REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
ELETE DESIGN LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment properties | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
ELETE DESIGN LIMITED (REGISTERED NUMBER: 01027900) |
BALANCE SHEET - continued |
28 FEBRUARY 2024 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
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 | 20,596 |
NET BOOK VALUE |
At 28 February 2024 | 20,596 |
At 28 February 2023 | 20,596 |
6. | INVESTMENT PROPERTIES |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Disposals | ( |
) |
Revaluations | 435,367 |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
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 |
Amounts owed by group undertakings |
Amounts owed by joint ventures |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Other creditors |
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 |
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 |
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 |