REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2020 |
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Exceed Business Services Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2020 |
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for
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Exceed Business Services Limited |
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Exceed Business Services Limited (Registered number: 11721359)
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Contents of the Financial Statements
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for the Year Ended 31 December 2020
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Page
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Company Information
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1
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Report of the Directors
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2
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Report of the Independent Auditors
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4
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Income Statement
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8
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Balance Sheet
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9
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Notes to the Financial Statements
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10
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Exceed Business Services Limited
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Company Information
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for the Year Ended 31 December 2020
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DIRECTORS:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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21 Tiviot Dale
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Stockport
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Cheshire
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SK1 1TD
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Exceed Business Services Limited (Registered number: 11721359)
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Report of the Directors
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for the Year Ended 31 December 2020
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The directors present their report with the financial statements of the company for the year ended 31 December 2020.
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PRINCIPAL ACTIVITY
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The principal activity of the company in the year under review was that of business services. |
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this
report.
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Other changes in directors holding office are as follows:
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS
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The auditors, Hurst Accountants Limited, who were appointed after the year end, will be proposed for reappointment
in accordance with section 485 of the Companies Act 2006.
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Exceed Business Services Limited (Registered number: 11721359)
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Report of the Directors
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for the Year Ended 31 December 2020
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to
small companies.
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ON BEHALF OF THE BOARD:
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Report of the Independent Auditors to the Members of
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Exceed Business Services Limited
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Opinion
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We have audited the financial statements of Exceed Business Services Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion
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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 Auditors' responsibilities 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 UK, including the FRC's Ethical
Standard, and 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.
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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.
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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 when the financial statements are authorised for issue.
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
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Other information
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The directors are responsible for the other information. The other information comprises the information in the
Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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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 or apparent material misstatements, we are required to determine whether this gives rise to a
material misstatement in the financial statements themselves. 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.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
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the Report of the Directors has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of
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Exceed Business Services Limited
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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 obtained in the course of the
audit, we have not identified material misstatements in the Report of the Directors.
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to
you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in
preparing the Report of the Directors.
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic
alternative but to do so.
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Report of the Independent Auditors to the Members of
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Exceed Business Services Limited
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Auditors' responsibilities for the audit of the financial statements
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Our objectives 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 a Report of the Auditors that includes our 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.
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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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Identifying and assessing potential risks related to irregularities
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In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
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-The nature of the industry and sector in which the company operates; the control environment and business
performance including key drivers for directors' remuneration, bonus levels and performance targets.
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-The outcome of enquiries of local management and parent company management, including whether management
was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of
any actual, suspected, or alleged fraud.
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-Supporting documentation relating to the Company's policies and procedures for:
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- Identifying, evaluating, and complying with laws and regulations
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- Detecting and responding to the risks of fraud
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-The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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-The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
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-The legal and regulatory framework in which the Company operates, particularly those laws and regulations which
have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or
which had a fundamental effect on the operations of the Company, including General Data Protection requirements,
and Anti-bribery and Corruption.
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Audit response to risks identified
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Our procedures to respond to the risks identified included the following:
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-Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with
the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
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-Discussions with management, including consideration of known or suspected instances of non-compliance with laws
and regulations and fraud.
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-Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect
irregularities.
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-Enquiring of management about any actual and potential litigation and claims.
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-Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of
material misstatement due to fraud.
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We have also considered the risk of fraud through management override of controls by:
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-Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to
identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or
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Challenging assumptions made by management in their significant accounting estimates, and assessing whether the
judgements made in making accounting estimates are indicative of a potential bias; and
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-Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.
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We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
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Report of the Independent Auditors to the Members of
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Exceed Business Services Limited
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There are inherent limitations in the audit procedures described above, and the further removed non-compliance with
laws and regulations are from the events and transactions reflected in the financial statements, the less likely we
would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion.
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A further description of our 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 Report of
the Auditors.
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Use of our report
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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 a Report of the Auditors 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.
