Company registration number 02666765 (England and Wales)
COLSON X-CEL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COLSON X-CEL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
COLSON X-CEL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
673,146
709,553
Current assets
Stocks
584,560
479,298
Debtors
5
1,252,338
1,077,304
Cash at bank and in hand
657,614
1,734,442
2,494,512
3,291,044
Creditors: amounts falling due within one year
6
(383,198)
(727,257)
Net current assets
2,111,314
2,563,787
Total assets less current liabilities
2,784,460
3,273,340
Provisions for liabilities
(108,200)
(110,000)
Net assets
2,676,260
3,163,340
Capital and reserves
Called up share capital
7
155,000
155,000
Profit and loss reserves
2,521,260
3,008,340
Total equity
2,676,260
3,163,340

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
L Wright
Director
Company registration number 02666765 (England and Wales)
COLSON X-CEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
155,000
2,081,116
2,236,116
Effect of prior year error
-
(224,312)
(224,312)
As restated
155,000
1,856,804
2,011,804
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,251,635
1,251,635
Dividends
-
(100,099)
(100,099)
Balance at 31 March 2024
155,000
3,008,340
3,163,340
Period ended 31 December 2024:
Profit and total comprehensive income
-
112,920
112,920
Dividends
-
(600,000)
(600,000)
Balance at 31 December 2024
155,000
2,521,260
2,676,260
COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Colson X-Cel Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Unit 3A Brindley Way, Catcliffe, Rotherham, S60 5FS.

1.1
Reporting period

The reporting period is a 9 month period ending 31 December 2024. The comparative period is the 12 months to 31 March 2024 and as such, the prior period figures are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company makes a provision for slow moving or obsolete stock using a matrix sliding scale based on the date stock was last used and the number of years of excess stock held. Actual outcomes could vary significantly from these estimates.

Manufactured stock - labour and overhead absorption

The company uses historical experience and costs along with management estimates and assumptions to absorb labour and overheads into the cost of manufactured stock. Actual outcomes could vary significantly from these estimates.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

December
March
2024
2024
Number
Number
Total
41
41
COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
1,378,373
157,016
173,374
1,708,763
Additions
10,077
18,398
20,739
49,214
At 31 December 2024
1,388,450
175,414
194,113
1,757,977
Depreciation and impairment
At 1 April 2024
791,637
45,313
162,260
999,210
Depreciation charged in the period
66,330
12,940
6,351
85,621
At 31 December 2024
857,967
58,253
168,611
1,084,831
Carrying amount
At 31 December 2024
530,483
117,161
25,502
673,146
At 31 March 2024
586,736
111,703
11,114
709,553
5
Debtors
December
March
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
1,113,166
935,940
Corporation tax recoverable
43,494
-
0
Other debtors
7,065
121,936
Prepayments and accrued income
88,613
19,428
1,252,338
1,077,304
6
Creditors: amounts falling due within one year
December
March
2024
2024
£
£
Trade creditors
219,408
201,838
Amounts owed to group undertakings
37,494
-
0
Corporation tax
-
0
368,774
Other taxation and social security
40,303
95,114
Other creditors
9,514
10,501
Accruals and deferred income
76,479
51,030
383,198
727,257

Amounts owed to group undertakings are unsecured, bearing no interest and repayable on demand.

COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
7
Called up share capital
December
March
December
March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
146,000
146,000
146,000
146,000
Ordinary B shares of £1 each
3,000
3,000
3,000
3,000
Ordinary C shares of £1 each
6,000
6,000
6,000
6,000
155,000
155,000
155,000
155,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Adam Shield
Statutory Auditor:
Hart Shaw LLP
Date of audit report:
28 January 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

December
March
2024
2024
£
£
328,400
39,056
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Apr 2023
Adjustment at 31 Mar 2024
As restated at 31 Mar 2024
£
£
£
£
Current assets
Stocks
882,463
(276,928)
(126,237)
479,298
Creditors due within one year
Taxation
(548,063)
52,616
31,559
(463,888)
Net assets
3,482,330
(224,312)
(94,678)
3,163,340
Capital and reserves
Profit and loss reserves
3,327,330
(224,312)
(94,678)
3,008,340
COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
11
Prior period adjustment
(Continued)
- 9 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Cost of sales
(2,310,119)
(126,237)
(2,436,356)
Taxation
(459,640)
31,559
(428,081)
Profit for the financial period
1,346,313
(94,678)
1,251,635
Reconciliation of changes in equity
1 April
31 March
2023
2024
£
£
Adjustments to prior period
Stock provision
(355,569)
(439,617)
Manufactured stock cost
78,641
36,452
Corporation tax impact
52,616
84,175
Total adjustments
(224,312)
(318,990)
Equity as previously reported
2,236,116
3,482,330
Equity as adjusted
2,011,804
3,163,340
Analysis of the effect upon equity
Profit and loss reserves
(224,312)
(318,990)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior period
Stock provision
(84,048)
Manufactured stock cost
(42,189)
Corporation tax impact
31,559
Total adjustments
(94,678)
Profit as previously reported
1,346,313
Profit as adjusted
1,251,635
Notes to reconciliation
Stock provision

It was identified that the company was holding a significant amount of aged stock for which demand was low and unpredictable. As a result the company has implemented a methodical system for providing for slow moving and obsolete stock which will be used for the foreseeable future.

COLSON X-CEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
11
Prior period adjustment
(Continued)
- 10 -
Manufactured stock cost

It was identified that the stock manufactured by the company did not include the labour and overhead costs incurred during the manufacturing process. As a result an adjustment was made to estimate the costs incurred during the manufacturing process for stock still held at the period end.

Corporation tax impact

As a result of the profit impact of the two above prior year adjustments, the tax charge and lability has also been adjusted accordingly.

12
Parent company

On 4 June 2024 the Company was a subsidiary undertaking of Colson X-Cel Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party was Andrew Taylor by virtue of his shareholding.

 

On 5 June 2024 the Company became a subsidiary undertaking of Pneumatic Components Limited, a

company incorporated in England and Wales.

 

Pneumatic Components Limited is a 100% Subsidiary of HORNGROUP Holding GmbH & Co KG, a limited partnership registered in Germany.

 

The ultimate parent undertaking, and controlling party, is INDUS Holding AG, a company registered in

Germany. INDUS Holding AG is the largest group into which the Company's accounts will be consolidated. Copies of the group accounts for the ultimate parent undertaking may be obtained from the following address:

 

INDUS Holding AG

Kolner Strasse

D-51429 Bergisch Gladback

PO Box 10 03 53

Germany

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