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Registered Number: 13222727
England and Wales

 

 

 

ELITE UK PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
Director Mr E Abi-Elias
Registered Number 13222727
Registered Office LCP Parking Service Roseford Court
Shepherds Bush Green
London
W12 8RA
Accountants Windfall accounting LLP
Windfall House
D1 The Courtyard, Alban Park
St Albans
AL4 0LA
Secretary Mrs C Abi-Elias
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 792,014    792,014 
792,014    792,014 
Current assets      
Cash at bank and in hand 8,554    192,694 
Creditors: amount falling due within one year 4 (761,896)   (970,191)
Net current liabilities (753,342)   (777,497)
 
Total assets less current liabilities 38,672    14,517 
Net assets 38,672    14,517 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 38,572    14,417 
Shareholder's funds 38,672    14,517 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 03 November 2023 and were signed by:


-------------------------------
Mr E Abi-Elias
Director
2
General Information
ELITE UK PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 13222727, registration address LCP Parking Service Roseford Court, Shepherds Bush Green , London, W12 8RA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Revaluation surplus are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.


The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS102 (Section 1A) in order to give a true and fair view. If this departure from the Companies Act has not been made, the profit for the financial year would have been decreased by the amount of the depreciation.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 March 2022 792,014    792,014 
Additions  
Disposals  
At 28 February 2023 792,014    792,014 
Depreciation
At 01 March 2022  
Charge for year  
On disposals  
At 28 February 2023  
Net book values
Closing balance as at 28 February 2023 792,014    792,014 
Opening balance as at 01 March 2022 792,014    792,014 


If investment properties had not been revalued it would have been included at the historical cost of £792,014.

The director considers that Investment property doesn't require any revaluation as at 28 February 2023.

4.

Creditors: amount falling due within one year

2023
£
  2022
£
Amounts Owed to connected company 751,693    922,390 
Corporation Tax 5,666    3,420 
Accrued Expenses 1,201    42,445 
Other Creditors 3,225    1,825 
Directors' Current Accounts 111    111 
761,896    970,191 

5.

Related Party Note

Creditors due within one year included an interest-free amount of £111 (2022 - £111) due to the director. This loan is repayable on demand.

Creditors due within one year include an interest-free amount of £751,693 (2022 - £922,390) due to a connected company in which the director has controlling interest. This loan is repayable on demand.


3