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REGISTERED NUMBER: 01027900 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

ELETE DESIGN LIMITED

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELETE DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: P Morgan
N Pounder
K D Jones





SECRETARY: N Pounder





REGISTERED OFFICE: Court House
Court Road
Bridgend
CF31 1BE





REGISTERED NUMBER: 01027900 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

BALANCE SHEET
28 FEBRUARY 2024

28.2.24 28.2.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 9,074 14,779
Investments 5 20,596 20,596
Investment properties 6 5,960,715 6,635,745
5,990,385 6,671,120

CURRENT ASSETS
Stocks 8,447 9,087
Debtors 7 820,154 790,931
Cash at bank 1,437,284 3,667,692
2,265,885 4,467,710
CREDITORS
Amounts falling due within one year 8 393,000 233,378
NET CURRENT ASSETS 1,872,885 4,234,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,863,270

10,905,452

CREDITORS
Amounts falling due after more than one
year

9

(1,028

)

(2,262

)

PROVISIONS FOR LIABILITIES (131,087 ) (164,823 )
NET ASSETS 7,731,155 10,738,367

CAPITAL AND RESERVES
Called up share capital 130 200
Fair value reserve 10 929,474 1,168,792
Capital redemption reserve 70 -
Retained earnings 6,801,481 9,569,375
SHAREHOLDERS' FUNDS 7,731,155 10,738,367

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

BALANCE SHEET - continued
28 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





N Pounder - Director


ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

Elete Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Elete Design Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents amounts receivable from rents and services invoiced net of value added tax and takings from the public house net of value added tax. Rental and services income is recognised when the right to consideration is earned and other income is recognised when receivable..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Government grants
Government grants relating to capital expenditure are recognised initially as deferred income and then released to the income statement as other income over the period which the grant the asset it relates to is being depreciated.

Investments in associates
Fixed asset investments, being interests in associate undertakings and joint ventures are included at cost.

Investment property
Investment properties are included in the balance sheet at most recent estimated fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates an auto enrolment pension scheme and also pays into a directors personal pension. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 8 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 March 2023
and 28 February 2024 79,308
DEPRECIATION
At 1 March 2023 64,529
Charge for year 5,705
At 28 February 2024 70,234
NET BOOK VALUE
At 28 February 2024 9,074
At 28 February 2023 14,779

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


5. FIXED ASSET INVESTMENTS
Interest in
joint Interest in
venture associate Totals
£ £ £
COST
At 1 March 2023
and 28 February 2024 50 20,546 20,596
NET BOOK VALUE
At 28 February 2024 50 20,546 20,596
At 28 February 2023 50 20,546 20,596

6. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 March 2023 6,635,745
Disposals (1,110,397 )
Revaluations 435,367
At 28 February 2024 5,960,715
NET BOOK VALUE
At 28 February 2024 5,960,715
At 28 February 2023 6,635,745

Fair value at 28 February 2024 is represented by:
£
Valuation in 2005 69,840
Valuation in 2006 94,908
Valuation in 2007 (94,782 )
Valuation in 2010 550,000
Valuation in 2011 (496,816 )
Valuation in 2012 189,177
Valuation in 2019 (88,904 )
Valuation in 2020 99,065
Valuation in 2023 300,437
Valuation in 2024 435,367
Cost 4,902,423
5,960,715

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


6. INVESTMENT PROPERTIES - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

28.2.24 28.2.23
£ £
Cost 4,902,423 5,304,948

The investment properties were last formally fully revalued on an open market basis by the directors in 2012. The directors are of the opinion that there has not been a material change in the values of the investment properties since (other than the revaluation adjustments required in 2019 and 2020 related to enhancement and improvement work carried out on a particular property and those in 2023 and 2024 to amounts based on sales made or offers received post year end) so the resultant values per the accounts are an appropriate reflection of their fair value at the balance sheet date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£ £
Trade debtors 23,941 3,511
Amounts owed by group undertakings 76,914 50,453
Amounts owed by joint ventures 712,137 708,337
Other debtors 7,162 28,630
820,154 790,931

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£ £
Trade creditors 25,022 27,750
Amounts owed to group undertakings 99,734 101,000
Taxation and social security 197,269 41,229
Other creditors 70,975 63,399
393,000 233,378

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£ £
Other creditors 1,028 2,262

ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


10. FAIR VALUE RESERVE
Fair value
reserve
£
At 1 March 2023 1,168,792
Retained earnings transfer
re: investment property
revaluation and deferred tax 468,564
Retained earnings transfer on
sale of investment property (707,882 )

At 28 February 2024 929,474

11. RELATED PARTY DISCLOSURES

Amounts owed by and to group undertakings and joint ventures are on an interest free basis.

12. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is P & A Holdings Limited, a company registered in the Channel Islands