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ELITE GROUP HOLDINGS (UK) LIMITED

Registered Number
03475396
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

ELITE GROUP HOLDINGS (UK) LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

BOWMAN, Daniel Lee
IVESON, Andrew
IVESON, Melanie Jane

Company Secretary

IVESON, Andrew

Registered Address

Bay House Browgate
Baildon
Shipley
BD17 6BY

Registered Number

03475396 (England and Wales)
ELITE GROUP HOLDINGS (UK) LIMITED
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-500
Tangible assets4319,746269,069
Investments525,00125,001
344,747294,570
Current assets
Debtors6998,111666,172
Cash at bank and on hand82,64440,156
1,080,755706,328
Creditors amounts falling due within one year7(1,169,576)(926,260)
Net current assets (liabilities)(88,821)(219,932)
Total assets less current liabilities255,92674,638
Creditors amounts falling due after one year8(74,222)(32,439)
Provisions for liabilities10(6,300)(7,300)
Net assets175,40434,899
Capital and reserves
Called up share capital10,00010,000
Profit and loss account165,40424,899
Shareholders' funds175,40434,899
The financial statements were approved and authorised for issue by the Board of Directors on 13 January 2025, and are signed on its behalf by:
IVESON, Andrew
Director
Registered Company No. 03475396
ELITE GROUP HOLDINGS (UK) LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. The parent company is Elite Group Holdings Limited, a company incorporated in England and Wales company number 09686520.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The company has net current liabilities of £88,821 (2023 - £219,932). The financial performance and position of the company and the wider group have been reviewed by the directors in light of the general economic conditions. Whilst the directors are aware of the uncertainties this creates, they consider that the company and the wider group have, with the aid of its bankers and support from related entities, sufficient resources to enable it to continue settling liabilities as they fall due and operating effectively for at least 12 months from the date of approval of these financial statements. The financial statements have therefore been prepared on the basis that the company is a going concern.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery20-
Fixtures and fittings33-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Financial instruments
The company 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.Average number of employees

20242023
Average number of employees during the year36
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 231,5001,500
At 30 September 241,5001,500
Amortisation and impairment
At 01 October 231,0001,000
Charge for year500500
At 30 September 241,5001,500
Net book value
At 30 September 24--
At 30 September 23500500
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 October 23300,56317,60732,570129,153479,893
Additions--90,7601,95392,713
Disposals--(6,100)-(6,100)
At 30 September 24300,56317,607117,230131,106566,506
Depreciation and impairment
At 01 October 2367,41914,86717,929110,609210,824
Charge for year6,01142226,8547,14140,428
On disposals--(4,492)-(4,492)
At 30 September 2473,43015,28940,291117,750246,760
Net book value
At 30 September 24227,1332,31876,93913,356319,746
At 30 September 23233,1442,74014,64118,544269,069
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 October 2325,00125,001
At 30 September 2425,00125,001
Net book value
At 30 September 2425,00125,001
At 30 September 2325,00125,001

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,7602,760
Amounts owed by group undertakings987,689654,561
Prepayments and accrued income7,6628,851
Total998,111666,172
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables36,63030,675
Bank borrowings and overdrafts12,45315,000
Amounts owed to related parties1,037,770730,440
Taxation and social security51,530135,353
Finance lease and HP contracts17,4754,075
Accrued liabilities and deferred income13,71810,717
Total1,169,576926,260
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank loans of £12,453 (2023 - £15,000) are secured by a fixed and floating charge over the assets of the company. Hire purchase liabilities of £17,475 (2023 - £4,075) are secured over the assets to which they relate.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts18,56225,986
Other creditors55,6606,453
Total74,22232,439
The bank loans of £18,562 (2023 - £25,986) are secured by a fixed and floating charge over the assets of the company. Other creditors comprise hire purchase liabilities of £55,660 (2023 - £6,453) and are secured over the assets to which they relate.
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts55,6606,452
10.Provisions for liabilities
Provisions for liabilities comprise a deferred tax provision for accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)6,3007,300
Total6,3007,300
11.Related party transactions
During the period, the company charged management charges, rent and recharges of various services and costs amounting to £243,807 (2023 - £312,192) to related companies. The company also made purchases from related companies totalling £28,871 (2023 - £15,474). At the period end the company owed £655,071 to the related companies (2023 - £683,993). The related companies are related due to being under common control. The company owns 50% of a freehold property, the other 50% is owned by Elite Group Holdings SSAS, a related pension scheme due to common control . The company was recharged rent of £15,506 (2023 - £15,781) in respect of this property. At the period end, the company owed £nil (2023 - £nil) to Elite Group Holdings SSAS.