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Company registration number: 03621228
Elite Pacific Limited
Unaudited filleted financial statements
31 October 2024
Elite Pacific Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Elite Pacific Limited
Directors and other information
Directors Mr P Coletta
Mrs S L Coletta
Mr K Sennett
Secretary Mrs S L Coletta
Company number 03621228
Registered office Unit 8, Viaduct Works
Horbury Bridge
Horbury
WF4 5PT
Business address Unit 8, Viaduct Works
Horbury Bridge
Horbury
Wakefield
WF4 5PT
Accountants Streets Andrew Wright
10 Cliff Parade
Wakefield
West Yorkshire
WF1 2TA
Elite Pacific Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 162,858 87,487
_______ _______
162,858 87,487
Current assets
Stocks 94,559 107,229
Debtors 6 815,097 611,108
Cash at bank and in hand 137,656 255,891
_______ _______
1,047,312 974,228
Creditors: amounts falling due
within one year 7 ( 454,675) ( 370,518)
_______ _______
Net current assets 592,637 603,710
_______ _______
Total assets less current liabilities 755,495 691,197
Creditors: amounts falling due
after more than one year 8 ( 28,902) -
Provisions for liabilities ( 40,715) ( 19,374)
_______ _______
Net assets 685,878 671,823
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 685,868 671,813
_______ _______
Shareholders funds 685,878 671,823
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 May 2025 , and are signed on behalf of the board by:
Mr K Sennett
Director
Company registration number: 03621228
Elite Pacific Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Viaduct Works, Horbury Bridge, Horbury, WF4 5PT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 21 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 2,112 42,581 149,040 193,733
Additions 1,543 2,860 149,230 153,633
Disposals - - ( 49,168) ( 49,168)
_______ _______ _______ _______
At 31 October 2024 3,655 45,441 249,102 298,198
_______ _______ _______ _______
Depreciation
At 1 November 2023 2,077 36,570 67,599 106,246
Charge for the year 237 1,331 51,326 52,894
Disposals - - ( 23,800) ( 23,800)
_______ _______ _______ _______
At 31 October 2024 2,314 37,901 95,125 135,340
_______ _______ _______ _______
Carrying amount
At 31 October 2024 1,341 7,540 153,977 162,858
_______ _______ _______ _______
At 31 October 2023 35 6,011 81,441 87,487
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 488,610 368,452
Amounts owed by group undertakings and undertakings in which the company has a participating interest 279,734 213,833
Other debtors 46,753 28,823
_______ _______
815,097 611,108
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 238,399 162,245
Corporation tax 36,795 82,846
Social security and other taxes 80,249 100,223
Other creditors 99,232 25,204
_______ _______
454,675 370,518
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 28,902 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P Coletta ( 320) - 3,516 3,196
Mr K Sennett ( 73) - 12,745 12,672
_______ _______ _______ _______
( 393) - 16,261 15,868
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P Coletta ( 266) ( 54) - ( 320)
Mr K Sennett ( 20,000) - 19,927 ( 73)
_______ _______ _______ _______
( 20,266) ( 54) 19,927 ( 393)
_______ _______ _______ _______