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REGISTERED NUMBER: 07124462 (England and Wales)















ELITE FASTENERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 7


ELITE FASTENERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K L Davis Benidor
R Haddock
L J Dash





SECRETARY:





REGISTERED OFFICE: Unit 2, Kingsway South
Westgate
Aldridge
West Midlands
WS9 8FS





REGISTERED NUMBER: 07124462 (England and Wales)





ACCOUNTANTS: Four Oaks Taxation & Accounting Services Limited
Suite D, Astor House
282 Lichfield Road
Four Oaks
Sutton Coldfield
West Midlands
B74 2UG

ELITE FASTENERS LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
ELITE FASTENERS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages two to four and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Four Oaks Taxation & Accounting Services Limited
Suite D, Astor House
282 Lichfield Road
Four Oaks
Sutton Coldfield
West Midlands
B74 2UG


19 July 2024

ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 109,159 109,648

CURRENT ASSETS
Stocks 458,304 425,369
Debtors 5 2,031,265 2,200,730
Cash at bank and in hand 2,473,927 1,644,703
4,963,496 4,270,802
CREDITORS
Amounts falling due within one year 6 714,806 972,786
NET CURRENT ASSETS 4,248,690 3,298,016
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,357,849

3,407,664

PROVISIONS FOR LIABILITIES 26,627 26,707
NET ASSETS 4,331,222 3,380,957

CAPITAL AND RESERVES
Called up share capital 45 45
Capital redemption reserve 55 55
Retained earnings 4,331,122 3,380,857
SHAREHOLDERS' FUNDS 4,331,222 3,380,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

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

ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

BALANCE SHEET - continued
31 MARCH 2024


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 19 July 2024 and were signed on its behalf by:





K L Davis Benidor - Director


ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Elite Fasteners 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.

The accounts have been prepared on the going concern basis which assumes the continuing support of the directors.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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 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.

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

ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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 17 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 11,632 108,412 42,200 29,381 191,625
Additions - 2,266 - 33,503 35,769
At 31 March 2024 11,632 110,678 42,200 62,884 227,394
DEPRECIATION
At 1 April 2023 6,460 47,065 7,425 21,027 81,977
Charge for year 1,293 15,373 5,217 14,375 36,258
At 31 March 2024 7,753 62,438 12,642 35,402 118,235
NET BOOK VALUE
At 31 March 2024 3,879 48,240 29,558 27,482 109,159
At 31 March 2023 5,172 61,347 34,775 8,354 109,648

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,196,028 1,322,245
Other debtors 52,546 34,893
1,248,574 1,357,138

Amounts falling due after more than one year:
Other debtors 782,691 843,592

Aggregate amounts 2,031,265 2,200,730

ELITE FASTENERS LIMITED (REGISTERED NUMBER: 07124462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,183 3,782
Trade creditors 485,811 486,343
Taxation and social security 191,262 471,191
Other creditors 33,550 11,470
714,806 972,786