Company registration number 02580153 (England and Wales)
EXEL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
EXEL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
EXEL GROUP LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
145,925
45,709
Investment property
5
2,211,868
2,211,868
Investments
6
901,042
901,042
3,258,835
3,158,619
Current assets
Debtors
7
145,170
260,618
Cash at bank and in hand
103
24,586
145,273
285,204
Creditors: amounts falling due within one year
8
(565,847)
(723,696)
Net current liabilities
(420,574)
(438,492)
Total assets less current liabilities
2,838,261
2,720,127
Creditors: amounts falling due after more than one year
9
(329,213)
(168,397)
Provisions for liabilities
(527,571)
(531,736)
Net assets
1,981,477
2,019,994
Capital and reserves
Called up share capital
50
50
Revaluation reserve
11
1,563,050
1,563,050
Capital redemption reserve
50
50
Profit and loss reserves
418,327
456,844
Total equity
1,981,477
2,019,994
EXEL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
- 2 -

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 February 2026 and are signed on its behalf by:
Mr W D Jones
Director
Company registration number 02580153 (England and Wales)
EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
1
Accounting policies
Company information

Exel Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Optima Park, Thames Road, Crayford, Dartford, Kent, United Kingdom, DA1 4QX.

1.1
Basis of preparation

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.

1.2
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
20% on cost
Fixtures and fittings
20% on cost
Motor vehicles
25% on cost
1.3
Investment property

The long leasehold was revalued for the first time on 1 April 2017 by an independent valuer, Allsop LLP, with fair value determined by appraisal from market-based evidence of recent transactions for similar properties in the same area. The long leasehold was revalued again in 2021 and 2022 by the directors.

1.4
Fixed asset investments

Interests in subsidiaries are recognised at revalued amounts being fair value at the date of revaluation. Any revaluation increase in the carrying amount of investments in subsidiaries is recognised in other comprehensive income and included in a revaluation reserve. Recognising the investments in subsidiaries at fair value provides more relevant and reliable information about the value of the investments held by the company.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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.

1.7
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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.

EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts payable are classified as current liabilities if payment 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.

1.8
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.

1.9
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 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.10
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.

EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

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

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
7
3
Dividends
2025
2024
£
£
Interim paid
160,000
50,000
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2024
124,178
11,236
31,469
166,883
Additions
-
0
-
0
159,607
159,607
At 30 September 2025
124,178
11,236
191,076
326,490
Depreciation and impairment
At 1 October 2024
91,595
11,236
18,343
121,174
Depreciation charged in the year
15,114
-
0
44,277
59,391
At 30 September 2025
106,709
11,236
62,620
180,565
EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
(Continued)
- 7 -
Carrying amount
At 30 September 2025
17,469
-
0
128,456
145,925
At 30 September 2024
32,583
-
0
13,126
45,709
5
Investment property
2025
£
Fair value
At 1 October 2024 and 30 September 2025
2,211,868

The long leasehold was revalued for the first time on 1 April 2017 by an independent valuer, Allsop LLP, with fair value determined by appraisal from market-based evidence of recent transactions for similar properties in the same area. The long leasehold was revalued again in 2021 by the directors. In 2025 the long leasehold was revalued by an independent valuer, Cluttons, with fair value determined by appraisal form market-based evidence of recent transactions for similar properties in the same area.

The company has allowed a fixed and floating charge over the companies' assets, including long leasehold and fixtures and fittings, with a net book value of £2,366,660.

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
901,042
901,042
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
145,170
260,618

The company has granted, to its bankers, a fixed charge over its book debts and a floating charge over all other assets.

EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
100,528
49,600
Obligations under finance leases
17,070
-
0
Other borrowings
254,365
390,000
Trade creditors
43,636
47,584
Corporation tax
45,444
106,985
Other taxation and social security
41,162
35,983
Other creditors
59,534
73,911
Accruals and deferred income
4,108
19,633
565,847
723,696

The bank loan, included within other creditors falling due within one year and after more than one year, is repayable by monthly instalments.

The bank has a floating charge over the companies assets to secure the bank loan and overdraft. The loans in respect of hire purchase agreements are secured against the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
223,971
168,397
Other creditors
105,242
-
0
329,213
168,397

The bank loan, included within other creditors falling due within one year and after more than one year, is repayable by monthly instalments.

The bank has a floating charge over the companies assets to secure the bank loan and overdraft. The loans in respect of hire purchase agreements are secured against the assets to which they relate.

10
Secured Debts

Included in creditors are bank loans totalling £323,514 (2024: £217,997). These are secured by a legal charge over Unit 4 Optima Park, Thames Road, Crayford, Kent DA1 4QX.

11
Revaluation reserve
2025
2024
£
£
At the beginning of the year
1,563,050
1,749,227
Deferred tax on revaluation of tangible assets
-
(186,177)
At the end of the year
1,563,050
1,563,050
EXEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

All related party transactions were carried out at arm's length.

Sales
Sales
2025
2024
£
£
Exel Printing Machinery Limited
915,000
985,000
2025
2024
Amounts due to related parties
£
£
Exel Printing Machinery Limited
254,365
390,000
13
Directors' transactions

Dividends totalling £85,000 (2024 - £15,000) were paid in the year in respect of shares held by the company's directors.

14
Ultimate controlling party

The company is controlled by W D Jones

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