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REGISTERED NUMBER: 08566829 (England and Wales)



Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2023

for

Exceed Contracting Limited

Previously known as
Exceed Outsourcing Limited

Exceed Contracting Limited (Registered number: 08566829)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Statement of Financial Position 15

Company Statement of Financial Position 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Statement of Cash Flows 19

Notes to the Consolidated Statement of Cash Flows 20

Notes to the Consolidated Financial Statements 22


Exceed Contracting Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Mellor
M Parsons



REGISTERED OFFICE: Studio 3 Bridge Street Studios
62 Bridge Street
Manchester
United Kingdom
M3 3BW



REGISTERED NUMBER: 08566829 (England and Wales)



SENIOR STATUTORY AUDITOR: Alan Kaye FCA



AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Exceed Contracting Limited (Registered number: 08566829)

Group Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company is a specialist in the provision of umbrella payroll services to permanent, contract and temporary staff. On 01 April 2025 the company changed its name to Exceed Umbrella Limited, formerly known as Exceed Contracting Limited. To simplify the company's reporting, in concert with the group, on 17 December 2024, the directors changed the reporting date to 30 December from the previous reporting date of 31 December.

Within the contracting side, the start of the financial year was exceptionally positive. We remained ahead of forecast throughout the first quarter. As we moved into Q2 and Q3 however, the economic climate and political uncertainty started to have a larger impact on the temporary recruitment sector. Recruitment budgets for clients, especially within the public sector, were significantly lower than normal due to rising costs. We were also hearing that a lot of temps/contractors were moving to permanent roles to get greater job security. The level of uncertainty in the recruitment market was at its highest since Exceed started trading.

At the end of 2022, we had declared pay rises between 4%-8% throughout the business, to keep up with inflation and because it had been a successful year. To lessen the impact of this cost increase and the falling revenues within the contracting side of the business from Q2, we undertook a full expenditure review. From this, we managed to identify some large potential cost savings. We also utilised cash reserves to purchase properties in early stages of development, invested funds in medium term investments, and moved money to bank accounts with higher interest rates.

Despite the challenges, we recruited additional salespeople, implemented a new Right to Work verification system and made improvements to our head office in Manchester.

During the year, we renewed our Professional Passport accreditation. In Q4 we decided to give agencies greater confidence in our compliance by also becoming PayePass accredited. This is an independent audit of every payroll transaction undertaken each quarter, from invoice through to payment to the contractor and HMRC. It should give agencies a great deal of confidence that we are doing things correctly, not undertaking any tax avoidance/evasion or skimming money from contractors or agencies.

By the end of the year, we finished behind forecast but in a much better position from a cost-control perspective. We revisited our strategy and adapted it to remain realistic in light of the economic climate.

The consolidated loss for the year amounted to £139,635 ( 2022: Profit £36,135)
The group retained a positive combined cash and bank balance of £2,981,106 (2022: £ 3,312,202)


Exceed Contracting Limited (Registered number: 08566829)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal financial instruments comprise of cash, short term deposits and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the group's operation as well as to manage working capital, liquidity and invest surplus funds.

Changes in cash usage trends within the UK market though the developments of new technology, changes in consumer behaviour and high street trends could impact the company's strategy and profitability. The group recognises that this is the most significant risk it faces. The groups continues to invest in alternative revenue streams with a focus on complimentary products

The directors continue to assess the risks facing the group, both the securing of new business and maintaining existing relationship are key to the group's success.

Other ongoing challenges are overhead cost control which is kept under regular review by the directors. The directors of the company meet on a regular basis to evaluate risk exposure and risk appetite. The key risk broadly fall into the following categories:

MARKET
The group monitors the general economic and political changes in the security sector. The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability.

COMPETITIVE
The main competitive risks to the group arise from changing customer requirements based on market demand. The group continues to monitor changes and has developed effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK
On a regular basis the directors review the group legislative risk exposure to ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK
The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterpart exposure, ensure efficient working capital exists and monitor the management of risk.

FUTURE DEVELOPMENTS
The directors aim to expand services into new regional markets while strengthening the workforce through comprehensive training programs. Strategic partnerships and adherence to evolving regulatory standards will be pivotal in driving sustainable growth and ensuring excellence in service delivery.


