Registered number
12188050
Elite Renewables Limited
Report and Unaudited Accounts
31 March 2024
Elite Renewables Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7-10
Elite Renewables Limited
Company Information
Director
M R Fowler
Accountants
Wesley Cooper Ltd
Parker House
44 Stafford Road
Wallington
Surrey
SM6 9AA
Registered office
Unit 20
Tait Road
Croydon
Surrey
CR0 2DP
Registered number
12188050
Elite Renewables Limited
Registered number: 12188050
Director's Report
The director presents his report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be that of the design and installation of renewable technologies.
Directors
The following persons served as directors during the year:
M R Fowler
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 4 November 2024 and signed on its behalf.
M R Fowler
Director
Elite Renewables Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Elite Renewables Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Elite Renewables Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Wesley Cooper Ltd
Chartered Accountants
Parker House
44 Stafford Road
Wallington
Surrey
SM6 9AA
4 November 2024
Elite Renewables Limited
Profit and Loss Account
for the year ended 31 March 2024
2024 2023
£ £
Turnover 7,061,777 7,500,351
Cost of sales (3,184,969) (3,933,919)
Gross profit 3,876,808 3,566,432
Administrative expenses (3,491,428) (2,965,551)
Other operating income - 6,000
Operating profit 385,380 606,881
Profit on the disposal of tangible fixed assets 10,208 -
Interest receivable 242 567
Interest payable (67,074) (44,065)
Profit before taxation 328,756 563,383
Tax on profit (84,154) (120,024)
Profit for the financial year 244,602 443,359
Elite Renewables Limited
Registered number: 12188050
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 692,221 593,885
Current assets
Stocks 2,129,505 947,474
Debtors 4 988,381 1,051,440
Cash at bank and in hand 19,212 68,530
3,137,098 2,067,444
Creditors: amounts falling due within one year 5 (1,692,012) (1,193,503)
Net current assets 1,445,086 873,941
Total assets less current liabilities 2,137,307 1,467,826
Creditors: amounts falling due after more than one year 6 (664,061) (227,281)
Provisions for liabilities (173,055) (148,956)
Net assets 1,300,191 1,091,589
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,299,191 1,090,589
Shareholder's funds 1,300,191 1,091,589
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M R Fowler
Director
Approved by the board on 4 November 2024
Elite Renewables Limited
Statement of Changes in Equity
for the year ended 31 March 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 April 2022 1,000 647,230 648,230
Profit for the financial year 443,359 443,359
At 31 March 2023 1,000 1,090,589 1,091,589
At 1 April 2023 1,000 1,090,589 1,091,589
Profit for the financial year 244,602 244,602
Dividends (36,000) (36,000)
At 31 March 2024 1,000 1,299,191 1,300,191
Elite Renewables Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Research & development
Reseach and development costs are written off as incurred.
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:
Plant and machinery 10% straight line
Motor vehicles 25% straight line
Leasehold improvements over length of lease
Stocks and Work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress is valued on the basis of direct costs. No element of profit is included in the valuation work in progress.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 53 53
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 267,048 109,817 498,389 875,254
Additions 19,262 597 284,495 304,354
Disposals - - (79,954) (79,954)
At 31 March 2024 286,310 110,414 702,930 1,099,654
Depreciation
At 1 April 2023 15,575 35,377 230,417 281,369
Charge for the year 28,174 23,723 143,496 195,393
On disposals - - (69,329) (69,329)
At 31 March 2024 43,749 59,100 304,584 407,433
Net book value
At 31 March 2024 242,561 51,314 398,346 692,221
At 31 March 2023 251,473 74,440 267,972 593,885
4 Debtors 2024 2023
£ £
Trade debtors 371,849 437,976
Amounts owed by group undertakings and undertakings in which the company has a participating interest 425,718 416,630
Other debtors 190,814 196,834
988,381 1,051,440
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans 98,878 115,347
Obligations under finance lease and hire purchase contracts 111,369 73,466
Trade creditors 973,359 581,279
Directors loan 92,853 3,369
Taxation and social security costs 251,176 164,518
Other creditors 164,377 255,524
1,692,012 1,193,503
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 364,191 45,496
Obligations under finance lease and hire purchase contracts 299,870 181,785
664,061 227,281
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 463,049 351,398
Loans are secured on the relevant asset or a floating charge
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 264,989 349,028
9 Related party transactions
The company is the result of the development of the business Elite Technical Services,a sole trader business that is being run successfully by M Fowler since 2011. This business currently continues to act as an intermediary for supplies during the growth period.
2024 2023
£ £
Amounts due to Elite Technical Services 6,186 19,097
Purchases from Elite Technical services 63,277 134,483
The company has lent £416,630 to Elite Renewables Property Ltd to enable the purchase of a unit from which the company will be trading from in the future.
Rent paid in the period 62,971 27,228
10 Controlling party
M Fowler is considered to be the controlling party by virtue of his shareholding and directorship
11 Other information
Elite Renewables Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 20
Tait Road
Croydon
Surrey
CR0 2DP
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