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REGISTERED NUMBER: SC301167 (Scotland)















Abridged Unaudited Financial Statements for the Year Ended 30 April 2023

for

Elite Property Solutions (Scotland)
Limited

Elite Property Solutions (Scotland)
Limited (Registered number: SC301167)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Elite Property Solutions (Scotland)
Limited

Company Information
for the Year Ended 30 April 2023







DIRECTOR: G A Simpson





SECRETARY: G A Simpson





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
Lothian
EH1 2BD





REGISTERED NUMBER: SC301167 (Scotland)





ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

Elite Property Solutions (Scotland)
Limited (Registered number: SC301167)

Abridged Statement of Financial Position
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 82,990 74,772

CURRENT ASSETS
Stocks 198,286 95,575
Debtors 215,077 185,316
Prepayments and accrued income 8,390 10,360
Cash at bank 87,054 40,907
508,807 332,158
CREDITORS
Amounts falling due within one year 433,669 289,443
NET CURRENT ASSETS 75,138 42,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,128

117,487

CREDITORS
Amounts falling due after more than one
year

5

54,094

54,201
NET ASSETS 104,034 63,286

CAPITAL AND RESERVES
Called up share capital 60,100 60,100
Retained earnings 43,934 3,186
SHAREHOLDERS' FUNDS 104,034 63,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 November 2023 and were signed by:



G A Simpson - Director


Elite Property Solutions (Scotland)
Limited (Registered number: SC301167)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Elite Property Solutions (Scotland) 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.

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. Turnover is attributable to the company's principal activity of builders and home maintenance.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 33% on cost and 25% on reducing balance
Tenant Improvements - 10% on cost

Depreciation and impairment losses are charged to the Income Statement within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The loss is recognised immediately in the Income Statement

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires


Elite Property Solutions (Scotland)
Limited (Registered number: SC301167)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the Income Statement 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 the Income Statement in the period to which they relate

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 14 ).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022 158,549
Additions 20,778
At 30 April 2023 179,327
DEPRECIATION
At 1 May 2022 83,777
Charge for year 12,560
At 30 April 2023 96,337
NET BOOK VALUE
At 30 April 2023 82,990
At 30 April 2022 74,772

Elite Property Solutions (Scotland)
Limited (Registered number: SC301167)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 May 2022 54,789
Additions 18,971
Transfer to ownership (31,400 )
At 30 April 2023 42,360
DEPRECIATION
At 1 May 2022 35,948
Charge for year 5,771
Transfer to ownership (31,400 )
At 30 April 2023 10,319
NET BOOK VALUE
At 30 April 2023 32,041
At 30 April 2022 18,841

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
30.4.23 30.4.22
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 14,671 20,295

6. RELATED PARTY DISCLOSURES

At the year end the company was owed £117,975 by Leith Holdings Limited G A Simpson is a director of Leith Holdings Limited.