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for and on behalf of
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21 Tiviot Dale
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Stockport
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Cheshire
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SK1 1TD
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Exceed Business Services Limited (Registered number: 11721359)
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Income Statement
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for the Year Ended 31 December 2020
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Period
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11.12.18
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Year Ended
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31.12.20
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31.12.19
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Notes
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£
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£
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TURNOVER
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Cost of sales
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GROSS PROFIT
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Administrative expenses
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OPERATING LOSS
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Interest receivable and similar income
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4
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LOSS BEFORE TAXATION
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Tax on loss
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LOSS FOR THE FINANCIAL YEAR
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There are no recognised gains or losses other than those disclosed in the company's income statement.
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Exceed Business Services Limited (Registered number: 11721359)
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Balance Sheet
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31 December 2020
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31.12.20
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31.12.19
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Notes
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£
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£
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CURRENT ASSETS
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Debtors
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5
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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6
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NET CURRENT LIABILITIES
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CAPITAL AND RESERVES
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Called up share capital
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Retained earnings
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The financial statements were approved by the Board of Directors and authorised for issue on
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Exceed Business Services Limited (Registered number: 11721359)
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Notes to the Financial Statements
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for the Year Ended 31 December 2020
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1.
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STATUTORY INFORMATION
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Exceed Business Services Limited is a private company, limited by shares, registered in England and Wales. The
companies registered number and registered office can be found on the Company Information page and its
principal activity can be found on the Directors Report.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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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.
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.
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Going concern
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In common with virtually every other business in the country, the company experienced the effects of the Coronavirus pandemic. The Directors believe they took all possible steps to protect the company including accessing relevant Government assistance. |
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The company furloughed a number of staff to mitigate costs but quickly brought these employees back as economic activity returned. There was a reduction in sales during the pandemic, as a result of agency employees being the first staff members to be released by companies. These also quickly returned to work and the company returned to normal. |
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The directors note that the company had significant cash reserves as at the year end, retaining these as the year progressed. Based on their forecasts they expect the company to be able to meet all its cash flow requirements, as they fall due, with no recourse required for any additional third party funding. |
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The company itself is reliant on its parent company not requesting payment for amounts owed and will rely on letter of support to ensure company can meet its obligations. |
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At the time of signing these accounts the Directors are of the opinion that the group will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis. |
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Turnover
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Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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Financial instruments
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The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Exceed Business Services Limited (Registered number: 11721359)
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2020
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2.
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ACCOUNTING POLICIES - continued
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Taxation
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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
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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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The directors are not recognising a deferred tax asset on the Balance sheet, as recoverability of this deferred tax asset is not certain under the provisions of IAS 12. The directors feel that it is prudent not to recognise the asset. |
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Basic financial assets
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Basic financial assets, which includes 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
present value of the future receipts discounted at a market rate of interest. Financial asserts classified as
receivable within one year are not amortised.
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Classification of financial liabilities
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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.
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Basic financial liabilities
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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
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are
not amortised.
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of
business from suppliers. Amounts 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 rate method.
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Exceed Business Services Limited (Registered number: 11721359)
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2020
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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4.
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INTEREST RECEIVABLE AND SIMILAR INCOME
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Period
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11.12.18
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Year Ended
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to
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31.12.20
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31.12.19
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£
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£
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Deposit account interest
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5.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.12.20
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31.12.19
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£
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£
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Trade debtors
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Other debtors
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Prepayments
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6.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.12.20
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31.12.19
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£
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£
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Trade creditors
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Amounts owed to group undertakings
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Social security and other taxes
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VAT
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175,865
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-
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Other creditors
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Accruals and deferred income
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Amounts owed to group undertakings is an inter-company loan with no interest rate and is repayable on demand. |
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7.
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RELATED PARTY DISCLOSURES
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The company has taken advantage of the exemptions presented by FRS 102 by not disclosing related parties. |
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8.
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ULTIMATE CONTROLLING PARTY
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The controlling party is Exceed Outsourcing Limited. |
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At the year end date, M Parsons and B Mellor were deemed to be the ultimate controlling parties. |