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Registered number: 11052537
Exceed Properties Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 November 2024
Elsby and Company Ltd
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors C J Boto
N C Boto
Company Number 11052537
Registered Office 8 Donne Close
Higham Ferrers
Rushden
Northamptonshire
NN10 8PF
Accountants Elsby and Company Ltd
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB
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Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 November 2024.
Directors
The directors who held office during the year were as follows:
C J Boto
N C Boto
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
C J Boto
Director
4th March 2025
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Page 3
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Exceed Properties Limited for the year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Exceed Properties Limited for the year ended 30 November 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Exceed Properties Limited , as a body, in accordance with the terms of our engagement letter dated 29 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Exceed Properties Limited and state those matters that we have agreed to state to the directors of Exceed Properties Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exceed Properties Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Exceed Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Exceed Properties Limited . You consider that Exceed Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Exceed Properties Limited . 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 financial statements.
Signed
4th March 2025
Elsby and Company Ltd
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 43,135 41,133
Cost of sales (7,708 ) (5,028 )
GROSS PROFIT 35,427 36,105
Administrative expenses (1,218 ) (1,944 )
OPERATING PROFIT 34,209 34,161
Profit on revaluation of investment property 92,349 -
Interest payable and similar charges (21,579 ) (28,620 )
PROFIT BEFORE TAXATION 104,979 5,541
Tax on Profit (19,966 ) (1,053 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 85,013 4,488
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 870,000 777,651
870,000 777,651
CURRENT ASSETS
Debtors 5 460 711
Cash at bank and in hand 22,104 10,042
22,564 10,753
Creditors: Amounts Falling Due Within One Year 6 (174,731 ) (173,131 )
NET CURRENT ASSETS (LIABILITIES) (152,167 ) (162,378 )
TOTAL ASSETS LESS CURRENT LIABILITIES 717,833 615,273
Creditors: Amounts Falling Due After More Than One Year 7 (517,926 ) (517,926 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (30,978 ) (13,432 )
NET ASSETS 168,929 83,915
CAPITAL AND RESERVES
Called up share capital 9 400 400
Fair value reserve 10 132,066 57,263
Profit and Loss Account 36,463 26,252
SHAREHOLDERS' FUNDS 168,929 83,915
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For the year ending 30 November 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
C J Boto
Director
4th March 2025
The notes on pages 7 to 9 form part of these financial statements.
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Page 7
Notes to the Financial Statements
1. General Information
Exceed Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11052537 . The registered office is 8 Donne Close, Higham Ferrers, Rushden, Northamptonshire, NN10 8PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
Base rental revenue from rental properties is recognized over a straight-line basis over the term of the related rental period.
2.3. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2.4. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Investment Property
2024
£
Fair Value
As at 1 December 2023 777,651
Revaluations 92,349
As at 30 November 2024 870,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 706,956 706,956
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 460 711
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,388 1,004
Accruals and deferred income 3,565 3,605
Directors' loan accounts 168,778 168,522
174,731 173,131
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans more 5 years 517,926 517,926
8. Secured Creditors
Of the creditors the following amounts are secured.
The bank loans are secured by fixed charges over the company's investment properties
2024 2023
£ £
Bank loans and overdrafts 517,926 517,926
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
10. Reserves
Fair Value Reserve
£
As at 1 December 2023 57,263
Movements in fair value reserve 74,803
As at 30 November 2024 132,066
The fair value reserve, totalling £132,066, is undistributable.
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