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REGISTERED NUMBER: SC438739 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 May 2023

for

Elite Office Supplies Limited

Elite Office Supplies Limited (Registered number: SC438739)






Contents of the Financial Statements
For The Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Elite Office Supplies Limited

Company Information
For The Year Ended 31 May 2023







DIRECTORS: Mrs S Kerr
E Kerr





REGISTERED OFFICE: Block 7 Unit 1 Chapelhall Industrial Est
Airdrie
Lanarkshire
ML6 8QH





REGISTERED NUMBER: SC438739 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Elite Office Supplies Limited (Registered number: SC438739)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,695 37,303

CURRENT ASSETS
Stocks 57,786 39,442
Debtors 5 402,857 302,285
Cash at bank 48,618 43,748
509,261 385,475
CREDITORS
Amounts falling due within one year 6 454,056 367,496
NET CURRENT ASSETS 55,205 17,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,900

55,282

CREDITORS
Amounts falling due after more than one
year

7

(45,291

)

(58,697

)

PROVISIONS FOR LIABILITIES (7,130 ) -
NET ASSETS/(LIABILITIES) 41,479 (3,415 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 41,478 (3,416 )
41,479 (3,415 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Office Supplies Limited (Registered number: SC438739)

Balance Sheet - continued
31 May 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 Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





E Kerr - Director


Elite Office Supplies Limited (Registered number: SC438739)

Notes to the Financial Statements
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

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

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.

The directors have reviewed the company's operating costs for the next twelve months, and the sources of funds avaliable, and are satisfied that the company is a going concern.

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 the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


Elite Office Supplies Limited (Registered number: SC438739)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
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.

Debt factoring
The company assigns its debts to a factor and receives a percentage of the value of invoices assigned. The company receives the remaining percentage once the customer has paid in full.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 4,520 50,483 1,531 3,522 60,056
Additions - 15,338 - - 15,338
At 31 May 2023 4,520 65,821 1,531 3,522 75,394
DEPRECIATION
At 1 June 2022 2,899 16,697 808 2,349 22,753
Charge for year 452 13,164 109 221 13,946
At 31 May 2023 3,351 29,861 917 2,570 36,699
NET BOOK VALUE
At 31 May 2023 1,169 35,960 614 952 38,695
At 31 May 2022 1,621 33,786 723 1,173 37,303

Elite Office Supplies Limited (Registered number: SC438739)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 291,358 203,941
Other debtors 111,499 98,344
402,857 302,285

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 9,994 9,747
Hire purchase contracts 11,642 9,424
Trade creditors 185,356 144,947
Taxation and social security 36,768 52,960
Other creditors 210,296 150,418
454,056 367,496

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 20,752 30,746
Hire purchase contracts 24,539 27,951
45,291 58,697

8. SECURED DEBTS

The Royal Bank of Scotland holds a floating charge over the business in relation to an invoice factor facility provided by the bank.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Elite Office Supplies Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elite Office Supplies Limited for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Elite Office Supplies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elite Office Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Elite Office Supplies Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Elite Office Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elite Office Supplies Limited. You consider that Elite Office Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Elite Office Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


8 November 2023