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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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EXCEL TRUST COMPANY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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EXCEL TRUST COMPANY LIMITED |
EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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EXCEL TRUST COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3rd Floor, St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
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BANKERS: |
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P.O. Box 250 |
Skelmersdale |
Lancashire |
WN8 6WT |
EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Excel Trust Company Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the amounts charged in respect of the supply of trustee services to clients. |
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Tangible fixed assets |
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Machinery and equipment | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Investments |
Fixed asset investments are stated at cost less any provision for permanent diminution in value. For listed |
investments, market value is based on the closing mid-market price on a recognised stock exchange. |
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The financial statements contain information about Excel Trust Company Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company has taken the option |
under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS |
Machinery |
and | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The net book value of the company's fixed assets includes £18,325 of motor vehicles held under finance leases |
or hire purchase contracts (2015 : £21,559). |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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2,814,915 |
NET BOOK VALUE |
At 31 December 2016 |
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2,814,915 |
At 31 December 2015 |
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2,814,915 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Loss for the year | ( |
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EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Loss for the year | ( |
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Listed investments comprise of international investment bonds. These have been loaned upon terms whereby |
the borrowers are entitled to the income gains or profits made from investment of the loan. The market value of |
these bonds at 31 December 2016 was £2,658,188 (2015 : £2,182,858). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts due by subsidiaries |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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Current corporation tax |
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Proposed dividends | - | 15,000 |
Amounts due from subsidiaries | 36,000 | 36,100 |
Directors' current accounts | 157 | 7,157 |
Accruals and other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 2,913,662 | 2,913,662 |
EXCEL TRUST COMPANY LIMITED (REGISTERED NUMBER: 03325200) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2016 |
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11. | POST BALANCE SHEET EVENTS |
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On 4 April 2017 Excel Trust Company Limited ceased to be a Trustee of both the Excel Trust Company Limited |
Employee & Consultants Benefits Scheme and the Dunholme Management Limited Employee & Consultants |
Benefits Schemes. No further income is expected to arise from trustee services to either of these entities beyond |
that point. |
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The Excel Trust Company Limited Employee & Consultants Benefits Trust, which owes £1,025,000 by way of a |
loan to the company, is expected to be wound up before the end of 2017. This will lead to a subsequent |
reduction in the level of company activity. At the point of finalizing the 2016 accounts management's |
indications are that the Trust should be able to repay all of this borrowings to the Excel Trust Company Limited. |
There are equivalent Trust borrowings owed to both subsidiary companies. Salthill Service Limited is also |
expected to be repaid its £450,000 loan in full in due course, however, a potential shortfall currently estimated at |
£294,000 may arise in respect of the £954,000 owed to Dunholme Management Limited. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are directors Mr A G Scott and Mrs E Scott who together, hold 67% of the |
issued share capital. |