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Company No: 12109239 (England and Wales)

ELITE DEVELOPMENT GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

ELITE DEVELOPMENT GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

ELITE DEVELOPMENT GROUP LIMITED

BALANCE SHEET

As at 31 July 2024
ELITE DEVELOPMENT GROUP LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Current assets
Stocks 2,802,298 2,240,362
Debtors 4 767,667 777,007
Cash at bank and in hand 127 9,045
3,570,092 3,026,414
Creditors: amounts falling due within one year 5 ( 3,590,625) ( 3,038,631)
Net current liabilities (20,533) (12,217)
Total assets less current liabilities (20,533) (12,217)
Net liabilities ( 20,533) ( 12,217)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 20,633 ) ( 12,317 )
Total shareholders' deficit ( 20,533) ( 12,217)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Elite Development Group Limited (registered number: 12109239) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

A Beckett
Director
ELITE DEVELOPMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
ELITE DEVELOPMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elite Development Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 19, 20 & Unit 21 Kincraig Business Park, Kincraig Road, Bispham, FY2 0PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £20,533 (2023: £12,217). The Company is supported through loans from a company with a common director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the company with a common director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

In preparing the financial statements for the year ended 31 July 2024, the director reviewed the classification of certain debtors and creditors. This review has resulted in a prior year adjustment being recorded to reclassify certain amounts. The comparative figures at 31 July 2023 have therefore been restated in these financial statements. Please refer to note 2 for further details.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable,
excluding discounts, rebates, value added tax and other sales taxes.

Own developments

Revenue derived from the sale of speculative developments is recognised upon the transfer of risks and rewards of ownership to the buyer, when there is an exchange of unconditional contracts.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Stocks

Stock of land for development is included at the lower of acquisition cost or net realisable value. Net realisable value for this purpose is the estimated selling value less estimated selling costs.

The company recognises costs that relate to future activity on a construction contract as an asset if it is probable that the costs will be recovered. Contract and speculative building work in progress is valued at cost or net realisable value, whichever is the lower. Cost for this purpose includes all direct costs as follows:
- direct labour and materials, work done by subcontractors, hire of plant and equipment used on contract sites, and all overheads except those relating to administration.

Net realisable value for this purpose is estimated selling value less cost to completion including selling costs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2. Prior year adjustment

In preparing the financial statements for the year ended 31 July 2024, the director reviewed the classification of certain debtors and creditors. This review has resulted in a prior year adjustment being recorded to reclassify certain balances between the two asset classes. The comparative figures at 31 July 2023 have therefore been restated in these financial statements.

The adjustment has resulted in an increase in other debtors of £53,500 and a corresponding increase in other creditors of £53,500 at 31 July 2023. The impact of this adjustment is offset within the current liability and current asset balances of the company.

As a result, there is no impact on the reported profit or loss for the prior period, nor is there any effect on the equity of the company.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Other debtors (see note 5) 723,507 53,500 777,007
Other creditors (see note 6) (118,356) (53,500) (171,856)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 1 1

4. Debtors

2024 2023
£ £
Other debtors 767,667 777,007

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,631 13,192
Amounts owed to connected companies 3,419,349 2,853,583
Other creditors 169,645 171,856
3,590,625 3,038,631

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due from a Director 573,890 580,440

During the year, £nil (2023: £517,382) was advanced to the director and £6,550 (2023: £8,179) was repaid to the company. At 31 July 2024 the director owed the company £573,890 (2023: £580,440). The balance is repayable on demand and is included within other debtors and does not attract interest.

The loan was repaid in full on 1 November 2024.