Registered number
05097016
Elite Granite Limited
Unaudited Filleted Accounts
30 June 2024
Elite Granite Limited
Registered number: 05097016
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 175 175
Tangible assets 4 372,276 329,491
372,451 329,666
Current assets
Stocks 123,400 187,148
Debtors 5 2,429,842 2,383,358
Cash at bank and in hand 145,704 183,212
2,698,946 2,753,718
Creditors: amounts falling due within one year 6 (563,660) (655,739)
Net current assets 2,135,286 2,097,979
Total assets less current liabilities 2,507,737 2,427,645
Creditors: amounts falling due after more than one year 7 (197,769) (224,124)
Provisions for liabilities (76,597) (82,373)
Net assets 2,233,371 2,121,148
Capital and reserves
Called up share capital 100 100
Other reserves 500,000 500,000
Profit and loss account 1,733,271 1,621,048
Shareholders' funds 2,233,371 2,121,148
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M T Brookes
Director
Approved by the board on 17 March 2025
Elite Granite Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 34 32
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 175
At 30 June 2024 175
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 175
At 30 June 2023 175
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 804,429 219,442 1,023,871
Additions 34,501 180,959 215,460
Disposals (6,000) (90,632) (96,632)
At 30 June 2024 832,930 309,769 1,142,699
Depreciation
At 1 July 2023 613,563 80,817 694,380
Charge for the year 56,074 68,017 124,091
On disposals (4,932) (43,116) (48,048)
At 30 June 2024 664,705 105,718 770,423
Net book value
At 30 June 2024 168,225 204,051 372,276
At 30 June 2023 190,866 138,625 329,491
5 Debtors 2024 2023
£ £
Trade debtors 556,608 821,233
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,768,667 1,458,911
Other debtors 104,567 103,214
2,429,842 2,383,358
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,000 50,000
Obligations under finance lease and hire purchase contracts 95,758 79,632
Trade creditors 299,413 457,620
Taxation and social security costs 113,893 57,751
Other creditors 4,596 10,736
563,660 655,739
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 54,216 104,233
Obligations under finance lease and hire purchase contracts 143,553 119,891
197,769 224,124
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 104,216 154,233
The bank loan is secured by a fixed and floating charge dated 22 June 2020.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 10,506 10,391
10 Related party transactions 2024 2023
£ £
Mercury Reinforcements Limited
Mr M T Brookes, the company's director, controls Mercury Reinforcements Limited.
During the year the company paid dividends of £nil (2023 £200,000) and rent of £96,000 (2023 £96,000) to Mercury Reinforcements Limited.
Amount due from Mercury Reinforcements Limited 1,191,911 891,911
10 Related party transactions (cont…) 2024 2023
£ £
Worcestershire Designs Ltd
Mr M T Brookes is the sole director and shareholder of Worcestershire Designs Limited.
Amount due from Worcestershire Designs Limited 25,489 17,000
Rhino Parts Limited
Mr M T Brookes is the sole director and shareholder of Rhino Parts Limited.
Amount due from Rhino Parts Limited 51,267 50,000
11 Controlling party
The company is controlled by Mercury Reinforcements Limited.
12 Other information
Elite Granite Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 58 Woodgate Business Park
Kettles Wood Drive
Birmingham
West Midlands
B32 3DB
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