REGISTERED NUMBER: 04550278 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Excel Dryer (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K E Barnes

SECRETARY:

K E Barnes

REGISTERED OFFICE:

Airport House

Suite 43 - 45, Purley Way

Croydon

Surrey

CR0 0XZ

REGISTERED NUMBER:

04550278 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

Fixed assets

Intangible assets

4

2,500

4,500

Tangible assets

5

16,589

20,796

Investments

6

174,388

125,000

193,477

150,296

Current assets

Stocks

236,830

176,198

Debtors

7

90,306

45,724

Cash at bank

41,141

164,401

368,277

386,323

Creditors

Amounts falling due within one year

8

(238,681

)

(233,428

)

Net current assets

129,596

152,895

Total assets less current liabilities

323,073

303,191

Creditors

Amounts falling due after more than one year

9

(29,166

)

(79,167

)

Provisions for liabilities

10

(3,152

)

(3,951

)

Net assets

290,755

220,073

Capital and reserves

Called up share capital

200

200

Retained earnings

11

290,555

219,873

290,755

220,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 August 2025 and were signed by:

K E Barnes - Director

1.	STATUTORY INFORMATION

Excel Dryer (UK) 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Excel Dryer UK Ltd has sole distribution rights for the revolutionary Xlerator Hand Dryer.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation 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:

Intellectual property 25% on SLM

TANGIBLE FIXED ASSETS

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

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

Plant and Machinery

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

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.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION

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

CURRENT TAX

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

DEFERRED TAX

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earning when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet

GOING CONCERN

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

property

£

COST

At 1 January 2024

and 31 December 2024

8,000

AMORTISATION

At 1 January 2024

3,500

Amortisation for year

2,000

At 31 December 2024

5,500

NET BOOK VALUE

At 31 December 2024

2,500

At 31 December 2023

4,500

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

11,362

33,225

2,800

47,387

Additions

-

-

1,058

1,058

At 31 December 2024

11,362

33,225

3,858

48,445

DEPRECIATION

At 1 January 2024

6,391

19,792

408

26,591

Charge for year

1,243

3,358

664

5,265

At 31 December 2024

7,634

23,150

1,072

31,856

NET BOOK VALUE

At 31 December 2024

3,728

10,075

2,786

16,589

At 31 December 2023

4,971

13,433

2,392

20,796

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

125,000

Additions

49,388

At 31 December 2024

174,388

NET BOOK VALUE

At 31 December 2024

174,388

At 31 December 2023

125,000

The other investments are shown at cost at the balance sheet date. The director is of the opinion that there has been no material change in value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

58,573

45,196

Other debtors

31,733

528

90,306

45,724

The directors consider the carrying value of trade and other receivables approximate to their fair values.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

50,000

50,000

Trade creditors

9,553

122,040

Taxation and social security

72,826

57,769

Other creditors

106,302

3,619

238,681

233,428

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Legal mortgage charge at Companies House has been registered by HSBC UK Bank PLC for the loan taken by company, which has fixed and floating charges over all the assets.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

29,166

79,167

The directors consider the carrying amounts of long-term liabilities approximate to their fair values.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

3,152

3,951

Deferred

tax

£

Balance at 1 January 2024

3,951

Provided during year

(799

)

Balance at 31 December 2024

3,152

11.

RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £1,236 (2023 - £1,189).

Contribution totaling Nil (2023 - £258) were payable to fund at balance sheet date and are included in creditors.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

S J Barnes

Balance outstanding at start of year

(46

)

(46

)

Amounts advanced

30,084

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,038

(46

)

14.	RELATED PARTY DISCLOSURES

As at the balance sheet date included in other debtors were amounts of £30,038 (2023 - £46 in other creditors) due from the director. This loan repaid on 01.03.2025.

15.	POST BALANCE SHEET EVENTS

On 09 July 2025, after the reporting date, Mr Simeon Barnes, a director of the company, passed away. This event has no impact on the amounts recognised in these financial statements.