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REGISTERED NUMBER: 04148773 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Elite Industrial Supplies Limited

Elite Industrial Supplies Limited (Registered number: 04148773)






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 Industrial Supplies Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J Boland
D P Eckersley





REGISTERED OFFICE: Unit 3, Lea Green Business Park
Lea Green
St Helens
Merseyside
WA9 4TR





REGISTERED NUMBER: 04148773 (England and Wales)





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

Elite Industrial Supplies Limited (Registered number: 04148773)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 242,832 261,955
242,832 261,955

CURRENT ASSETS
Stocks 6 480,120 460,108
Debtors 7 489,213 463,606
Cash at bank and in hand 746,338 446,104
1,715,671 1,369,818
CREDITORS
Amounts falling due within one year 8 1,822,025 1,562,263
NET CURRENT LIABILITIES (106,354 ) (192,445 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

136,478

69,510

CREDITORS
Amounts falling due after more than one year 9 - (1,927 )

PROVISIONS FOR LIABILITIES 10 (54,295 ) (44,499 )
NET ASSETS 82,183 23,084

CAPITAL AND RESERVES
Called up share capital 11 100 8,403
Retained earnings 12 82,083 14,681
SHAREHOLDERS' FUNDS 82,183 23,084

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 Industrial Supplies Limited (Registered number: 04148773)

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 18 October 2024 and were signed on its behalf by:




J Boland - Director



D P Eckersley - Director


Elite Industrial Supplies Limited (Registered number: 04148773)

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

1. STATUTORY INFORMATION

Elite Industrial Supplies Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Elite Industrial Supplies Limited (Registered number: 04148773)

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

2. ACCOUNTING POLICIES - continued

Research and development
Research and development expenditure is written off in the year in which it is incurred.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows:

Domain names - 20% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.


Elite Industrial Supplies Limited (Registered number: 04148773)

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Employee benefits
The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2023 - 59 ) .

Elite Industrial Supplies Limited (Registered number: 04148773)

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

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 50,000 6,965 56,965
AMORTISATION
At 1 April 2023
and 31 March 2024 50,000 6,965 56,965
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 46,005 674,272 68,247 86,110 874,634
Additions - 57,264 2,540 - 59,804
At 31 March 2024 46,005 731,536 70,787 86,110 934,438
DEPRECIATION
At 1 April 2023 31,060 448,643 62,696 70,280 612,679
Charge for year 2,701 70,723 1,546 3,957 78,927
At 31 March 2024 33,761 519,366 64,242 74,237 691,606
NET BOOK VALUE
At 31 March 2024 12,244 212,170 6,545 11,873 242,832
At 31 March 2023 14,945 225,629 5,551 15,830 261,955

Hire purchase agreements

Included within the net book value of £243832 is £507 (2023: £9,083) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £169 (2023: £4,470).

6. STOCKS
31.3.24 31.3.23
£    £   
Stocks 480,120 460,108

Elite Industrial Supplies Limited (Registered number: 04148773)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 423,835 394,862
Tax - 40,688
Prepayments and accrued income 65,378 28,056
489,213 463,606

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 1,927 15,755
Trade creditors 574,666 697,928
Tax 13,536 -
Social security and other taxes 745,162 754,707
Other creditors 137,986 58,983
Directors' current accounts 339,611 20,700
Accruals and deferred income 9,137 14,190
1,822,025 1,562,263

Following a review of corporation tax and social security & other taxes in prior years, a provision has been made in the accounts for any potential tax liabilities expected to be paid within 1 year.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts - 1,927

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 54,295 44,499

Deferred
tax
£   
Balance at 1 April 2023 44,499
Provided during year 9,796
Balance at 31 March 2024 54,295

Elite Industrial Supplies Limited (Registered number: 04148773)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
NIL Share capital 2 £1 - 5,600
NIL Share capital 3 £1 - 2,703
- 8,303

12. RESERVES
Retained
earnings
£   

At 1 April 2023 14,681
Profit for the year 67,402
At 31 March 2024 82,083