Registered number
08877431
(Registered in England & Wales)
Excel Foods Ltd
Filleted Abridged Accounts
31 August 2024
Excel Foods Ltd
Report to the directors on the preparation of the unaudited statutory abridged accounts of Excel Foods Ltd for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged accounts of Excel Foods Ltd for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
S Asghar and Co
Chartered Certified Accountants
85 Station Rd
Harrow
HA2 7SW
14 May 2025
Excel Foods Ltd
Registered number: 08877431
Abridged Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 38,080
Tangible assets 4 77,913 85,047
Investments 5 328,083 328,083
405,996 451,210
Current assets
Stocks - 29,800
Debtors 24,418 24,519
Cash at bank and in hand 16,546 23,523
40,964 77,842
Creditors: amounts falling due within one year (1,400) (13,201)
Net current assets 39,564 64,641
Total assets less current liabilities 445,560 515,851
Creditors: amounts falling due after more than one year (371,571) (405,306)
Net assets 73,989 110,545
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 165,000 165,000
Profit and loss account (91,111) (54,555)
Shareholders' funds 73,989 110,545
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Muhammad Fawad UD Din Riaz
Director
Approved by the board on 14 May 2025
Excel Foods Ltd
Notes to the Abridged Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 38,080
Disposals (38,080)
At 31 August 2024 -
Amortisation
At 31 August 2024 -
Net book value
At 31 August 2024 -
At 31 August 2023 38,080
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Total
£
Cost
At 1 September 2023 189,015
At 31 August 2024 189,015
Depreciation
At 1 September 2023 103,968
Charge for the year 7,134
At 31 August 2024 111,102
Net book value
At 31 August 2024 77,913
At 31 August 2023 85,047
5 Investments
Other
investments
£
Cost
At 1 September 2023 328,083
Additions -
At 31 August 2024 328,083
6 Revaluation reserve 2024 2023
£ £
At 1 September 2023 165,000 110,000
Gain on revaluation of land and buildings - 55,000
At 31 August 2024 165,000 165,000
7 Other information
Excel Foods Ltd is a private company limited by shares and incorporated in England. Its registered office is:
85 Station Road
Harrow
London
HA2 7SW
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