Company registration number 09036654 (England and Wales)
ELITE SOUTHERN SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ELITE SOUTHERN SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELITE SOUTHERN SUPPLIES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
982,104
979,964
Current assets
Stocks
10,000
10,000
Debtors
4
156,466
225,447
Cash at bank and in hand
271,095
188,044
437,561
423,491
Creditors: amounts falling due within one year
5
(346,956)
(425,469)
Net current assets/(liabilities)
90,605
(1,978)
Total assets less current liabilities
1,072,709
977,986
Creditors: amounts falling due after more than one year
6
(523,212)
(539,647)
Provisions for liabilities
(677)
(643)
Net assets
548,820
437,696
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
547,820
436,696
Total equity
548,820
437,696

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ELITE SOUTHERN SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
Mr G  Freeman
Mr C Fowler
Director
Director
Company registration number 09036654 (England and Wales)
ELITE SOUTHERN SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Elite Southern Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Nil
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
20% Straight line
Office equipment
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ELITE SOUTHERN SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
ELITE SOUTHERN SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
977,393
19,987
997,380
Additions
-
0
3,720
3,720
Disposals
-
0
(725)
(725)
At 31 October 2023
977,393
22,982
1,000,375
Depreciation and impairment
At 1 November 2022
-
0
17,416
17,416
Depreciation charged in the year
-
0
1,580
1,580
Eliminated in respect of disposals
-
0
(725)
(725)
At 31 October 2023
-
0
18,271
18,271
Carrying amount
At 31 October 2023
977,393
4,711
982,104
At 31 October 2022
977,393
2,571
979,964
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
156,466
225,447
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
12
Trade creditors
112,014
140,283
Taxation and social security
129,960
115,331
Other creditors
104,982
169,843
346,956
425,469
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
523,212
539,647
ELITE SOUTHERN SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Financial commitments, guarantees and contingent liabilities

The company has entered into an agreement with Barclays Bank plc where bank facilities are secured by a debenture which secures monies due or becoming due by way of a fixed, and by way of a floating charge which covers all the property or undertaking of the company not subject to the fixed charge.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
7,200
7,200
7,200
7,200
9
Related party transactions

During the year Elite Electrical and Automation Ltd, a company of which CM Fowler and G Freeman are directors, raised invoices to the company in relation to labour and stock of £119,672 (2022 - £83,434). At the year end, the company owed Elite Electrical and Automation Ltd £3,360 (2022 - £7,333) which is included in creditors due within one year. No interest is being charge on the balance.

 

During the year the company raised invoices to Elite Electrical and Automation Ltd, a company of which CM Fowler and G Freeman are directors, in relation to rent and service charge of £23,400 (2022 - £30,733). At the year end, Elite Electrical and Automation Ltd owed the company £2,268 (2022 - £2,126) which is included in trade debtors. No interest is being charged on the balance.

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