| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Exceed Umbrella Limited |
| Previously known as |
| Exceed Contracting Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Exceed Umbrella Limited |
| Previously known as |
| Exceed Contracting Limited |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 | to | 4 |
| Report of the Directors | 5 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Statement of Financial Position | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 | to | 22 |
| Exceed Umbrella Limited |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Strategic Report |
| for the Year Ended 31 December 2023 |
| The directors present their strategic report 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. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group finances its operations through retained profit, with no external borrowing. |
| The management's objectives are to retain sufficient liquid funds to enable it to meet its day-to-day obligations as they fall due. These surplus funds are primarily invested in sterling backed accounts, limiting exposure to price risk. |
| The group's credit risk is primarily attributable to its trade debtors. It is the group's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the group and its suppliers, provided that all trading terms and conditions have been complied with. |
| 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. |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Strategic Report |
| for the Year Ended 31 December 2023 |
| 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. |
| FUTURE DEVELOPMENTS |
| In addition to what is stated in the Review of Business, the directors do not except other significant changes to the business in the foreseeable future. No events took place at the period end that require disclosure. |
| 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 |
| Exceed Umbrella Limited (Registered number: 08684204) |
| 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 | 43,398 | 43,939 |
| Gross profit | 726 | 760 |
| Gross profit margin | 0.02% | 0.02% |
| Operating profit/ (Loss) | (47) | 375 |
| Profit/(Loss) for the year | 21 | 372 |
| 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. |
| ON BEHALF OF THE BOARD: |
| 30 May 2025 |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Report of the Directors |
| for the Year Ended 31 December 2023 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
| CHANGE OF NAME |
| The company passed a special resolution on 1 April 2025 changing its name from Exceed Contracting Limited to Exceed Umbrella Limited. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of providing umbrella payroll services. |
| DIVIDENDS |
| No dividend has been declared for the year ended 31 December 2023 (2022: £382,000) |
| DIRECTORS |
| The directors who have held office during the period from 1 January 2023 to the date of this report are as follows: |
| Barry Mellor | - Termination of appointment as a director on 19 May 2025 |
| Matthew Parsons | - Termination of appointment as a director on 19 May 2025 |
| Shelina Begum | - Appointment as a director 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 company from events that hinder the achievement of performance objective. The object aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level. The company's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for company operations. |
| Liquidity Risk |
| The company manages its cash requirements in order to maximize interest income and minimize interest expense, whilst ensuring the company 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. |
| DISABLED PERSONS |
| The company gives full consideration to applicants for employment from disabled persons where the candidates' aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
| Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or alternative position and to provide appropriate training to achieve this aim. The company adheres to the Equal Opportunities Act and make reasonable adjustments in the workplace following any access to work assessment. |
| EMPLOYEE INVOLVEMENT |
| We are intending on reviewing the benefits offered to employees. The options we are currently considering, in conjunction with the staff, are salary sacrifice for pensions, cycle to work scheme, tech purchase scheme, private healthcare and other financial services options. The chosen options will be implemented in the new tax year. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| This company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency as its energy consumption in the United Kingdom for the year is 40,000 kWh or lower. |
| The group total energy consumption remains unchanged from the confirmed value in 2022 of 156,046 KWh. |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Report of the Directors |
| for the Year Ended 31 December 2023 |
| 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. |
| 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. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| 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 company'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 company'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: |
| Report of the Independent Auditors to the Members of |
| Exceed Umbrella Limited |
| Opinion |
| We have audited the financial statements of Exceed Umbrella Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 December 2023 and of its profit 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 BBK Partnership has been appointed as the auditors of Exceed Umbrella Limited. Our 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 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the 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. |
| Report of the Independent Auditors to the Members of |
| Exceed Umbrella Limited |
| 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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 six, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| 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. |
| 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. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Exceed Umbrella Limited |
| 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. |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Income Statement |
| for the Year Ended 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| REVENUE | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING (LOSS)/PROFIT | 7 | ( |
) |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Statement of Financial Position |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| Investments | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Exceed Umbrella Limited (Registered number: 08684204) |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Exceed Umbrella Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| • | the requirement of paragraph 33.7. |
