10 August 2022 false No description of principal activity Taxfiler 2023.10 14288056business:PrivateLimitedCompanyLtd2022-08-102023-08-31 142880562022-08-09 142880562022-08-102023-08-31 14288056business:AuditExemptWithAccountantsReport2022-08-102023-08-31 14288056business:AbridgedAccounts2022-08-102023-08-31 142880562023-08-31 14288056business:Director12022-08-102023-08-31 14288056business:RegisteredOffice2022-08-102023-08-31 14288056core:WithinOneYear2023-08-31 14288056core:ShareCapitalcore:PreviouslyStatedAmount2023-08-31 14288056core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-08-31 14288056core:PreviouslyStatedAmount2023-08-31 14288056business:SmallEntities2022-08-102023-08-31 14288056countries:EnglandWales2022-08-102023-08-31 14288056core:PlantMachinery2022-08-102023-08-31 14288056core:FurnitureFittings2022-08-102023-08-31 14288056business:Director112022-08-102023-08-31 14288056business:Director112022-08-09 14288056business:Director112023-08-31 iso4217:GBP xbrli:pure
Company Registration No. 14288056 (England and Wales)
Elite Steel Works Ltd Unaudited accounts for the period from 10 August 2022 to 31 August 2023
Elite Steel Works Ltd Unaudited accounts Contents
Page
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Elite Steel Works Ltd Company Information for the period from 10 August 2022 to 31 August 2023
Director
Mukund Naran Dabasia
Company Number
14288056 (England and Wales)
Registered Office
5 Boundary Road East Lane Business Park Wembley Middlesex HA9 7NF England
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Elite Steel Works Ltd Statement of financial position as at 31 August 2023
2023 
Notes
£ 
Fixed assets
Tangible assets
22,109 
Current assets
Inventories
9,750 
Debtors
57,539 
Cash at bank and in hand
57,758 
125,047 
Creditors: amounts falling due within one year
(91,626)
Net current assets
33,421 
Total assets less current liabilities
55,530 
Provisions for liabilities
Deferred tax
(4,282)
Net assets
51,248 
Capital and reserves
Called up share capital
300 
Profit and loss account
50,948 
Shareholders' funds
51,248 
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
Mukund Naran Dabasia Director Company Registration No. 14288056
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Elite Steel Works Ltd Notes to the Accounts for the period from 10 August 2022 to 31 August 2023
1
Statutory information
Elite Steel Works Ltd is a private company, limited by shares, registered in England and Wales, registration number 14288056. The registered office is 5 Boundary Road, East Lane Business Park, Wembley, Middlesex, HA9 7NF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% reducing balance
Fixtures & fittings
20% reducing balance
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Elite Steel Works Ltd Notes to the Accounts for the period from 10 August 2022 to 31 August 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 10 August 2022
- 
Additions
24,662 
At 31 August 2023
24,662 
Depreciation
Charge for the period
2,553 
At 31 August 2023
2,553 
Net book value
At 31 August 2023
22,109 
5
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mukund Naran Dabasia
Loan to director
- 
300 
300 
- 
- 
300 
300 
- 
Loans to directors are liable to interest at HMRC approves rates.
6
Average number of employees
During the period the average number of employees was 7.
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