REGISTERED NUMBER: 03474667 (England and Wales)

Excel Laminating Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J W Thomas

Mrs L D Thomas

Miss R Thomas

A L Thomas

SECRETARY:

Mrs L D Thomas

REGISTERED OFFICE:

Unit 3

Kingston International Business Park

Hedon Road

Hull

HU9 5NX

REGISTERED NUMBER:

03474667 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Excel Laminating Limited is a specialist supplier of panels to the modular buildings sector.

The company has produced an excellent result for the year and is well poised going forward, continuing to develop innovative products for its customers.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainty is the variable nature of workflow, being dependent, in part, on public expenditure, which itself is outside the company's control. This, in turn, can lead to credit risks, which the company carefully monitors.

FUTURE DEVELOPMENTS AND PERFORMANCE

There was a slower start to the 2024 year, it being affected by delays in certain contracts and in particular the diversion of expenditure on schools to deal with the issue of reinforced autoclaved aerated concrete. Workflow is now picking up and as the company continues to extend its market by developing new products.

KEY PERFORMANCE INDICATORS

The principal KPI's are turnover and margin, which are evident from the financial statements.

ON BEHALF OF THE BOARD:

A Thomas - Director

24 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 305,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J W Thomas

Mrs L D Thomas

Miss R Thomas

A L Thomas

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;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Thomas - Director

24 September 2025

Opinion

We have audited the financial statements of Excel Laminating Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 2024 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.

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.

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 three, 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.

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 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, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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 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 relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Ian Lamb FCA CF (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

24 September 2025

TURNOVER

3

7,224,993

11,689,992

Cost of sales

5,369,240

8,430,809

GROSS PROFIT

1,855,753

3,259,183

Administrative expenses

1,404,158

1,936,337

OPERATING PROFIT

5

451,595

1,322,846

Interest receivable and similar income

-

10

451,595

1,322,856

Interest payable and similar expenses

6

26,969

4,615

PROFIT BEFORE TAXATION

424,626

1,318,241

Tax on profit

7

117,568

304,579

PROFIT FOR THE FINANCIAL YEAR

307,058

1,013,662

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

307,058

1,013,662

FIXED ASSETS

Tangible assets

9

712,177

890,109

Investments

10

1

1

712,178

890,110

CURRENT ASSETS

Stocks

11

476,655

674,611

Debtors

12

5,897,446

5,658,047

Cash at bank and in hand

31,461

117,201

6,405,562

6,449,859

CREDITORS

Amounts falling due within one year

13

5,095,112

5,287,039

NET CURRENT ASSETS

1,310,450

1,162,820

TOTAL ASSETS LESS CURRENT LIABILITIES

2,022,628

2,052,930

CREDITORS

Amounts falling due after more than one year

14

(1,108

)

(14,408

)

PROVISIONS FOR LIABILITIES

17

(240,109

)

(259,169

)

NET ASSETS

1,781,411

1,779,353

CAPITAL AND RESERVES

Called up share capital

18

10,000

10,000

Capital redemption reserve

19

100

100

Retained earnings

19

1,771,311

1,769,253

SHAREHOLDERS' FUNDS

1,781,411

1,779,353

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

A Thomas - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

10,000

1,857,591

100

1,867,691

Changes in equity

Dividends

-

(1,102,000

)

-

(1,102,000

)

Total comprehensive income

-

1,013,662

-

1,013,662

Balance at 31 December 2023

10,000

1,769,253

100

1,779,353

Changes in equity

Dividends

-

(305,000

)

-

(305,000

)

Total comprehensive income

-

307,058

-

307,058

Balance at 31 December 2024

10,000

1,771,311

100

1,781,411

Cash flows from operating activities

Cash generated from operations

1

486,872

642,410

Interest paid

(25,614

)

(3,260

)

Interest element of hire purchase payments paid

(1,355

)

(1,355

)

Tax paid

(206,185

)

(425,949

)

Net cash from operating activities

253,718

211,846

Cash flows from investing activities

Purchase of tangible fixed assets

(101,158

)

(317,565

)

