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REGISTERED NUMBER: 07323739 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

ELITOK PROPERTIES LTD

ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELITOK PROPERTIES LTD

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr Mehmet Elitok
Mr Inanc Elitok





REGISTERED OFFICE: 205-207 Lea Bridge Road
Leyton
London
E10 7PN





REGISTERED NUMBER: 07323739 (England and Wales)





ACCOUNTANTS: ADPL LLP
293 Green Lanes
London
N13 4XS

ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Balance Sheet
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,546,344 4,546,344

CURRENT ASSETS
Debtors 5 3,835,067 1,841,940
Cash at bank and in hand 549,292 3,034,569
4,384,359 4,876,509
CREDITORS
Amounts falling due within one year 6 948,694 1,914,807
NET CURRENT ASSETS 3,435,665 2,961,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,982,009

7,508,046

CREDITORS
Amounts falling due after more than one
year

7

(4,946,673

)

(4,618,019

)

PROVISIONS FOR LIABILITIES (241,572 ) (241,572 )
NET ASSETS 2,793,764 2,648,455

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 2,543,764 2,398,455
2,793,764 2,648,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Balance Sheet - continued
31 JULY 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 Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





Mr Inanc Elitok - Director


ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Elitok Properties Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

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

ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 4,546,344
NET BOOK VALUE
At 31 July 2023 4,546,344
At 31 July 2022 4,546,344

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2017 4,246,344
Valuation in 2022 300,000
4,546,344

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Amounts owed by group undertakings 2,186,940 1,841,940
Other debtors 1,648,127 -
3,835,067 1,841,940

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 44,526 127,131
Taxation and social security 89,347 51,125
Other creditors 814,821 1,736,551
948,694 1,914,807

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 2,269,715 1,941,061
Other creditors 2,676,958 2,676,958
4,946,673 4,618,019

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,822,191 1,451,235

ELITOK PROPERTIES LTD (REGISTERED NUMBER: 07323739)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 2,314,241 2,068,192

9. RELATED PARTY DISCLOSURES

Mr Inanc Elitok is also the director of Easyshelf Direct Ltd, Dr Johnson Developments Ltd and Elitok Investment Ltd

At the reporting date, Dr Johnson Developments Ltd owed £2,186,940 (2022: £1,841,940) and Elitok Investment Ltd owed £1,648,127 (2022: Nil)