IRIS Accounts Production v24.2.0.383 07936145 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model A Ordinary shares of £1 1.00000 B Ordinary shares of £1 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079361452023-03-31079361452024-03-31079361452023-04-012024-03-31079361452022-03-31079361452022-04-012023-03-31079361452023-03-3107936145ns15:EnglandWales2023-04-012024-03-3107936145ns14:PoundSterling2023-04-012024-03-3107936145ns10:Director12023-04-012024-03-3107936145ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107936145ns10:SmallEntities2023-04-012024-03-3107936145ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3107936145ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3107936145ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107936145ns10:FullAccounts2023-04-012024-03-3107936145ns10:OrdinaryShareClass22023-04-012024-03-3107936145ns10:OrdinaryShareClass32023-04-012024-03-3107936145ns10:Director22023-04-012024-03-3107936145ns10:Director32023-04-012024-03-3107936145ns10:RegisteredOffice2023-04-012024-03-3107936145ns5:CurrentFinancialInstruments2024-03-3107936145ns5:CurrentFinancialInstruments2023-03-3107936145ns5:ShareCapital2024-03-3107936145ns5:ShareCapital2023-03-3107936145ns5:RetainedEarningsAccumulatedLosses2024-03-3107936145ns5:RetainedEarningsAccumulatedLosses2023-03-3107936145ns5:FurnitureFittings2023-04-012024-03-3107936145ns5:FurnitureFittings2023-03-3107936145ns5:FurnitureFittings2024-03-3107936145ns5:FurnitureFittings2023-03-3107936145ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107936145ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107936145ns10:OrdinaryShareClass22024-03-3107936145ns10:OrdinaryShareClass32024-03-3107936145ns5:RetainedEarningsAccumulatedLosses2023-03-3107936145ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 07936145 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Elite Residential Lettings Ltd

Elite Residential Lettings Ltd (Registered number: 07936145)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elite Residential Lettings Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: W D Clynes
Mrs C Stanton
Mrs J Clynes





REGISTERED OFFICE: 8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW





REGISTERED NUMBER: 07936145 (England and Wales)





ACCOUNTANTS: Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Elite Residential Lettings Ltd (Registered number: 07936145)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,159 9,337
Investment property 5 1,171,505 1,171,505
1,177,664 1,180,842

CURRENT ASSETS
Debtors 6 7,421 2,668
Cash at bank 124,669 135,052
132,090 137,720
CREDITORS
Amounts falling due within one year 7 553,333 560,641
NET CURRENT LIABILITIES (421,243 ) (422,921 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,421

757,921

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 756,321 757,821
SHAREHOLDERS' FUNDS 756,421 757,921

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 Residential Lettings Ltd (Registered number: 07936145)

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 30 September 2024 and were signed on its behalf by:





W D Clynes - Director


Elite Residential Lettings Ltd (Registered number: 07936145)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Elite Residential Lettings Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Turnover
Turnover and revenue recognition comprises invoiced sales, rental receivable and service charges receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Investment property
This is in accordance with section 16 of FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.


Elite Residential Lettings Ltd (Registered number: 07936145)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 net asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Elite Residential Lettings Ltd (Registered number: 07936145)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 45,402
DEPRECIATION
At 1 April 2023 36,065
Charge for year 3,178
At 31 March 2024 39,243
NET BOOK VALUE
At 31 March 2024 6,159
At 31 March 2023 9,337

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,171,505
NET BOOK VALUE
At 31 March 2024 1,171,505
At 31 March 2023 1,171,505

The directors have considered the valuation of the investment property and following a review undertaken with the assistance of external professional advisors are of the opinion that the valuation shown in the financial statements reflects the minimum current open market value of the property subject to tenancies.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 5,026 884
Prepayments and accrued income 2,395 1,784
7,421 2,668

Elite Residential Lettings Ltd (Registered number: 07936145)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 5,919 5,919
Tax 863 686
Social security and other taxes 12 935
Other creditors - 8,560
Directors' current accounts 541,800 539,800
Accruals and deferred income 4,739 4,741
553,333 560,641

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50 A Ordinary shares of £1 £1 50 50
50 B Ordinary shares of £1 £1 50 50
100 100

9. RESERVES
Retained
earnings
£   

At 1 April 2023 757,821
Profit for the year 500
Dividends (2,000 )
At 31 March 2024 756,321