Exceed Contracting Limited (Registered number: 08566829)

Group Strategic Report
for the Year Ended 31 December 2023

SECTION 172(1) STATEMENT
Contractors
Our clients and contractors are the central focus of our business. The company's ongoing success is built upon an ability to understand their needs respond with solutions. This allows us to anticipate how these needs will evolve and to provide services and products that meet their goals.

We engage with our clients through a variety of channels including:
-Obtaining feedback from genuine customers via independent review site, Feefo, and engaging with both satisfied and dissatisfied customers. Our rating remained at 4.7 out of 5 during the period.
-Periodic surveys to understand their needs, current challenges and concerns to ensure we evolve the business and its solutions to meet their needs.
-Engagement of the wider market to highlight how our offering should evolve to meet their needs

People
Our people are our biggest asset and are central to the ongoing success of the company. Our people strategy runs to develop an agile workforce as we continue to attract, retain, develop and motivate the right people for our current and future business needs.

We offer staff the opportunity to undertake apprenticeships in either their current role or in an area where they feel they would like to progress their career. This year, two employees undertook apprenticeships directly linked to their role within the organisation, which has helped them developmentally as well as adding value to the business.

We engage with people through the following activities:
-Involving all staff in the development of our vision and values
-Engagement sessions held by the executive and senior management team
-Regular management briefings and presentations by the executive team to discuss performance against the vision, values and strategic plan

Additionally, we have ensured that the health, wellbeing and safety of our employees in the highest priority. Consequently, we have kept the option of hybrid working in place for staff.

Partners and Professional Bodies
We recognise the importance of our various partners in delivering services to clients and ensure we have shared values. We seek to build positive relationships with the professional bodies that represent both us and the industry as a whole.

We engage with our partners and professional bodies through the following activities:
-We ensure our payment terms with all suppliers are fair in compliance with payment practices
-We maintain ongoing relations with our key suppliers and partners, proactively engaging with them on specific challenges or changes
-We hold meetings with Professional Passport, HMRC and other Government bodies, ensuring we maintain a compliant and transparent relationship at all times.

Society and Communities
We recognise the responsibility we have to wider society and other key stakeholders. As a significant employer where we are based, the local communities are keen to ensure we are supporting and investing in local jobs, operating safely and ethically.

We engage with society and communities in which we operate. Staff help to select which charities we should support, which in recent years has predominantly been helping homeless and vulnerable people in Manchester.


Exceed Contracting Limited (Registered number: 08566829)

Group Strategic Report
for the Year Ended 31 December 2023

KEY PERFORMANCE INDICATORS
The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.
These include the levels of turnover, gross and net profit margins and profitability ratios.
The Company's key and other performance indicators during the period were as follows


2023 2022
£    £   
Turnover 50,230 50,863
Gross profit 1,528 1,076
Gross profit margin 3.04% 2.11%
Operating profit/ (Loss) (208 ) (6 )
Profit/(Loss) for the year (139 ) (36 )

Other key KPI's that demonstrate the level of performance in different parts of the business include:
- Average salary levels
- EBITDA

Performance against budget and prior year.
The directors are satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

Modern Slavery Statement
The board has approved the Group's Modern Slavery Statement which can be found on the Company's website here; https://exceedoutsourcing.co.uk/modern-slavery-statement

ON BEHALF OF THE BOARD:





B Mellor - Director


31 May 2025

Exceed Contracting Limited (Registered number: 08566829)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

CHANGE OF NAME
The group passed a special resolution on 1 April 2025 changing its name from Exceed Outsourcing Limited to Exceed Contracting Limited.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of umbrella payroll and human resources advisory services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors who held office during the year were as follows:

Mr B Mellor
Mr M Parsons
Ms S Begum - Appointed on 20 December 2024

FINANCIAL INSTRUMENTS
Treasury Operations and Financial Instruments
The directors have established a risk and financial management framework whose primary objective is to protect the group from events that hinder the achievement of performance objective.
The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.
The group's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for group operations.

Liquidity Risk
The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operation needs of the business.

