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Registered number: 06910309
Elite Flooring Online Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06910309
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 169,038 94,256
169,038 94,256
CURRENT ASSETS
Stocks 6 131,096 127,993
Debtors 7 262,561 277,990
Cash at bank and in hand 22,472 14,022
416,129 420,005
Creditors: Amounts Falling Due Within One Year 8 (286,489 ) (316,478 )
NET CURRENT ASSETS (LIABILITIES) 129,640 103,527
TOTAL ASSETS LESS CURRENT LIABILITIES 298,678 197,783
Creditors: Amounts Falling Due After More Than One Year 9 (105,459 ) (54,396 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (30,230 ) (18,526 )
NET ASSETS 162,989 124,861
CAPITAL AND RESERVES
Called up share capital 12 180 180
Capital redemption reserve 30 30
Profit and Loss Account 162,779 124,651
SHAREHOLDERS' FUNDS 162,989 124,861
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 Terence Marsh
Director
Mr Darren Price
Director
8 November 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Elite Flooring Online Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06910309 . The registered office is Unit 4 Centurion Park, Ceasars Way, Folkstone, Kent, CT19 4AH.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.5. 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:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. 
Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. 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 year 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 asset reflects 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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 62,000
As at 31 March 2024 62,000
Amortisation
As at 1 April 2023 62,000
As at 31 March 2024 62,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 105,278 51,214 29,133 185,625
Additions 116,765 - 1,909 118,674
Disposals (32,447 ) (4,380 ) - (36,827 )
As at 31 March 2024 189,596 46,834 31,042 267,472
Depreciation
As at 1 April 2023 52,571 28,643 10,155 91,369
Provided during the period 25,780 5,780 3,851 35,411
Disposals (27,875 ) (471 ) - (28,346 )
As at 31 March 2024 50,476 33,952 14,006 98,434
Net Book Value
As at 31 March 2024 139,120 12,882 17,036 169,038
As at 1 April 2023 52,707 22,571 18,978 94,256
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 133,765 42,488
6. Stocks
2024 2023
£ £
Materials 76,513 73,410
Work in progress 54,583 54,583
131,096 127,993
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 185,243 179,691
Prepayments and accrued income 400 -
Other debtors 71,904 83,028
VAT 5,014 15,271
262,561 277,990
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 24,207 10,496
Trade creditors 126,795 235,927
Bank loans and overdrafts 15,129 22,530
Corporation tax 42,536 15,695
Other taxes and social security 3,747 87
Net wages - 2,162
Other creditors 54,242 29,555
Credit card 13,000 26
Accruals and deferred income 833 -
Directors' loan accounts 6,000 -
286,489 316,478
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 93,228 31,993
Bank loans 12,231 22,403
105,459 54,396
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,256 13,022
Later than one year and not later than five years 103,796 35,455
133,052 48,477
Less: Finance charges allocated to future periods 15,617 5,988
117,435 42,489
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 30,230 18,526
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 180 180
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13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 13,893 9,943
Later than one year and not later than five years 53,505 9,943
67,398 19,886
14. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Terence Marsh - 41,696 47,600 - 5,904
Mr Darren Price - 65,435 65,531 - 96
The above loan is unsecured, interest free, repayable on demand and ranks equally with other unsecured creditors of the company.
15. Related Party Transactions
At the balance sheet date, included within creditors due within one year was £52,859 (2023: £27,382) due to Elite Labour Agency Limited, a company in which the directors have an interest. The amount represents a non interest baring loan that ranks equally with other creditors.
At the balance sheet date, included within debtors was £57,997 (2023: £56,997) due from Elite Partnership, being an unincorporated partnership which the directors have an interest.The amount represents a non interest baring loan that is repayable on demand. 
16. Ultimate Controlling Party
The company's ultimate controlling parties are D Price and T Marsh by virtue of their equal ownership of 100% of the controlling share capital in the company.
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