Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-012falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Rental of investment property2truetrue 05850182 2022-12-01 2023-11-30 05850182 2021-12-01 2022-11-30 05850182 2023-11-30 05850182 2022-11-30 05850182 c:Director1 2022-12-01 2023-11-30 05850182 d:FreeholdInvestmentProperty 2023-11-30 05850182 d:FreeholdInvestmentProperty 2022-11-30 05850182 d:CurrentFinancialInstruments 2023-11-30 05850182 d:CurrentFinancialInstruments 2022-11-30 05850182 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 05850182 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 05850182 d:ShareCapital 2023-11-30 05850182 d:ShareCapital 2022-11-30 05850182 d:RetainedEarningsAccumulatedLosses 2023-11-30 05850182 d:RetainedEarningsAccumulatedLosses 2022-11-30 05850182 c:FRS102 2022-12-01 2023-11-30 05850182 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05850182 c:FullAccounts 2022-12-01 2023-11-30 05850182 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05850182 6 2022-12-01 2023-11-30 05850182 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 05850182










ELITE COMMERCIAL PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ELITE COMMERCIAL PROPERTIES LIMITED
REGISTERED NUMBER: 05850182

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
2
2

Investment property
 5 
541,633
541,633

  
541,635
541,635

Current assets
  

Debtors: amounts falling due within one year
 6 
120,903
109,137

Cash at bank and in hand
  
1,006
1,284

  
121,909
110,421

Creditors: amounts falling due within one year
 7 
(28,019)
(32,313)

Net current assets
  
 
 
93,890
 
 
78,108

  

Net assets
  
635,525
619,743


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
635,425
619,643

  
635,525
619,743


Page 1

 
ELITE COMMERCIAL PROPERTIES LIMITED
REGISTERED NUMBER: 05850182
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Director considers 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 Director acknowledges his 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 comprehensive income 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: 



G Bude
Director
Date: 23 August 2024

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

Page 2

 
ELITE COMMERCIAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Elite Commerical Properties Limited is a limited liability company incorporated in England and Wales. The Company registration number is 05850182. The registered office is 910 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ.
The financial statements are prepared in pound sterling which is the functional currency of the Company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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.

Page 3

 
ELITE COMMERCIAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Page 4

 
ELITE COMMERCIAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

 
2.8

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

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

Page 5

 
ELITE COMMERCIAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
2



At 30 November 2023
2





5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
541,633



At 30 November 2023
541,633

The 2023 valuations were made by the Directors, on an open market value for existing use basis.






6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
120,903
108,839

Other debtors
-
298

120,903
109,137


Page 6

 
ELITE COMMERCIAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
1,924
-

Other taxation and social security
548
1,289

Other creditors
25,547
31,024

28,019
32,313



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2022 - £Nil). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


9.


Related party transactions

Elite Tiling Limited is a fully owned subsidiary of the Company. During the year, the Company charged  rent to Elite Tiling Limited of £36,000 (2022 - £36,000). During the year, the Company received dividends of £225,000 (2022 - £365,000) from Elite Tiling Limited. At the year end, Elite Tiling Limited owed the Company £120,903 (2022 - £108,839).
At the balance sheet date the Company owed Mr G Bude £23,487 (2022 - £22,964) in respect of his Director's loan account. 


10.


Controlling party

The ultimate controlling party is deemed to be G Bude.

 
Page 7