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REGISTERED NUMBER: 06529388 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ELITE ADVANTAGE MANAGEMENT LIMITED

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

ELITE ADVANTAGE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: M R Cordingley





REGISTERED OFFICE: 48 Leicester Road
Hinckley
Leicestershire
LE10 2AD





REGISTERED NUMBER: 06529388 (England and Wales)





ACCOUNTANTS: PWH Accountancy Ltd
The Counting House
High Street
Lutterworth
Leicestershire
LE17 4AY

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 97,663 105,008

CURRENT ASSETS
Debtors 6 128,499 85,012
Cash at bank and in hand 32,810 36,423
161,309 121,435
CREDITORS
Amounts falling due within one year 7 201,948 165,509
NET CURRENT LIABILITIES (40,639 ) (44,074 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,024

60,934

CREDITORS
Amounts falling due after more than one
year

8

(38,355

)

(40,129

)

PROVISIONS FOR LIABILITIES 9 (18,556 ) (19,952 )
NET ASSETS 113 853

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 13 753
SHAREHOLDERS' FUNDS 113 853

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

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

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

BALANCE SHEET - continued
30 JUNE 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 director and authorised for issue on 30 January 2024 and were signed by:





M R Cordingley - Director


ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Elite Advantage Management 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant, Actual results may differ from these estimates.

Turnover
Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Revenue is shown net of VAT and trade discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments

Financial assets
Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of receivables is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of payment. Receivables are considered for impairment on a case by case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities
The company's financial liabilities include trade and other payables, which are measured at amortised cost using the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.


ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2022 10,933 111,919 122,852
Additions 4,179 - 4,179
At 30 June 2023 15,112 111,919 127,031
DEPRECIATION
At 1 July 2022 4,954 12,890 17,844
Charge for year 1,524 10,000 11,524
At 30 June 2023 6,478 22,890 29,368
NET BOOK VALUE
At 30 June 2023 8,634 89,029 97,663
At 30 June 2022 5,979 99,029 105,008

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 34,795 23,000
Other debtors - 8
Directors' current accounts 89,232 57,532
Tax 4,472 4,472
128,499 85,012

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 73,893 81,030
Tax 53,960 34,178
Social security and other taxes - 748
VAT 53,472 37,517
Other creditors 10,623 -
Wages control - 2,036
201,948 165,509

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 28,355 30,129
38,355 40,129

9. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 18,556 19,952

Deferred
tax
£   
Balance at 1 July 2022 19,952
Credit to Income Statement during year (1,396 )
Deferred tax
Balance at 30 June 2023 18,556

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 July 2022 753
Profit for the year 53,260
Dividends (54,000 )
At 30 June 2023 13

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £54,000 were paid to the director .

At 30 June 2023 an amount of £89,232 was due from the director (2022 £57,532). Interest is charged on the overdrawn balance at market rates.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R Cordingley.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ELITE ADVANTAGE MANAGEMENT LIMITED

The following reproduces the text of the report prepared for the director 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 Director 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 Advantage Management Limited for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Elite Advantage Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elite Advantage Management Limited and state those matters that we have agreed to state to the director of Elite Advantage Management Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite Advantage Management Limited and its director for our work or for this report.

It is your duty to ensure that Elite Advantage Management 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 Advantage Management Limited. You consider that Elite Advantage Management 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 Advantage Management 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.






PWH Accountancy Ltd
The Counting House
High Street
Lutterworth
Leicestershire
LE17 4AY


30 January 2024