Excel Precision (Birmingham) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00950647 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Excel Precision (Birmingham) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Batt

M J F Dring

A J Sitek

REGISTERED OFFICE:

Unit One Ewhurst Avenue

Off Heeley Road

Selley Oak

Birmingham

B29 6EY

REGISTERED NUMBER:

00950647 (England and Wales)

ACCOUNTANTS:

SMH Haywood & Co Limited

24-26 Mansfield Road

Rotherham

South Yorkshire

S60 2DT

FIXED ASSETS

Tangible assets

4

499,029

487,227

CURRENT ASSETS

Stocks

32,692

33,521

Debtors

5

166,521

239,300

Cash at bank

6,299

15,140

205,512

287,961

CREDITORS

Amounts falling due within one year

6

(345,403

)

(440,595

)

NET CURRENT LIABILITIES

(139,891

)

(152,634

)

TOTAL ASSETS LESS CURRENT LIABILITIES

359,138

334,593

CREDITORS

Amounts falling due after more than one year

7

(212,389

)

(176,293

)

PROVISIONS FOR LIABILITIES

(27,568

)

(27,568

)

NET ASSETS

119,181

130,732

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

118,981

130,532

SHAREHOLDERS' FUNDS

119,181

130,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:

M J F Dring - Director

1.	STATUTORY INFORMATION

Excel Precision (Birmingham) Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 15% on reducing balance and 10% on cost

Government grants

Asset related grants are credited to the profit and loss account over the expected useful life of the assets to which they relate. Revenue related grants are credited to the profit and loss account in the period to which they relate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

890,208

Additions

90,537

At 31 March 2023

980,745

DEPRECIATION

At 1 April 2022

402,981

Charge for year

78,735

At 31 March 2023

481,716

NET BOOK VALUE

At 31 March 2023

499,029

At 31 March 2022

487,227

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2022

318,574

Additions

43,772

Reclassification/transfer

135,300

At 31 March 2023

497,646

DEPRECIATION

At 1 April 2022

53,387

Charge for year

60,027

Reclassification/transfer

5,243

At 31 March 2023

118,657

NET BOOK VALUE

At 31 March 2023

378,989

At 31 March 2022

265,187

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

144,498

191,250

Amounts owed by group undertakings

8,435

16,233

Other debtors

13,588

31,817

166,521

239,300

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

8,883

Hire purchase contracts (see note 8)

87,165

58,158

Trade creditors

36,139

49,645

Amounts owed to group undertakings

68,681

126,336

Taxation and social security

21,263

17,476

Other creditors

132,155

180,097

345,403

440,595

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

212,389

176,293

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

87,165

58,158

Between one and five years

212,389

176,293

299,554

234,451

Non-cancellable

operating leases

2023

2022

£

£

Within one year

1,668

2,501

Between one and five years

-

1,668

1,668

4,169

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

-

8,883

Hire purchase contracts

299,554

234,451

Invoice discounting

85,113

110,604

384,667

353,938

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary A

£1

100

100

100

Ordinary B

£1

100

100

200

200

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Sitek.