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REGISTERED NUMBER: 01027900 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

ELETE DESIGN LIMITED

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELETE DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: P Morgan
N Pounder
K D Jones





SECRETARY: N Pounder





REGISTERED OFFICE: Court House
Court Road
Bridgend
CF31 1BE





REGISTERED NUMBER: 01027900 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,779 20,679
Investments 5 20,596 20,596
Investment properties 6 6,635,745 5,627,426
6,671,120 5,668,701

CURRENT ASSETS
Stocks 9,087 4,371
Debtors 7 790,931 761,219
Cash at bank 3,667,692 3,476,678
4,467,710 4,242,268
CREDITORS
Amounts falling due within one year 8 233,378 256,310
NET CURRENT ASSETS 4,234,332 3,985,958
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,905,452

9,654,659

CREDITORS
Amounts falling due after more than one
year

9

(2,262

)

(3,496

)

PROVISIONS FOR LIABILITIES (164,823 ) (3,929 )
NET ASSETS 10,738,367 9,647,234

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 10 1,168,792 322,488
Retained earnings 9,569,375 9,324,546
SHAREHOLDERS' FUNDS 10,738,367 9,647,234

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

BALANCE SHEET - continued
28 FEBRUARY 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 23 November 2023 and were signed on its behalf by:





N Pounder - Director


ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Elete Design Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Elete Design Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable from rents and services invoiced net of value added tax and takings from the public house net of value added tax. Rental and services income is recognised when the right to consideration is earned and other income is recognised when receivable..

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 etc - 25% on cost

Government grants
Government grants that relate to revenue are recognised in other income over the period in which the related costs are incurred. Grants related to expenses and covid-19 support are recognised in other income as the grant becomes receivable. Such grants occur as a re-imbursement for expenses already incurred and as a result of local authority and government covid-19 support measures.

Government grants that relate to capital expenditure are recognised initially as deferred income and then released to the income statement as other income over the period which the grant the asset it relates to is being depreciated.

Investments in associates
Fixed asset investments, being interests in associate undertakings and joint ventures are included at cost.

Investment property
Investment properties are included in the balance sheet at most recent estimated fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates an auto enrolment pension scheme and also pays into an individual personal pension. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 79,308
DEPRECIATION
At 1 March 2022 58,629
Charge for year 5,900
At 28 February 2023 64,529
NET BOOK VALUE
At 28 February 2023 14,779
At 28 February 2022 20,679

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. FIXED ASSET INVESTMENTS
Interest Interest
in joint in
venture associate Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 50 20,546 20,596
NET BOOK VALUE
At 28 February 2023 50 20,546 20,596
At 28 February 2022 50 20,546 20,596

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 March 2022 5,627,426
Revaluations 1,008,319
At 28 February 2023 6,635,745
NET BOOK VALUE
At 28 February 2023 6,635,745
At 28 February 2022 5,627,426

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2005 69,840
Valuation in 2006 94,908
Valuation in 2007 (94,782 )
Valuation in 2010 550,000
Valuation in 2011 (496,816 )
Valuation in 2012 189,177
Valuation in 2019 (88,904 )
Valuation in 2020 99,065
Valuation in 2023 1,008,319
Cost 5,304,938
6,635,745

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,304,948 5,304,948

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. INVESTMENT PROPERTIES - continued

The investment properties were last formally fully revalued on an open market basis by the directors in 2012. The directors are of the opinion that there has not been a material change in the values of the investment properties since (other than the revaluation adjustments required in 2019 and 2020 related to enhancement and improvement work carried out on a particular property and those in the current year to amounts based on sales made or offers received post year end) so the resultant values per the accounts are an appropriate reflection of their fair value at the balance sheet date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,511 4,895
Amounts owed by group undertakings 50,453 55,347
Amounts owed by joint ventures 708,337 694,237
Other debtors 28,630 6,740
790,931 761,219

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 27,750 20,277
Amounts owed to group undertakings 101,000 101,000
Taxation and social security 41,229 78,902
Other creditors 63,399 56,131
233,378 256,310

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 2,262 3,496

10. FAIR VALUE RESERVE
Fair
value
reserve
£   
At 1 March 2022 322,488
Retained earnings transfer
re: investment property
revaluation and deferred tax 846,304

At 28 February 2023 1,168,792

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. RELATED PARTY DISCLOSURES

Amounts owed by and to group undertakings and joint ventures are on an interest free basis.

12. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is P & A Holdings Limited, a company registered in the Channel Islands