Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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3,570,092 | 3,026,414 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (20,533) | (12,217) | ||
Total assets less current liabilities | (20,533) | (12,217) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Elite Development Group Limited (registered number:
A Beckett
Director |
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.
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 £.
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.
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.
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 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.
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.
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.
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) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to connected companies |
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Other creditors |
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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.