| The financial statements of the company are consolidated in the financial statements of Exceed Contracting Limited. These consolidated financial statements are available from its registered office Studio 3 Bridge Street Studios, 62 Bridge Street, Manchester, United Kingdom, M3 3BW. |
| Turnover |
| Turnover is recognized at the fair value of the consideration received or receivable for 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. |
| 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 Umbrella Limited (Registered number: 08684204) |
| Notes to the 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 recognized so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Fixtures & Fittings | 33% |
| 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. |
| Impairment of fixed assets |
| At each year end date, the company reviews the carrying amounts of its tangible and intangible 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. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| 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. |
| 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 statement of financial position 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. |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial assets |
| Basic financial assets, which include debtors, 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. |
| Other financial assets |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| 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. |
| 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 Exceed Umbrella 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 Exceed Umbrella 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. |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Other financial liabilities |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| 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 income statement 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. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
| 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. |
| Retirement benefits |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Going concern |
| The directors have reviewed a cash flow forecast for 12 months after the signing of the financial statements and are satisfied that the company generates sufficient cash to pay its liabilities as they fall due. Accordingly, the financial statements have been prepared on the going concern basis. |
| 3. | CRITICAL ACCOUNTING 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. |
| Critical judgements |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Provisions |
| A provision is made for bad and doubtful debts. This provision requires management's best estimate of the recoverability of trade and other debtors. |
| 4. | REVENUE |
| The turnover and profit before taxation are attributable to the one principal activity of the company. All sales are made in the United Kingdom. |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 31.12.23 | 31.12.22 |
| Office and administration | - | 2 |
| Contractors | 1,018 | 1,572 |
| The average monthly number of persons (including directors) employed by the company during the year is shown below. The first number reflects employees who participate in the day to day operations of the company as opposed to employees who are subcontracted to customers (which is disclosed separately). |
| 6. | DIRECTORS' EMOLUMENTS |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Directors' remuneration |
| 7. | OPERATING (LOSS)/PROFIT |
| The operating loss (2022 - operating profit) is stated after charging: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| 9. | DIVIDENDS |
| During the year the company declared dividends of nil per share (2022: £382,000 per share) resulting in total dividends paid of nil (2022: £382,000). |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 10. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 11. | FIXED ASSET INVESTMENTS |
| In the year, the company incorporated the following subsidiary companies, each with a book value of £1: |
Name of undertaking |
Address |
Nature of business |
Class of shares held |
% Held |
| Direct | Indirect |
| Exceed Rice Works | Note 1 | Property Investment | Ordinary | 100 | - |
| Exceed Merchants Wharf | Note 1 | Property Investment | Ordinary | 100 | - |
| Registered office addresses (all UK unless otherwise indicated): |
| Note 1 Studio 3, Bridge Street Studios, 62 Bridge Street, Manchester, United Kingdom, M3 3BW |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| 13. | CURRENT ASSET INVESTMENTS |
| 2023 | 2022 |
| £ | £ |
| Short term cash deposits | 1,615,213 | - |
| Short term cash deposits relate to monies deposited with various institutions. The deposits attract a variety of variable returns and mature in 2025. |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade creditors |
| Credit Card Control Account | 17,937 | - |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Net wages | - | (8,404 | ) |
| VAT | 2,939,432 | 1,325,383 |
| Court order deduction - contra | 21,521 | 3,579 |
| Accruals and deferred income |
| Accruals |
| The amounts due to related parties are interest free and repayable on demand. |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary shares | 1 | 1 | 1 |
| Each ordinary share holds the same rights to dividends, voting, and any distribution on a winding up. The ordinary shares are not redeemable. |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2023 |
| Profit for the year |
| At 31 December 2023 |
| 17. | PENSION COMMITMENTS |
| 2023 | 2022 |
| £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 587,758 | 497,239 |
| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount outstanding at year-end was £106,000 (2022: £107,450). |
| Exceed Umbrella Limited (Registered number: 08684204) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 18. | RELATED PARTY TRANSACTIONS |
| The company is a wholly-owned subsidiary of Exceed Contracting Limited (formerly known as Exceed Outsourcing Limited), and as such has taken advantage of the exemption permitted by FRS 102 Section 33.1A not to disclose transactions with wholly-owned group undertakings. |
| 19. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Exceed Contracting Limited (formerly known as Exceed Outsourcing Limited), incorporated in England and Wales with a Registered Office at Studio3, Bridge Street Studios, 62 Bridge Street, Manchester, United Kingdom, M3 3BW. |
| On 20 December 2024, the parent company was sold to Exceed Grp Holding Limited, at which point it became the parent undertaking. The ultimate controlling party became Shelina Begum by virtue of her majority shareholding. Additional information on Exceed Grp Limited will be available form it registered offices located at 7 Jardine House, Harrovian Business Park Village, Bessborough Road, Harrow, England, HA1 3EX. |