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Registered number: 09089282
Elite Partitions and Interiors Ltd
Financial Statements
For The Year Ended 31 March 2024
L J Hanbury Limited
143 Tamworth Road
Long Eaton
Nottingham
NG10 1BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09089282
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 184,677 208,367
184,677 208,367
CURRENT ASSETS
Debtors 5 165,724 205,838
Cash at bank and in hand 121,341 143,188
287,065 349,026
Creditors: Amounts Falling Due Within One Year 6 (86,855 ) (182,325 )
NET CURRENT ASSETS (LIABILITIES) 200,210 166,701
TOTAL ASSETS LESS CURRENT LIABILITIES 384,887 375,068
PROVISIONS FOR LIABILITIES
Deferred Taxation (36,537 ) (47,165 )
NET ASSETS 348,350 327,903
CAPITAL AND RESERVES
Called up share capital 7 102 102
Profit and Loss Account 348,248 327,801
SHAREHOLDERS' FUNDS 348,350 327,903
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Kevin Reap
Director
Mr Michael Bott
Director
12/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Elite Partitions and Interiors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09089282 . The registered office is 143 Tamworth Road, Long Eaton, Nottingham, NG10 1BY.
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. 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.
2.3. 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:
Freehold Held at historic cost
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 - 15,495 238,041 7,874 261,410
Additions 20,001 2,665 16,850 - 39,516
Disposals - - (6,750 ) - (6,750 )
As at 31 March 2024 20,001 18,160 248,141 7,874 294,176
Depreciation
As at 1 April 2023 - 10,901 36,501 5,641 53,043
Provided during the period - 1,815 58,519 558 60,892
Disposals - - (4,436 ) - (4,436 )
As at 31 March 2024 - 12,716 90,584 6,199 109,499
Net Book Value
As at 31 March 2024 20,001 5,444 157,557 1,675 184,677
As at 1 April 2023 - 4,594 201,540 2,233 208,367
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 104,742 161,068
Other debtors 60,982 44,770
165,724 205,838
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,689 35,359
Other creditors 11,139 62,063
Taxation and social security 67,027 84,903
86,855 182,325
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
Page 4