Silverfin false false 31/03/2024 01/04/2023 31/03/2024 N M Sakhrani 13/02/2003 L M Sakhrani 13/02/2003 11 October 2024 The principal activity of the Company is the import and export of fashion goods and accessories. 04665946 2024-03-31 04665946 bus:Director1 2024-03-31 04665946 bus:Director2 2024-03-31 04665946 2023-03-31 04665946 core:CurrentFinancialInstruments 2024-03-31 04665946 core:CurrentFinancialInstruments 2023-03-31 04665946 core:ShareCapital 2024-03-31 04665946 core:ShareCapital 2023-03-31 04665946 core:RetainedEarningsAccumulatedLosses 2024-03-31 04665946 core:RetainedEarningsAccumulatedLosses 2023-03-31 04665946 core:PlantMachinery 2023-03-31 04665946 core:Vehicles 2023-03-31 04665946 core:FurnitureFittings 2023-03-31 04665946 core:ComputerEquipment 2023-03-31 04665946 core:PlantMachinery 2024-03-31 04665946 core:Vehicles 2024-03-31 04665946 core:FurnitureFittings 2024-03-31 04665946 core:ComputerEquipment 2024-03-31 04665946 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2024-03-31 04665946 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-03-31 04665946 bus:OrdinaryShareClass1 2024-03-31 04665946 core:WithinOneYear 2024-03-31 04665946 core:WithinOneYear 2023-03-31 04665946 core:BetweenOneFiveYears 2024-03-31 04665946 core:BetweenOneFiveYears 2023-03-31 04665946 core:MoreThanFiveYears 2024-03-31 04665946 core:MoreThanFiveYears 2023-03-31 04665946 2023-04-01 2024-03-31 04665946 bus:FilletedAccounts 2023-04-01 2024-03-31 04665946 bus:SmallEntities 2023-04-01 2024-03-31 04665946 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04665946 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04665946 bus:Director1 2023-04-01 2024-03-31 04665946 bus:Director2 2023-04-01 2024-03-31 04665946 core:PlantMachinery 2023-04-01 2024-03-31 04665946 core:Vehicles 2023-04-01 2024-03-31 04665946 core:FurnitureFittings 2023-04-01 2024-03-31 04665946 core:ComputerEquipment 2023-04-01 2024-03-31 04665946 2022-04-01 2023-03-31 04665946 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04665946 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04665946 (England and Wales)

ELITE CREATIONS (UK) LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ELITE CREATIONS (UK) LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ELITE CREATIONS (UK) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ELITE CREATIONS (UK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 72,827 77,494
72,827 77,494
Current assets
Debtors 4 4,260,097 4,172,679
Cash at bank and in hand 94,714 570,022
4,354,811 4,742,701
Creditors: amounts falling due within one year 5 ( 495,318) ( 567,276)
Net current assets 3,859,493 4,175,425
Total assets less current liabilities 3,932,320 4,252,919
Net assets 3,932,320 4,252,919
Capital and reserves
Called-up share capital 6 10,000 10,000
Profit and loss account 3,922,320 4,242,919
Total shareholder's funds 3,932,320 4,252,919

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Elite Creations (UK) Ltd (registered number: 04665946) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N M Sakhrani
Director

11 October 2024

ELITE CREATIONS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ELITE CREATIONS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elite Creations (UK) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Elite House, 100 Villiers Road, London, NW2 5PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to other third parties and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 14 15

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 3,710 96,180 24,797 25,605 150,292
Additions 0 39,370 0 518 39,888
Disposals ( 3,710) ( 42,940) 0 0 ( 46,650)
At 31 March 2024 0 92,610 24,797 26,123 143,530
Accumulated depreciation
At 01 April 2023 3,629 35,927 14,685 18,557 72,798
Charge for the financial year 21 18,011 2,528 1,763 22,323
Disposals ( 3,650) ( 20,768) 0 0 ( 24,418)
At 31 March 2024 0 33,170 17,213 20,320 70,703
Net book value
At 31 March 2024 0 59,440 7,584 5,803 72,827
At 31 March 2023 81 60,253 10,112 7,048 77,494

4. Debtors

2024 2023
£ £
Trade debtors 240,638 363,913
Amounts owed by group undertakings 1,763,591 1,763,591
Prepayments 117,283 198,769
Corporation tax 9,449 0
Other debtors 2,129,136 1,846,406
4,260,097 4,172,679

The company has an invoice discounting agreement with HSBC Invoice Finance (UK) Limited. The amount included within debtors in respect of discounted debts outstanding before any provision for bad or doubtful debts is £240,638 (2023: £363,913). This facility is secured by fixed and floating charges over the assets of the company.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 43,728 61,742
Trade creditors 321,484 319,553
Amounts owed to fellow subsidiaries 58,812 87,775
Accruals 57,916 61,934
Taxation and social security 12,086 34,515
Other creditors 1,292 1,757
495,318 567,276

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 212,250 212,250
between one and five years 849,000 849,000
after five years 636,750 849,000
1,698,000 1,910,250

Pensions

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.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,292 1,757

8. Related party transactions

Other related party transactions

2024 2023
£ £
Included within debtors is a balance owed by a limited company with common directors. This balance is unsecured and interest free with no fixed repayment terms. 1,381,900 1,380,000
Included within debtors is a balance owed by a limited liability partnership of which one of the directors of the Company is a designated member. This balance is unsecured and interest free with no fixed repayment terms. 259,919 0

9. Directors advances, credit and guarantees

Included within other debtors is a balance of £302 (2023: £5,617) owed by a director. This balance is unsecured and interest is charged at HMRC approved rates with no fixed repayment terms.

10. Ultimate controlling party

Parent Company:

Elite Creations Holdings Limited
Room 1701, 17/F Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong