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Financial Statements
Exceed Social Enterprises Limited
For the financial year ended 31 March 2025
Registered number: 09594376
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Exceed Social Enterprises Limited
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Company Information
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Chartered Accountants & Statutory Auditors
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Dublin 2
Republic of Ireland
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Exceed Social Enterprises Limited
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Contents
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Directors' responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Exceed Social Enterprises Limited
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Directors' report
For the financial year ended 31 March 2025
The directors present their report and the financial statements for the financial year ended 31 March 2025.
The principal activity of the Company is to operate private prosthetics and orthopeadics ("P&O") clinics and provide a distribution service for P&O components and materials. The aim of the business is to generate profits which will be used for social impact by supporting the development of P&O education and physical rehabilitation services that are widely accessible to people with disabilities in South East Asia and Sri Lanka.
The loss for the financial year, after taxation, amounted to £135,380 (2024: loss £11,723).
The directors have not recommended the payment of a dividend (2024: £Nil).
The directors who served during the financial year were:
Thomas Harte
David Boone
Having considered the Company's future trading position, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due. In addition, its ultimate parent company, Exceed Worldwide, provided a letter confirming their intention to provide support to the Company for a period of at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Political and charitable donations
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No donations for political purposes were made during the financial year (2024: £Nil).
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 1
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Exceed Social Enterprises Limited
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Directors' report (continued)
For the financial year ended 31 March 2025
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Thomas Harte
Director
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David Boone
Director
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Page 2
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Exceed Social Enterprises Limited
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Directors' responsibilities statement
For the financial year ended 31 March 2025
The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 to 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
Page 3
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Independent auditor's report to the members of Exceed Social Enterprises Limited
We have audited the financial statements of Exceed Social Enterprises Ltd ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 March 2025, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation is applicable law andincluding 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, Exceed Social Enterprises Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 March 2025 and of its financial performance for the financial year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 'Responsibilities of the auditor 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 United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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
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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 the date 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.
Page 4
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Independent auditor's report to the members of Exceed Social Enterprises Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which 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; or
∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Page 5
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Independent auditor's report to the members of Exceed Social Enterprises Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
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As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 an Auditor's report that includes their 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.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy and Employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. The Audit Engagement Partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non- compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional skepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6
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Independent auditor's report to the members of Exceed Social Enterprises Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company's regulatory and legal correspondence during the year to corroborate inquires made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgments made by management in their significant accounting estimates, including impairment of investment; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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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 an auditor’s report 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.
Jason Crawford (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13 - 18 City Quay
Dublin 2
Date: 15 December 2025
Page 7
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Exceed Social Enterprises Limited
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Statement of comprehensive income
For the financial year ended 31 March 2025
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Interest payable and similar expenses
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Loss for the financial year
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All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 11 to 19 form part of these financial statements.
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Page 8
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Exceed Social Enterprises Limited
Registered number:09594376
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Statement of financial position
As at 31 March 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Shareholders' (deficit)/funds
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to
the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Thomas Harte
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David Boone
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The notes on pages 11 to 19 form part of these financial statements.
Page 9
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Exceed Social Enterprises Limited
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Statement of changes in equity
For the financial year ended 31 March 2025
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Loss for the financial year
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Statement of changes in equity
For the financial year ended 31 March 2024
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Loss for the financial year
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The notes on pages 11 to 19 form part of these financial statements.
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Page 10
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
The Company is a private company limited by shares and is incorporated in the United Kingdom. The address of its registered office is 160 City Road, London, England, EC1V 2NX.
Exceed Social Enterprises Ltd operates in the United Kingdom, South East Asia and Sri Lanka. The principal activity of the Company is to operate private prosthetics and orthopeadics ("P&O") clinics and provide a distribution service for P&O components and materials.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in British pound (£).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is exempt from the requirement to prepare group financial statements as the Company is subsidiary undertaking included in the consolidated financial statements of a larger group, in accordance to Section 400 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
Having considered the Company's future trading position, the Directors are satisfied that the Company
has adequate resources to continue in operational existence for the foreseeable future and will be able to meet their liabilities as they fall due. In addition, its ultimate parent company, Exceed Worldwide, provided a letter confirming their intention to provide support to the Company for a period of at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Page 11
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
2.Accounting policies (continued)
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Page 12
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment provisions. Loans receivable are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Page 13
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
2.Accounting policies (continued)
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Foreign currency translation (continued)
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Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may ultimately differ from these estimates.
Impairment of investment
The directors determine whether there are indicators of impairment of the Company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Impairment of trade and other receivables
The Company estimates the bad debts provision related to its debtors based on assessment of specific accounts when the Company has information that certain counter-parties are unable to meet their financial obligations. In these cases judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship with the counter party and the counter-party's current credit status based on credit reports and known market factors. The Company used judgement to record specific reserves for counter-parties against amounts due to reduce the expected collectable amounts. These specific reserves are re-evaluated and adjusted as additional information received impacts the amounts estimated. The amounts and timing of recorded expenses for any period would differ if different judgements were made or different estimates were utilised. An increase in the allowance for doubtful accounts would increase the recognised operating expenses and decrease current assets.
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the financial year was as follows:
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Page 14
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
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The directors have not received a remuneration during the financial year (2024: £Nil).
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During the year, the Company recorded a €144,170 impairment on its investment in Exceed Prosthetics and Orthotics Co. Ltd. and wrote back €2,179 of intercompany creditor.
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Interest payable and similar expenses
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Current tax on loss for the financial year
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Page 15
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
8.Taxation (continued)
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Factors affecting tax charge for the financial year
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The tax assessed for the financial year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of25% (2024:25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Tax losses carried forward
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Total tax charge for the financial year
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Factors that may affect future tax charges
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The company has trading losses carried forward of £190,124 (2024: £199,720) against future profits. No deferred tax asset has been recognised due to uncertainity of recovery.
Page 16
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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168, Kadawatha Road, Ragama, Sri Lanka
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Operation of private prosthetics and orthopeadics ("P&O")
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Exceed Prosthetics and Orthotics Co. Ltd.
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7D-7F Corinthian Plaza Condo 121 Paseo De Roxas Legazpi Village San Lorenzo, City of Makati NCR, Fourth District, Philippines 1223
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Operation of private prosthetics and orthopeadics ("P&O")
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There were no provision for impairment loss (2024: £Nil) was recognised against stock.
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Page 17
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, repayable on demand and do not bear interest.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social insurance
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Amounts owed to group undertakings are unsecured, payable on demand and do not bear interest.
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Creditors: Amounts falling due after more than one year
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Bank loan attracts an annual interest of 2.5% and are payable over the course of 72 months. Bank loan is fully repayable in September 2026.
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Page 18
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Exceed Social Enterprises Limited
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Notes to the financial statements
For the financial year ended 31 March 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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270,001 (2024: 270,001) Ordinary shares of £1.00 each
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Related party transactions
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The Company has availed of the exemption under FRS 102 section 33, paragraph 33.1A in relation to the disclosure of the transactions with group companies as well as all of the voting rights that are controlled within the group. Copies of the consolidated financial statements of the ultimate parent company, Exceed Worldwide are available to the public from Companies House, The Linenhall, 32 Linenhall Street, Belfast, BT2 8BG.
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The ultimate parent company is Exceed Worldwide, a charity body registered in the United Kingdom. The Company's ultimate controlling party is considered to be the Trustees of Exceed Worldwide.
The smallest and largest consolidated financial statements presented are that of Exceed Worldwide. They are publicly available from Companies House, The Linenhall, 32 Linenhall Street, Belfast, BT2 8BG.
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Events after the end of the reporting period
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There have been no significant events affecting the Company since the financial year end.
Page 19
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