Credit Risk
Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

Going concern
The Company's business activities, together with the factors likely to affect its future developments, financial risk management objectives, and its exposure to credit, liquidity and cash flow risk are described in the Strategic Report.
The Company has considerable financial resources together with long-term contracts with a number of customers and suppliers across different geographic areas and industries. Consequently, the director believes that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

Risk Management
Information on the Company's management of financial risks I disclosed in the Strategic Report. In Particular the Company's exposure to Liquidity and Credit risks management are separately disclosed. The company's exposure to cash flow risk is addressed under the heading Credit Risk


Exceed Contracting Limited (Registered number: 08566829)

Report of the Directors
for the Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B Mellor - Director


31 May 2025

Report of the Independent Auditors to the Members of
Exceed Contracting Limited


Opinion
We have audited the financial statements of Exceed Contracting Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matters
We draw attention to the fact that this is the first period during which BBK Partnership has been appointed as the auditors of Exceed Contracting Limited and its subsidiaries.audit procedures included obtaining sufficient and appropriate audit evidence regarding the opening balances as at 01 January 2023, as required by ISA 510: Initial Audit Engagements-Opening Balances. Based on our procedures, we are satisfied that the opening balances are free from material misstatement.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Exceed Contracting Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Exceed Contracting Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Report of the Independent Auditors to the Members of
Exceed Contracting Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Exceed Contracting Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Kaye FCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

31 May 2025

Exceed Contracting Limited (Registered number: 08566829)

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 50,230,756 50,863,242

Cost of sales (48,701,912 ) (49,786,444 )
GROSS PROFIT 1,528,844 1,076,798

Administrative expenses (1,989,327 ) (1,075,240 )
(460,483 ) 1,558

Other operating income 252,010 4,573
OPERATING (LOSS)/PROFIT 5 (208,473 ) 6,131

Interest receivable and similar income 68,838 (7 )
(LOSS)/PROFIT BEFORE TAXATION (139,635 ) 6,124

Tax on (loss)/profit 6 - 30,011
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(139,635

)

36,135
(Loss)/profit attributable to:
Owners of the parent (139,635 ) 36,135

Exceed Contracting Limited (Registered number: 08566829)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (139,635 ) 36,135


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(139,635

)

36,135

Total comprehensive income attributable to:
Owners of the parent (139,635 ) 36,135

Exceed Contracting Limited (Registered number: 08566829)

Consolidated Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 8 8,221 7,333
Investments 9 - -
Investment property 10 160,965 -
169,186 7,333

CURRENT ASSETS
Debtors 11 266,928 903,457
Investments 12 1,615,212 -
Cash at bank 2,981,106 3,312,202
4,863,246 4,215,659
CREDITORS
Amounts falling due within one year 13 (5,072,502 ) (4,123,427 )
NET CURRENT (LIABILITIES)/ASSETS (209,256 ) 92,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

(40,070

)

99,565

PROVISIONS FOR LIABILITIES 14 (114 ) (114 )
NET (LIABILITIES)/ASSETS (40,184 ) 99,451

CAPITAL AND RESERVES
Called up share capital 15 4,000 4,000
Retained earnings 16 (44,184 ) 95,451
SHAREHOLDERS' FUNDS (40,184 ) 99,451

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by:





B Mellor - Director


Exceed Contracting Limited (Registered number: 08566829)

Company Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 8 7,918 6,879
Investments 9 3 3
Investment property 10 - -
7,921 6,882

CURRENT ASSETS
Debtors 11 174,262 191,327
Cash at bank 20,288 11,740
194,550 203,067
CREDITORS
Amounts falling due within one year 13 (206,909 ) (135,305 )
NET CURRENT (LIABILITIES)/ASSETS (12,359 ) 67,762
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,438

)

74,644

CAPITAL AND RESERVES
Called up share capital 15 4,000 4,000
Retained earnings 16 (8,438 ) 70,644
SHAREHOLDERS' FUNDS (4,438 ) 74,644

Company's (loss)/profit for the financial year (79,082 ) 27,021

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by:





B Mellor - Director


Exceed Contracting Limited (Registered number: 08566829)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 4,003 59,316 63,319

Changes in equity
Issue of share capital (3 ) - (3 )
Total comprehensive income - 36,135 36,135
Balance at 31 December 2022 4,000 95,451 99,451

Changes in equity
Total comprehensive income - (139,635 ) (139,635 )
Balance at 31 December 2023 4,000 (44,184 ) (40,184 )

Exceed Contracting Limited (Registered number: 08566829)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 4,000 43,623 47,623

Changes in equity
Total comprehensive income - 27,021 27,021
Balance at 31 December 2022 4,000 70,644 74,644

Changes in equity
Total comprehensive income - (79,082 ) (79,082 )
Balance at 31 December 2023 4,000 (8,438 ) (4,438 )

