Registered number
08849852
Elite Awarding Ltd
Unaudited Filleted Accounts
31 August 2024
Elite Awarding Ltd
Registered number: 08849852
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 520 1,186
Current assets
Debtors 5 - 30,000
Cash at bank and in hand 130,485 33,998
130,485 63,998
Creditors: amounts falling due within one year 6 (53,438) (34,996)
Net current assets 77,047 29,002
Total assets less current liabilities 77,567 30,188
Creditors: amounts falling due after more than one year 7 (10,854) (21,117)
Net assets 66,713 9,071
Capital and reserves
Called up share capital 101 101
Profit and loss account 66,612 8,970
Shareholders' funds 66,713 9,071
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Brannan
Director
Approved by the board on 11 September 2024
Elite Awarding Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Computer Equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 22,000
At 31 August 2024 22,000
Amortisation
At 1 September 2023 22,000
At 31 August 2024 22,000
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Computer Equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2023 6,399 8,500 14,899
Additions 204 - 204
At 31 August 2024 6,603 8,500 15,103
Depreciation
At 1 September 2023 5,213 8,500 13,713
Charge for the year 870 - 870
At 31 August 2024 6,083 8,500 14,583
Net book value
At 31 August 2024 520 - 520
At 31 August 2023 1,186 - 1,186
5 Debtors 2024 2023
£ £
Trade debtors - 30,000
- 30,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,812 10,800
Taxation and social security costs 40,445 21,538
Other creditors 2,181 2,658
53,438 34,996
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,854 21,117
8 Other information
Elite Awarding Ltd is a private company limited by shares and incorporated in England. Its registered office is:
300 St Marys Road
Garston
Liverpool
Merseyside
L19 0NQ
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