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REGISTERED NUMBER: NI606135 (Northern Ireland)












Elite Fit Out Limited

Unaudited Financial Statements for the Year Ended 28th February 2023






Elite Fit Out Limited (Registered number: NI606135)






Contents of the Financial Statements
for the year ended 28th February 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Elite Fit Out Limited

Company Information
for the year ended 28th February 2023







Director: Mr W McAdam





Registered office: Oakmont House
2 Queens Road
Lisburn
BT27 4TZ





Registered number: NI606135 (Northern Ireland)





Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
Co. Antrim
BT27 4TZ

Elite Fit Out Limited (Registered number: NI606135)

Balance Sheet
28th February 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 968,165 936,114

Current assets
Debtors 5 - 128,976
Cash at bank 21,996 61,033
21,996 190,009
Creditors
Amounts falling due within one year 6 (160,315 ) (213,466 )
Net current liabilities (138,319 ) (23,457 )
Total assets less current liabilities 829,846 912,657

Creditors
Amounts falling due after more than one
year

7

(263,429

)

(289,265

)
Net assets 566,417 623,392

Capital and reserves
Called up share capital 1 1
Retained earnings 9 566,416 623,391
Shareholders' funds 566,417 623,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Elite Fit Out Limited (Registered number: NI606135)

Balance Sheet - continued
28th February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd October 2023 and were signed by:





Mr W McAdam - Director


Elite Fit Out Limited (Registered number: NI606135)

Notes to the Financial Statements
for the year ended 28th February 2023

1. Statutory information

Elite Fit Out Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% Reducing balance
Motor vehicles - 25% Straight line

Elite Fit Out Limited (Registered number: NI606135)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

2. Accounting policies - continued

Financial instruments
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 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 legal 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, 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 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.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. 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 method.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Elite Fit Out Limited (Registered number: NI606135)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, 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 receivables.

Trade crditors
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 subsequently measured at amortised cost using the effective interest method.


Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 5 ) .

Elite Fit Out Limited (Registered number: NI606135)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

4. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1st March 2022 888,568 67,474 81,143 1,037,185
Additions 89,415 - - 89,415
Disposals (39,010 ) - - (39,010 )
At 28th February 2023 938,973 67,474 81,143 1,087,590
Depreciation
At 1st March 2022 - 46,947 54,124 101,071
Charge for year - 4,105 14,249 18,354
At 28th February 2023 - 51,052 68,373 119,425
Net book value
At 28th February 2023 938,973 16,422 12,770 968,165
At 28th February 2022 888,568 20,527 27,019 936,114

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors - 128,976

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 28,565 26,148
Hire purchase contracts 4,000 7,000
Trade creditors 6,059 568
Corporation tax - 15,094
PAYE Control Account 4,335 (1,444 )
VAT 5,427 25,189
Other creditors 100,336 135,326
Directors' current accounts 11,593 5,257
Accrued expenses - 328
160,315 213,466

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 8) 262,272 284,525
Hire purchase contracts 1,157 4,740
263,429 289,265

Elite Fit Out Limited (Registered number: NI606135)

Notes to the Financial Statements - continued
for the year ended 28th February 2023

7. Creditors: amounts falling due after more than one year - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 157,509 172,716

8. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 28,565 26,148

Amounts falling due between one and two years:
Bank loans - 1-2 years 29,489 28,510

Amounts falling due between two and five years:
Bank loans - 2-5 years 75,274 83,299

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 157,509 172,716

9. Reserves
Retained
earnings
£   

At 1st March 2022 623,391
Deficit for the year (56,975 )
At 28th February 2023 566,416