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REGISTERED NUMBER: 11520313 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

ELITE SPACE LIMITED

ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Investment property 4 1,000,000 679,355

CURRENT ASSETS
Debtors 5 4,140 8,632
Cash at bank 5,057 342
9,197 8,974
CREDITORS
Amounts falling due within one year 6 (23,647 ) (14,609 )
NET CURRENT LIABILITIES (14,450 ) (5,635 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

985,550

673,720

CREDITORS
Amounts falling due after more than one
year

7

(674,839

)

(673,158

)

PROVISIONS FOR LIABILITIES (58,928 ) -
NET ASSETS 251,783 562

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 251,221 -
Retained earnings 462 462
251,783 562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 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 Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





E A Ives - Director


ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

ELITE SPACE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11520313

Registered office: 16 Bradenham Road
Shipdham
Thetford
Norfolk
IP25 7PH

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Valuation of investment property

As described in the notes to the financial statements, the investment properties are stated in the balance sheet at fair value, based on the valuation performed by the director. The director is of the opinion that the year-end valuation is not materially different to current market prices observed.

Investment properties have been recognised at fair value by the director and they are of the opinion that there has been no material change since 31 May 2024.

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INVESTMENT PROPERTY
Investment properly is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 679,355
Additions 10,496
Revaluations 310,149
At 31 May 2024 1,000,000
NET BOOK VALUE
At 31 May 2024 1,000,000
At 31 May 2023 679,355

The directors consider the investment properties to be stated at fair value as at 31 May 2024.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £689,851 (2023: £679,355), Aggregate depreciation £nil (2023: £nil) and carrying value £689,851 (2018: £679,355).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 4,140 2,150
Amounts owed by group undertakings - 6,482
4,140 8,632

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,220 9,956
Trade creditors 1,080 2,921
Amounts owed to group undertakings 10,546 -
Taxation and social security - 233
Other creditors 1,801 1,499
23,647 14,609

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 11,369 21,589
Other creditors 663,470 651,569
674,839 673,158

ELITE SPACE LIMITED (REGISTERED NUMBER: 11520313)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. GOING CONCERN

The company is supported by its director with loans of £651,569. Whilst these loans are technically repayable on demand the directors has provided assurance that they will not be repayable within 1 year.

9. RELATED PARTY DISCLOSURES

Transactions with directors are under normal market conditions and/or not material.

10. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the board.