Exceed Contracting Limited (Registered number: 08566829)

Consolidated Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,375,585 394,384
Tax paid 6,511 111
Net cash from operating activities 1,382,096 394,495

Cash flows from investing activities
Purchase of tangible fixed assets (5,853 ) -
Purchase of investment property (160,965 ) -
Short term investment (1,615,212 ) -
Interest received 68,838 (7 )
Net cash from investing activities (1,713,192 ) (7 )

(Decrease)/increase in cash and cash equivalents (331,096 ) 394,488
Cash and cash equivalents at beginning of
year

2

3,312,202

2,917,714

Cash and cash equivalents at end of year 2 2,981,106 3,312,202

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 December 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.23 31.12.22
£    £   
(Loss)/profit before taxation (139,635 ) 6,124
Depreciation charges 4,965 4,660
Finance income (68,838 ) 7
(203,508 ) 10,791
Decrease/(increase) in trade and other debtors 636,529 (19,836 )
Increase in trade and other creditors 942,564 403,429
Cash generated from operations 1,375,585 394,384

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,981,106 3,312,202
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 3,312,202 2,917,714


Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 December 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 3,312,202 (331,096 ) 2,981,106
3,312,202 (331,096 ) 2,981,106

Liquid resources
Current asset investments - 1,615,212 1,615,212
- 1,615,212 1,615,212
Total 3,312,202 1,284,116 4,596,318

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Exceed Contracting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 December 2023. A subsidiary is an entity that is controlled by its parent. The results of the subsidiary undertakings are included in the consolidated income statement from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and the financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates 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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade
discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the service is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to contractual agreements.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the
expenses recognised that are recoverable.

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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:

Fixtures and fittings 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 recognised in the income statement.

Investment property
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.

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Foreign currencies
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.

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investment properties, included within fixed asset investments, are measured initially at cost and reviewed annually for impairment.

Current asset investments are cash deposits held with various financial institutions. They are recognised at cost and reviewed annually for impairment.

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the group has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors and creditors receivable/payable within one year.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognized in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment

Employee benefits
When employees have rendered service to the group, short term employee benefits to which the employees are entitled are recognised at the un discounted amount expected to be paid in exchange for that service.

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.

Going concern
The financial statements have been prepared on a going concern basis. This requires the Directors to consider, as at the date of approving the financial statements, that there is reasonable expectation that the Company has adequate financial resources to continue to operate, and to meet its liabilities as they fall due for payment, for at least twelve months following the approval of the financial statements.

The directors have reviewed the cash balances to cover at least twelve months of operations, including the
continuation of employment as currently contracted without any reduction of cost savings initiatives. The results of the review has shown that the company has sufficient cash to cover at least twelve months of operations and the adoption of going concern basis is reasonable and appropriate.

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group'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.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 37,662,056 38,265,261
Social security costs 4,710,567 4,908,924
Other pension costs 654,332 555,193
43,026,955 43,729,378

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administrative 14 17
Subcontracted employees 1,329 1,988
1,343 2,005

The average number of employees by undertakings that were proportionately consolidated during the year was 1,343 (2022 - 2,005 ) .

31.12.23 31.12.22
£    £   
Directors' remuneration 170,565 164,327

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 42,489 32,432
Depreciation - owned assets 4,965 4,660
Auditors' remuneration 38,600 -
Auditors' remuneration for non audit work 11,400 -

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax - (2,587 )

Deferred tax - (27,424 )
Tax on (loss)/profit - (30,011 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 18,706 132 18,838
Additions - 5,853 5,853
At 31 December 2023 18,706 5,985 24,691
DEPRECIATION
At 1 January 2023 11,373 132 11,505
Charge for year 4,234 731 4,965
At 31 December 2023 15,607 863 16,470
NET BOOK VALUE
At 31 December 2023 3,099 5,122 8,221
At 31 December 2022 7,333 - 7,333

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


8. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 17,531 132 17,663
Additions - 5,853 5,853
At 31 December 2023 17,531 5,985 23,516
DEPRECIATION
At 1 January 2023 10,652 132 10,784
Charge for year 4,083 731 4,814
At 31 December 2023 14,735 863 15,598
NET BOOK VALUE
At 31 December 2023 2,796 5,122 7,918
At 31 December 2022 6,879 - 6,879

9. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 3
NET BOOK VALUE
At 31 December 2023 3
At 31 December 2022 3


Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 160,965
At 31 December 2023 160,965
NET BOOK VALUE
At 31 December 2023 160,965

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 166,593 135,537 4 (75 )
Amounts owed by group undertakings - - 158,390 156,049
Other debtors 18,068 19,921 - -
VAT - - - 8,137
Prepayments and accrued income 82,267 747,999 15,868 27,216
266,928 903,457 174,262 191,327

12. CURRENT ASSET INVESTMENTS

2023 2022
£    £   
Short term cash deposits 1,615,212 -

Short term cash deposits relate to monies deposited with various institutions. The deposits attract a variety of variable returns and mature in 2025.

