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Registered number: 07908932
Elite Motor-Tech Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07908932
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 820 1,210
820 1,210
CURRENT ASSETS
Stocks 5 3,720 5,070
Debtors 6 2,870 -
Cash at bank and in hand 9,171 6,553
15,761 11,623
Creditors: Amounts Falling Due Within One Year 7 (56,231 ) (50,261 )
NET CURRENT ASSETS (LIABILITIES) (40,470 ) (38,638 )
TOTAL ASSETS LESS CURRENT LIABILITIES (39,650 ) (37,428 )
NET LIABILITIES (39,650 ) (37,428 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (39,651 ) (37,429 )
SHAREHOLDERS' FUNDS (39,650) (37,428)
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Noble
Director
30 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Elite Motor-Tech Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07908932 . The registered office is 159 A Dudley Road, Brierley Hill, DY5 1HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 4,875 200 550 5,625
As at 31 January 2024 4,875 200 550 5,625
Depreciation
As at 1 February 2023 3,695 200 520 4,415
Provided during the period 360 - 30 390
As at 31 January 2024 4,055 200 550 4,805
Net Book Value
As at 31 January 2024 820 - - 820
As at 1 February 2023 1,180 - 30 1,210
5. Stocks
2024 2023
£ £
Stock 3,720 5,070
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,870 -
2,870 -
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,530 2,011
Accruals and deferred income 600 552
Director's loan account 53,101 47,698
56,231 50,261
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr N J Noble by virtue of his ownership of 100% of the issued share capital in the company.
10. Going concern
The total liabilities exceed total assets but the company is able to pay its debts as they fall due. 
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