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REGISTERED NUMBER: 05027875 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Elite Designer Fashions Limited

Elite Designer Fashions Limited (Registered number: 05027875)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Elite Designer Fashions Limited

Company Information
for the Year Ended 30 April 2024







Directors: Miss. H Wilson
Mr. R Wilson





Registered office: Chapel House
Chapel Street
East Ardsley
Wakefield
West Yorkshire
WF3 2AA





Registered number: 05027875 (England and Wales)





Accountants: Ullyott Limited
6 George Street
Driffield
East Yorkshire
YO25 6RA

Elite Designer Fashions Limited (Registered number: 05027875)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,457 3,969
Tangible assets 5 114,219 114,920
115,676 118,889

CURRENT ASSETS
Stocks 381,598 331,699
Debtors 6 186,841 390,646
Cash at bank and in hand 254,852 1,371
823,291 723,716
CREDITORS
Amounts falling due within one year 7 435,753 208,528
NET CURRENT ASSETS 387,538 515,188
TOTAL ASSETS LESS CURRENT
LIABILITIES

503,214

634,077

CREDITORS
Amounts falling due after more than one
year

8

(303,230

)

(346,426

)

PROVISIONS FOR LIABILITIES 9 (17,401 ) (17,260 )
NET ASSETS 182,583 270,391

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 181,583 269,391
SHAREHOLDERS' FUNDS 182,583 270,391

Elite Designer Fashions Limited (Registered number: 05027875)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





Mr. R Wilson - Director


Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Elite Designer Fashions 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.

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.

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

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures, fittings & equipment - 15% on cost and 10% on cost
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 27 ) .

Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 34,370
AMORTISATION
At 1 May 2023 30,401
Charge for year 2,512
At 30 April 2024 32,913
NET BOOK VALUE
At 30 April 2024 1,457
At 30 April 2023 3,969

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 May 2023 224,393 65,111 289,504
Additions 22,789 - 22,789
At 30 April 2024 247,182 65,111 312,293
DEPRECIATION
At 1 May 2023 136,553 38,031 174,584
Charge for year 16,719 6,771 23,490
At 30 April 2024 153,272 44,802 198,074
NET BOOK VALUE
At 30 April 2024 93,910 20,309 114,219
At 30 April 2023 87,840 27,080 114,920

Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 12,520
DEPRECIATION
At 1 May 2023 8,009
Charge for year 1,128
At 30 April 2024 9,137
NET BOOK VALUE
At 30 April 2024 3,383
At 30 April 2023 4,511

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 39,031 56,316
Amounts owed by associates 132,203 269,286
Other debtors 6,067 -
Prepayments 9,540 65,044
186,841 390,646

Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 41,168 48,260
Hire purchase contracts 1,043 2,504
Trade creditors 6,633 14,941
Amounts owed to associates 28,078 -
Corporation tax 37,706 2,870
Social security and other taxes 74,267 18,298
VAT 130,957 85,746
Other creditors 2,298 1,873
Directors' current accounts 102,103 23,786
Accruals 11,500 10,250
435,753 208,528

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 41,168 39,350
Bank loans - 2-5 years 57,531 85,323
Bank loans more than 5 years 4,531 20,710
Hire purchase contracts - 1,043
Directors' loan accounts 200,000 200,000
303,230 346,426

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 4,531 20,710

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 17,401 17,260

Elite Designer Fashions Limited (Registered number: 05027875)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 17,260
Provided during year 141
Balance at 30 April 2024 17,401

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
850 Ordinary £1 850 850
100 'A' Ordinary £1 100 100
50 'B' Ordinary £1 50 50
1,000 1,000