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade creditors 6,820 24,910 (885 ) 9,425
Credit Card Control Account 17,947 - 10 -
Amounts owed to group undertakings - - 199,664 152,302
Tax (46,451 ) (52,962 ) (50,286 ) (56,797 )
Social security and other taxes 1,388,520 1,501,956 169 2,515
Net wages (1,354 ) (11,211 ) (1,354 ) (2,807 )
VAT 3,130,826 1,542,021 17,543 -
Other creditors 19,676 7,213 165 4,395
Pension payable 773 1,114 773 1,114
Court order deduction - contra 21,521 3,579 - -
Accruals and deferred income 181,569 43,768 327 2,731
Accrued expenses 352,655 1,063,039 40,783 22,427
5,072,502 4,123,427 206,909 135,305

14. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 114 114

Group
Deferred
tax
£   
Balance at 1 January 2023 114
Balance at 31 December 2023 114

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
4,000 Ordinary Shares 1 4,000 4,000

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


16. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 95,451
Deficit for the year (139,635 )
At 31 December 2023 (44,184 )

Company
Retained
earnings
£   

At 1 January 2023 70,644
Deficit for the year (79,082 )
At 31 December 2023 (8,438 )


17. SUBSIDIARIES

Details of the company's subsidiaries 31st December 2023 are as follows:


Name of undertaking

Nature of business
Class of
shareholding
% Held
Direct Indirect
Exceed Umbrella Limited Business Services Ordinary 100
Exceed Business Services Limited Business Services Ordinary 100
Exceed Peo Limited Business Services Ordinary 100
Exceed Merchants Wharf Limited Investment property Ordinary 100
Exceed Rice Works Limited Investment property Ordinary 100

All subsidiaries companies are registered in England & Wales. The parent company registered office address Studio 3, Bridge Street Studios, 62 Bridge Street, Manchester, United Kingdom, M3 3BW..

The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:

Name of undertaking Profit/(Loss ) Capital and
Reserves
£    £   
Exceed Umbrella Limited 21,444 45,486
Exceed Business Services Limited (85,885 ) (85,291 )
Exceed Peo Limited 47,206 47,374
Exceed Merchants Wharf Limited (29,176 ) (29,175 )
Exceed Rice Works Limited (9,142 ) (9,141 )

Exceed Contracting Limited (Registered number: 08566829)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


18. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption in paragraph 33.1A of FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and has not disclosed related party transactions with wholly owned subsidiaries within the group. Other related party transactions, where required, have been disclosed

19. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Exceed Grp Holding Limited, a company incorporated in England and Wales. The ultimate parent undertaking was incorporated on 5 December 2025 and is registered at 07 Jardine House, Harrovian Business Village, Bessborough Road, Harrow, England, HA1 3EX.

20. SUBSEQUENT EVENTS

Subsequent to the period end, on 20 December 2024, Exceed Contracting Limited was acquired by Exceed Grp Holding Limited. As a result, the ultimate controlling party became Ms Shelina Begum, by virtue of her majority shareholding in Exceed Grp Holding Limited.

Ms Shelina Begum was also appointed as a director of the company on 20 December 2024.

21. GOING CONCERN

The Directors have considered the applicability of the going concern basis in the preparation of these financial statements. This includes a review of internal budgets and financial results which show, taking into account reasonably probable changes in financial performance, that the group should be able to operate within the level of its current funding arrangements.
The Directors acknowledge that the group's consolidated statement of financial position as at 31 December 2023 shows net liabilities of £40,187, highlighting a negative balance sheet position. This deficit primarily arises from the timing of liabilities and investments, and is supported by the group's continued positive cash balance and investment holdings.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Consequently, the Company continues to adopt the going concern basis of preparation for its financial statements.