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Registration number: 14653985

Elite UK Property Limited

Unaudited Filleted Financial Statements

for the Period from 10 February 2023 to 28 February 2024
























 

 

Elite UK Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Elite UK Property Limited

Company Information

Directors

Mr G Walker

Mr T Pitts

Company secretary

Mrs L Pitts

M D Alonso-Jura

Registered office

10 Stephenson Court
Fraser Road
Priory Business Park
Bedford
Bedfordshire
MK44 3WJ

 

Elite UK Property Limited

(Registration number: 14653985)
Balance Sheet as at 28 February 2024

Note

2024
£

Fixed assets

 

Investment property

4

803,277

Current assets

 

Debtors

5

100

Creditors: Amounts falling due within one year

6

(806,374)

Net current liabilities

 

(806,274)

Net liabilities

 

(2,997)

Capital and reserves

 

Called up share capital

7

100

Retained earnings

(3,097)

Shareholders' deficit

 

(2,997)

For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
Mr G Walker
Director

 

Elite UK Property Limited

Notes to the Unaudited Financial Statements for the Period from 10 February 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Stephenson Court
Fraser Road
Priory Business Park
Bedford
Bedfordshire
MK44 3WJ

These financial statements were authorised for issue by the Board on 6 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Elite UK Property Limited

Notes to the Unaudited Financial Statements for the Period from 10 February 2023 to 28 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investment properties

2024
£

Additions

803,277

At 28 February

803,277

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

Note

2024
£

Amounts owed by related parties

100

   

100

 

Elite UK Property Limited

Notes to the Unaudited Financial Statements for the Period from 10 February 2023 to 28 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

8

481,366

Accruals and deferred income

 

600

Other creditors

 

324,408

 

806,374

7

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

100

100

   

8

Loans and borrowings

Current loans and borrowings

2024
£

Bank borrowings

472,610

Bank overdrafts

8,756

481,366