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REGISTERED NUMBER: 06529388 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

ELITE ADVANTAGE MANAGEMENT LIMITED

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELITE ADVANTAGE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: M R Cordingley





REGISTERED OFFICE: 48 Leicester Road
Hinckley
Leicestershire
LE10 2AD





REGISTERED NUMBER: 06529388 (England and Wales)





ACCOUNTANTS: PWH Accountancy Ltd
The Counting House
High Street
Lutterworth
Leicestershire
LE17 4AY

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 120,698 97,663

CURRENT ASSETS
Debtors 6 24,346 128,499
Cash at bank and in hand 124,561 32,810
148,907 161,309
CREDITORS
Amounts falling due within one year 7 196,601 201,948
NET CURRENT LIABILITIES (47,694 ) (40,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,004

57,024

CREDITORS
Amounts falling due after more than one
year

8

(37,736

)

(38,355

)

PROVISIONS FOR LIABILITIES 9 (32,667 ) (18,556 )
NET ASSETS 2,601 113

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 2,501 13
SHAREHOLDERS' FUNDS 2,601 113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

BALANCE SHEET - continued
30 JUNE 2024


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 director and authorised for issue on 13 January 2025 and were signed by:





M R Cordingley - Director


ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Elite Advantage Management 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant, Actual results may differ from these estimates.

Turnover
Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Revenue is shown net of VAT and trade discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments

Financial assets
Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of receivables is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of payment. Receivables are considered for impairment on a case by case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities
The company's financial liabilities include trade and other payables, which are measured at amortised cost using the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.


ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023 15,112 111,919 127,031
Additions 2,744 42,625 45,369
At 30 June 2024 17,856 154,544 172,400
DEPRECIATION
At 1 July 2023 6,478 22,890 29,368
Charge for year 1,708 20,626 22,334
At 30 June 2024 8,186 43,516 51,702
NET BOOK VALUE
At 30 June 2024 9,670 111,028 120,698
At 30 June 2023 8,634 89,029 97,663

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 111,919
DEPRECIATION
At 1 July 2023 22,890
Charge for year 10,000
At 30 June 2024 32,890
NET BOOK VALUE
At 30 June 2024 79,029
At 30 June 2023 89,029

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,871 34,795
Other debtors 3 -
Directors' current accounts - 89,232
Tax 4,472 4,472
24,346 128,499

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 67,277 73,893
Trade creditors 934 -
Tax 46,907 53,960
VAT 61,273 53,472
Other creditors 8,476 10,623
Directors' current accounts 1,734 -
196,601 201,948

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 27,736 28,355
37,736 38,355

ELITE ADVANTAGE MANAGEMENT LIMITED (REGISTERED NUMBER: 06529388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 32,667 18,556

Deferred
tax
£   
Balance at 1 July 2023 18,556
Provided during year 14,111
Deferred tax
Balance at 30 June 2024 32,667

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 July 2023 13
Profit for the year 129,488
Dividends (127,000 )
At 30 June 2024 2,501

12. RELATED PARTY DISCLOSURES

At 30 June 2023 an amount of £1,754 was due to the director (2023 £89,232 due from the director). Interest is charged on the overdrawn balance at market rates.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M R Cordingley.