Registration number:
for the
Year Ended
Excess International Movers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Excess International Movers Limited
Company Information
Directors |
S Gooding S Mehta |
Registered office |
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Bankers |
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Accountants |
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Excess International Movers Limited
(Registration number: 04350303)
Balance Sheet as at 31 December 2020
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2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The company has adopted Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', taking advantage of the small company exemptions to produce reduced disclosure accounts under section 1A of FRS 102.
Basis of preparation
These financial statements were prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
Covid19 continues to have effect on revenue as a consequence of travel restrictions, lockdown and other economic and social implications of the pandemic both in the UK and Overseas, and income continues to be under pressure. However, with gradual easing of restrictions, the level of business has increased in recent months. The company has reduced costs, the directors have streamlined the business and made use of the government’s Furlough scheme. The company will continue to be supported by its shareholders and remain committed to the business and are willing to inject additional liquidity should the need arise. The company is consolidating its operations and it will be looking to further reduce costs.
Using the latest forecasts and going concern assessment, the directors are satisfied that at the time of approving these financial statements, the company has, or is likely to have, sufficient financial resources available such that the company should return to profitability in due course and once again generate cash from its operating activities. On this basis the directors consider it appropriate to prepare its financial statements on a going concern basis. The financial statements do not include any adjustments that would arise if the necessary support from the parent company, Excess Overseas Movers Limited, were to cease.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover is recognised by the Company at such time that containers are loaded.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Foreign currency transactions and balances
Tangible assets
Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% straight line |
Fixtures, fittings and equipment |
20% straight line |
Motor vehicles |
20% straight line |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Pensions
The Company contributes to individual personal pension schemes for the employees and directors. Contributions are charged to the profit and loss account as they become payable in accordance with the terms agreed with the employees.
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Intangible assets |
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Cost |
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At 1 January 2020 |
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Disposals |
( |
At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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Amortisation charge |
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Amortisation eliminated on disposals |
( |
At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 January 2020 |
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Disposals |
( |
( |
( |
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At 31 December 2020 |
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- |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposal |
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( |
( |
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At 31 December 2020 |
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- |
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Carrying amount |
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At 31 December 2020 |
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- |
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At 31 December 2019 |
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Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
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Creditors |
2020 |
2019 |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Contingent liabilities |
A guarantee of £9,000 (2019 - £9,000) has been provided to HM Customs and Excise
Excess International Movers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Related party transactions |
In its normal course of business, the company buys and sells goods and services from and to various related parties including subsidiaries of Milrose Holdings Ltd, Zenic International Holdings Ltd, Centry Services Ltd, Irving Holdings Ltd, companies with common controlling parties.
These transactions are conducted on a commercial basis under comparable conditions that apply to transactions with third parties.
In 2020, the purchase of goods and services from these related parties amount to £123,030 (2019 - £178,382) and the sale of goods and services to these related parties amount to £4,842 (2019 - £7,132). The amount outstanding due to these related parties at the year end was £38,267 (2019 - £57,854) and the amount outstanding due from these related parties at the year end was £209 (2019 - £7,255).
The company has taken advantage of the exemption in FRS 102 1A from disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
Non adjusting events after the financial period |
After the year end, on 30 June 2021, the company issued a total of 335,599 shares at nominal value to Excess Overseas Movers Limited.