Registered number
07484619
I.E.C. Elite Developments Limited
Report and Accounts
31 July 2023
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
I.E.C. Elite Developments Limited
Registered number: 07484619
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Stocks 386,593 386,593
Debtors 3 5,049 5,011
Cash at bank and in hand 27 899
391,669 392,503
Creditors: amounts falling due within one year 4 (721) (572)
Net current assets 390,948 391,931
Total assets less current liabilities 390,948 391,931
Creditors: amounts falling due after more than one year 5 (375,904) (375,904)
Net assets 15,044 16,027
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account (14,956) (13,973)
Shareholders' funds 15,044 16,027
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Beech
Director
Approved by the board on 20 September 2023
I.E.C. Elite Developments Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,862 4,862
Other debtors 187 149
5,049 5,011
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 192
Amounts owed to group undertakings and undertakings in which the company has a participating interest 320 -
Other creditors 401 380
721 572
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 375,904 375,904
6 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
7 Controlling party
The company is controlled by its directors who are the shareholders.
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