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REGISTERED NUMBER: 09888281 (England and Wales)















ELITE DESIGN STUDIO LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023






ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ELITE DESIGN STUDIO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: C L Heathcock
G R Merrick





REGISTERED OFFICE: 2 King Street
Knutsford
Cheshire
WA16 6DL





REGISTERED NUMBER: 09888281 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 30,399 44,609

CURRENT ASSETS
Debtors 5 158,495 212,933
Cash at bank 43,169 97,729
201,664 310,662
CREDITORS
Amounts falling due within one year 6 (125,470 ) (92,893 )
NET CURRENT ASSETS 76,194 217,769
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,593

262,378

PROVISIONS FOR LIABILITIES (8,226 ) (8,476 )
NET ASSETS 98,367 253,902

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 98,267 253,802
98,367 253,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

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

ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 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 30 August 2024 and were signed on its behalf by:





G R Merrick - Director


ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Elite Design Studio Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09888281. The registered office address is 2 King Street, Knutsford, Cheshire, England, WA16 6DL.

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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Revenue
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts. Revenue is recognised as follows:-

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

Service revenue is recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 5 (2022 - 5 ) .

ELITE DESIGN STUDIO LIMITED (REGISTERED NUMBER: 09888281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 December 2022 76,358
Additions 1,202
At 30 November 2023 77,560
DEPRECIATION
At 1 December 2022 31,749
Charge for year 15,412
At 30 November 2023 47,161
NET BOOK VALUE
At 30 November 2023 30,399
At 30 November 2022 44,609

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,494 11,373
Other debtors 157,001 201,560
158,495 212,933

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 94,116 71,879
Other creditors 31,354 21,014
125,470 92,893

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is an amount of £81,110 (2022: £99,952) due from C L Heathcock and £70,716 (2022: £101,607) due from G R Merrick. The highest overdrawn balances during the year were £99,952 for C L Heathcock and £101,607 for G R Merrick. The amounts are unsecured, interest free and repayable on demand.