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Exel Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Exel Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
142,093
36,864
Current assets
Stocks
411,086
411,086
Debtors
5
11,802
27,489
---------
---------
422,888
438,575
Creditors: amounts falling due within one year
6
466,436
340,359
---------
---------
Net current (liabilities)/assets
( 43,548)
98,216
---------
---------
Total assets less current liabilities
98,545
135,080
Creditors: amounts falling due after more than one year
7
6,623
11,587
Provisions
Taxation including deferred tax
14,539
7,004
--------
---------
Net assets
77,383
116,489
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
77,283
116,389
--------
---------
Shareholders funds
77,383
116,489
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Exel Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr S Hobday
Director
Company registration number: 04680238
Exel Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
Exel Properties Limited is a private company limited by shares, registered in the United Kingdom number 04680238 . Its registered office is Greenhouse Farm, Off Clough End Road, Haslingden, Lancashire,BB4 5UB. The principal activity of the company during the year was that of general builders and property development.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
6,659
88,409
74,144
169,212
Additions
93,267
36,431
129,698
Disposals
( 38,099)
( 38,099)
--------
-------
--------
---------
---------
At 31 March 2024
93,267
6,659
50,310
110,575
260,811
--------
-------
--------
---------
---------
Depreciation
At 1 April 2023
6,007
64,803
61,538
132,348
Charge for the year
9,327
98
5,306
7,356
22,087
Disposals
( 35,717)
( 35,717)
--------
-------
--------
---------
---------
At 31 March 2024
9,327
6,105
34,392
68,894
118,718
--------
-------
--------
---------
---------
Carrying amount
At 31 March 2024
83,940
554
15,918
41,681
142,093
--------
-------
--------
---------
---------
At 31 March 2023
652
23,606
12,606
36,864
--------
-------
--------
---------
---------
5. Debtors
2024
2023
£
£
Other debtors
11,802
27,489
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
324,740
328,776
Trade creditors
812
458
Amounts owed to group undertakings and undertakings in which the company has a participating interest
125,000
( 15,000)
Social security and other taxes
15,283
Other creditors
15,884
10,842
---------
---------
466,436
340,359
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,623
11,587
-------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Hobday
25,278
( 30,170)
( 4,892)
--------
----
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Hobday
27,156
25,278
( 27,156)
25,278
--------
--------
--------
--------
9. Related party transactions
The company was under the control of Mr S P Hobday throughout the current and previous year. Mr S P Hobday is the managing director and majority shareholder. During the year, Exel Properties Limited entered into transactions with Greenhouse Farm Nursery Limited, a company with common directors. Exel Properties Limited provided building services to Greenhouse Farm Limited with a total value of £24,072 (2023: £78,553). These transactions took place under normal market conditions. The company has loan outstanding from Greenhouse Farm Nursery Limited, a company with common directors, of £125,000 (2023: (£15,000)). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.