Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false22022-04-01true2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue 05811305 2022-04-01 2023-03-31 05811305 2021-03-30 2022-03-31 05811305 2023-03-31 05811305 2022-03-31 05811305 c:Director1 2022-04-01 2023-03-31 05811305 d:PlantMachinery 2022-04-01 2023-03-31 05811305 d:OtherPropertyPlantEquipment 2023-03-31 05811305 d:OtherPropertyPlantEquipment 2022-03-31 05811305 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05811305 d:CurrentFinancialInstruments 2023-03-31 05811305 d:CurrentFinancialInstruments 2022-03-31 05811305 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05811305 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05811305 d:ShareCapital 2023-03-31 05811305 d:ShareCapital 2022-03-31 05811305 d:RetainedEarningsAccumulatedLosses 2023-03-31 05811305 d:RetainedEarningsAccumulatedLosses 2022-03-31 05811305 c:FRS102 2022-04-01 2023-03-31 05811305 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05811305 c:FullAccounts 2022-04-01 2023-03-31 05811305 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05811305 2 2022-04-01 2023-03-31 05811305 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 05811305









ELITE EXCAVATIONS LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ELITE EXCAVATIONS LTD
REGISTERED NUMBER: 05811305

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
176
235

Current assets
  

Stocks and work in progress
  
5,000
-

Debtors: amounts falling due within one year
 5 
6,125
-

Cash at bank and in hand
  
13,650
400

  
24,775
400

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(46,590)
(33,848)

Net current liabilities
  
 
 
(21,815)
 
 
(33,448)

  

Net liabilities
  
(21,639)
(33,213)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(21,640)
(33,214)

  
(21,639)
(33,213)


Page 1

 
ELITE EXCAVATIONS LTD
REGISTERED NUMBER: 05811305

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Mr M J Cooper
Director

Date: 16 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ELITE EXCAVATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Elite Excavations Ltd is a private Company Limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Tylde Hall Farm Outwood Common Road, Ramsden Heath, Billericay, Essex, CM11 1HP. This Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is only able to trade with the continuing support of the directors. The directors have indicated that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
ELITE EXCAVATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
ELITE EXCAVATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
ELITE EXCAVATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 April 2022
5,600



At 31 March 2023

5,600



Depreciation


At 1 April 2022
5,365


Charge for the year on owned assets
59



At 31 March 2023

5,424



Net book value



At 31 March 2023
176



At 31 March 2022
235

Page 6

 
ELITE EXCAVATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
6,125
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
9

Trade creditors
-
3,240

Corporation tax
478
478

Other creditors
41,112
30,121

Accruals
5,000
-

46,590
33,848



7.


Related party transactions

During the year the Company operated loans with the directors of the Company. The amount payable to the directors of the Company at the year end was £6,305 (2022 - £7,565). These loans are interest free and repayable on demand.
During the year the Company operated loans with Tylde Hall Farm, a sole trade of a director of Elite Excavations Ltd. The amount payable to the sole trade at the year end was £9,346 (2022 - £22,203). This loan is interest free and repayable on demand.
During the year the Company operated loans with Essex Farm Services Limited, a Company under common control. The amount payable to the the Company at the year end was £25,462 (2022 - £353). This loan is interest free and repayable on demand.


Page 7