Company registration number 11627138 (England and Wales)
ELITE SERVICED APARTMENTS (NW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
ELITE SERVICED APARTMENTS (NW) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ELITE SERVICED APARTMENTS (NW) LIMITED
BALANCE SHEET
AS AT
28 MARCH 2021
28 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
120,324
190,514
Cash at bank and in hand
900
43
121,224
190,557
Creditors: amounts falling due within one year
5
(59,657)
(165,548)
Net current assets
61,567
25,009
Creditors: amounts falling due after more than one year
6
(48,382)
Net assets
13,185
25,009
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
13,085
24,909
Total equity
13,185
25,009
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 August 2022
S Latham
Director
Company Registration No. 11627138
ELITE SERVICED APARTMENTS (NW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 MARCH 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 October 2018
Period ended 29 March 2020:
Profit and total comprehensive income for the period
-
31,909
31,909
Issue of share capital
7
100
-
100
Dividends
-
(7,000)
(7,000)
Balance at 29 March 2020
100
24,909
25,009
Period ended 28 March 2021:
Loss and total comprehensive income for the period
-
(11,824)
(11,824)
Balance at 28 March 2021
100
13,085
13,185
ELITE SERVICED APARTMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 MARCH 2021
- 3 -
1
Accounting policies
Company information
Elite Serviced Apartments (NW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Mount Pleasant, Waterloo, Liverpool, L22 5PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statements are for the period ended 28 March 2021. The previous financial statements were the first prepared for the company and covered the period from incorporation on 17 October 2018 to 29 March 2020, in order that the company's accounting reference date aligned with that of fellow group undertakings. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include 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 the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ELITE SERVICED APARTMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
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.
Basic financial liabilities
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.
Trade creditors are obligations to pay for goods or 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Where material the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Where material termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
ELITE SERVICED APARTMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 MARCH 2021
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
1
5
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
60
133,160
Amounts owed by group undertakings
117,375
56,783
Other debtors
2,889
571
120,324
190,514
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
1,618
Trade creditors
6,156
116,305
Taxation and social security
38,325
40,797
Other creditors
13,558
8,446
59,657
165,548
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
48,382
ELITE SERVICED APARTMENTS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 MARCH 2021
- 6 -
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
During the previous financial period 100 ordinary shares of £1 each were issued and allotted for a consideration of £100.
8
Parent company
The company is a wholly owned subsidiary of Elite Estate Developments Limited, a company registered in England and Wales.