Company Registration No. 3701161 (England and Wales)
Excel Power Construction Ltd
Unaudited accounts
for the year ended 31 January 2019
Excel Power Construction Ltd
Unaudited accounts
Contents
Excel Power Construction Ltd
Company Information
for the year ended 31 January 2019
Directors
William Robert James
David Rhys James
Dean Saunders
Company Number
3701161 (England and Wales)
Registered Office
Unit C
Parc Erin
Tonyrefail
CF39 8WW
Accountants
The Wright Advice Ltd
Excel Power Construction Ltd
Statement of financial position
as at
31 January 2019
Intangible assets
267,522
230,626
Tangible assets
420,808
121,623
Investments
117,000
117,000
Inventories
172,998
169,302
Cash at bank and in hand
197,420
154,363
Creditors: amounts falling due within one year
(753,517)
(553,862)
Net current liabilities
(365,446)
(195,897)
Total assets less current liabilities
439,884
273,352
Creditors: amounts falling due after more than one year
(40,616)
(3,992)
Provisions for liabilities
Deferred tax
(35,612)
(22,503)
Other provisions
(4,000)
(4,000)
Net assets
359,656
242,857
Called up share capital
105
105
Profit and loss account
359,551
242,752
Shareholders' funds
359,656
242,857
Excel Power Construction Ltd
Statement of financial position
as at
31 January 2019
(continued)
For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 October 2019.
William Robert James
Director
Company Registration No. 3701161
Excel Power Construction Ltd
Notes to the Accounts
for the year ended 31 January 2019
Excel Power Construction Ltd is a private company, limited by shares, registered in England and Wales, registration number 3701161. The registered office is Unit C, Parc Erin, Tonyrefail, CF39 8WW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
15% straight line
Fixtures & fittings
10% straight line
Intangible fixed assets consists the development costs to date of desalination machinery. In addition there is purchased goodwill at cost which at the balance sheet date has been fully amortised.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is initially capitalised to be written off in the future against related income.
Excel Power Construction Ltd
Notes to the Accounts
for the year ended 31 January 2019
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 February 2018
14,000
230,626
244,626
Additions
-
36,896
36,896
At 31 January 2019
14,000
267,522
281,522
At 1 February 2018
14,000
-
14,000
At 31 January 2019
14,000
-
14,000
At 31 January 2019
-
267,522
267,522
At 31 January 2018
-
230,626
230,626
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2018
-
223,150
12,086
235,236
Additions
288,011
37,571
9,717
335,299
Disposals
-
(2,399)
-
(2,399)
At 31 January 2019
288,011
258,322
21,803
568,136
At 1 February 2018
-
109,395
4,218
113,613
Charge for the year
1,745
32,249
2,120
36,114
On disposals
-
(2,399)
-
(2,399)
At 31 January 2019
1,745
139,245
6,338
147,328
At 31 January 2019
286,266
119,077
15,465
420,808
At 31 January 2018
-
113,755
7,868
121,623
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
58,524
65,331
Excel Power Construction Ltd
Notes to the Accounts
for the year ended 31 January 2019
6
Investments
Other investments
Valuation at 1 February 2018
117,000
Valuation at 31 January 2019
117,000
Work in progress
172,998
169,302
Trade debtors
12,305
23,902
Accrued income and prepayments
-
2,621
Other debtors
5,348
7,777
the investment in Dorset Mews LLP is include at fair value. The share of profit or loss from the LLP for its accounting period ending is included within the company's accounting period as a value adjustment. The balance sheet figures is made up of stock £6,434 (2017 £14,133); debtors £705 (2017 £582); cash at bank £12 (2017 £43) less creditors £124 (2017 £223).
10
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
35,966
-
Obligations under finance leases and hire purchase contracts
9,726
12,679
Trade creditors
462,642
211,323
Taxes and social security
68,304
181,211
Other creditors
17,344
21,550
Loans from directors
104,825
123,043
11
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
1,689
3,992
Taxes and social security
5,121
-
12
Average number of employees
During the year the average number of employees was 17 (2018: 15).