Registered number
14173400
Elite Renewables Property Ltd
Report and Accounts
31 March 2024
Elite Renewables Property Ltd
Registered number: 14173400
Directors' Report
The directors present their report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be of property ownership and rental management
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 Property Ltd
Profit and Loss Account
for the year ended 31 March 2024
2024 2023
£ £
Turnover 62,388 17,616
Administrative expenses (16,121) (3,613)
Operating profit 46,267 14,003
Gain on revaluation of investments - 100,695
Interest payable (44,748) (16,391)
Profit before taxation 1,519 98,307
Tax on profit (454) (18,678)
Profit for the financial year 1,065 79,629
Elite Renewables Property Ltd
Registered number: 14173400
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 1,000,000 1,000,000
Current assets
Debtors 3 9,533 17,493
Cash at bank and in hand 3,342 731
12,875 18,224
Creditors: amounts falling due within one year 4 (462,949) (454,817)
Net current liabilities (450,074) (436,593)
Total assets less current liabilities 549,926 563,407
Creditors: amounts falling due after more than one year 5 (450,000) (465,000)
Provisions for liabilities (19,132) (18,678)
Net assets 80,794 79,729
Capital and reserves
Called up share capital 100 100
Profit and loss account 80,694 79,629
Shareholders' funds 80,794 79,729
Number Number
Average number of employees 0 0
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 Property Ltd
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.
Investment property
Investment properties are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Tangible fixed assets
Land and buildings Total
£ £
Cost/Valuation
At 1 April 2023 1,000,000 1,000,000
At 31 March 2024 1,000,000 1,000,000
Valuation
At 31 March 2024 1,000,000 1,000,000
2 Tangible fixed assets (continued)
Freehold land and buildings: 2024 2023
£ £
Historical cost 899,305 899,305
Investment property was valued by the director on the open market basis on 31st March 2024.
3 Debtors 2024 2023
£ £
Other debtors 9,533 17,493
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,000 25,000
Amounts owed to related party 425,719 416,630
Other creditors 17,230 13,187
462,949 454,817
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 450,000 465,000
The loan is secured on the investment property.
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 470,000 490,000
The bank loan is secured on the investment property and has a repayment term of 5 years
M Fowler has given a personal gaurantee of £50,000 against the loan
7 Retained reserves Distributable Non
Distributable
£ £ £
At 1 April 2023 (2,388) 82,017 79,629
Profit for the year 1,519 1,519
Gain on revaluation of land and buildings - - -
Deferred taxation arising on the gain - (454) (454)
At 31 March 2024 (869) 81,563 80,694
8 Related Party Transactions 2024 2023
£ £
Elite Renewables Limited
Company owned by M R Fowler
Amount due to Elite Renewables Ltd 425,719 416,631
Rent payments received 62,388 27,228
7 Other information
Elite Renewables Property Ltd 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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