Sale of tangible fixed assets

80,000

95,262

Interest received

-

10

Net cash from investing activities

(21,158

)

(222,293

)

Cash flows from financing activities

HP- capital repayments in year

(13,300

)

(13,300

)

Equity dividends paid

(305,000

)

(1,102,000

)

Net cash from financing activities

(318,300

)

(1,115,300

)

Decrease in cash and cash equivalents

(85,740

)

(1,125,747

)

Cash and cash equivalents at beginning of year

2

117,201

1,242,948

Cash and cash equivalents at end of year

2

31,461

117,201

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

424,626

1,318,241

Depreciation charges

196,057

215,048

Loss/(profit) on disposal of fixed assets

3,033

(10,105

)

Provisions in year

-

100,000

Finance costs

26,969

4,615

Finance income

-

(10

)

650,685

1,627,789

Decrease in stocks

197,956

49,305

Increase in trade and other debtors

(239,399

)

(2,624,067

)

(Decrease)/increase in trade and other creditors

(122,370

)

1,589,383

Cash generated from operations

486,872

642,410

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

31,461

117,201

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

117,201

1,242,948

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

117,201

(85,740

)

31,461

117,201

(85,740

)

31,461

Debt

Finance leases

(27,708

)

13,300

(14,408

)

(27,708

)

13,300

(14,408

)

Total

89,493

(72,440

)

17,053

1.	STATUTORY INFORMATION

Excel Laminating 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.

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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Depreciation

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land & Building Improvements

- Over the lease term

Plant & Machinery

- Over 5 to 10 years

Fixtures & Fittings

- Over 4 years

Motor Vehicles

- Over 4 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and operating lease commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable / payable

Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.

TURNOVER

The turnover is attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Specialist panels

7,224,993

11,689,992

7,224,993

11,689,992

The Directors have not disclosed the company's turnover by geographical location, as it is considered that the activity is principally to customers in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

764,657

767,098

Social security costs

65,225

64,102

Other pension costs

13,728

14,359

843,610

845,559

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

2024

2023

Production

19

18

Administration

11

9

30

27

2024

2023

Directors' remuneration

-

6,333

Directors' pension contributions to money purchase schemes

-

833

-

7,166

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

-

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

344,683

347,185

Depreciation - owned assets

196,057

215,049

Loss/(profit) on disposal of fixed assets

3,033

(10,105

)

Auditors' remuneration

15,975

12,450

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Discounting interest

23,162

3,260

Other Interest

2,452

-

Hire purchase

1,355

1,355

26,969

4,615

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

50,708

245,677

Underprovision of prior years

10,000

3,252

Group relief received

75,920

63,066

Total current tax

136,628

311,995

Deferred tax

(19,060

)

(7,416

)

Tax on profit

117,568

304,579

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

424,626

1,318,241

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

106,157

310,050

Effects of:

Expenses not deductible for tax purposes

1,411

1,708

Adjustments to tax charge in respect of previous periods

10,000

3,254

Movement in deferred tax rate

-

(433

)

R&D Claim

-

(10,000

)

Total tax charge

117,568

304,579

8.

DIVIDENDS

2024

2023

£

£

Ordinary 'A' shares of £1 each

Interim - paid

286,700

1,035,880

Ordinary 'B' shares of £1 each

Interim - paid

18,300

66,120

305,000

1,102,000

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

178,090

1,998,921

207,868

271,465

2,656,344

Additions

21,574

77,429

2,155

-

101,158

Disposals

-

-

-

(107,719

)

(107,719

)

At 31 December 2024

199,664

2,076,350

210,023

163,746

2,649,783

DEPRECIATION

At 1 January 2024

65,145

1,450,743

173,399

76,948

1,766,235

Charge for year

18,485

113,203

9,968

54,401

196,057

Eliminated on disposal

-

-

-

(24,686

)

(24,686

)

At 31 December 2024

83,630

1,563,946

183,367

106,663

1,937,606

NET BOOK VALUE

At 31 December 2024

116,034

512,404

26,656

57,083

712,177

At 31 December 2023

112,945

548,178

34,469

194,517

890,109