| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Elite GB Environmental Services Ltd |
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Elite GB Environmental Services Ltd |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Elite GB Environmental Services Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| and Statutory Auditors |
| BANKERS: |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Elite GB Environmental Services Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company's business activities, performance and position together with its principal risks and uncertainties are likely to affect its future development and performance. The directors, having made enquiries and reviewed the forecasts and in light of the opportunities and facilities available, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, it is reasonable to continue to adopt the going concern basis in preparing the Annual Report and Accounts. |
| Revenue recognition |
| Revenues comprise sales to outside customers after discounts, excluding value added tax. Income is recognised when the significant risks and rewards of ownership of the goods and services are transferred to the customer, the sales price agreed and the receipt of payment can be assured. |
| Revenue from supply of services is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Office equipment | - |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Inventories |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| Trade debtors |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
| Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| Borrowings |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
| Grants |
| Grants are accounted for under the accrual model and classified either as a grant relating to revenue (revenue-based grant) or a grant relating to assets (capital-based grants). Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable provided that the terms of the grant do not impose future performance-related conditions. Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Intellectual |
| property |
| and |
| goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Office |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| On 31 July 2019, ABN Amro Asset Based Finance N.V. created a fixed and floating charge over the company's assets. |
| 6. | STOCKS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Work-in-progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Director's loan account | 89,605 | 55,634 |
| Prepayments and accrued income |
| Trade debtors at year end date includes factored debts of £227,546 (2023: £562,050). |
| The overdrawn directors' loan accounts were repaid within nine months of the year end. |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Finance leases (see note 9) |
| Trade creditors |
| Tax |
| Other taxation | 17,893 | 19,591 |
| Other creditors |
| Accrued expenses |
| Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £11,663). |
| Included with other creditors falling due within one year are secured liabilities of £227,546 (2023: £562,050) in respect of amount due on factored debt by way of fixed and floating charge over the company's assets. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under finance leases fall due as follows: |
| Finance leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| Elite GB Environmental Services Ltd (Registered number: 04939570) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | TRANSACTIONS WITH DIRECTOR |
| On 31 July 2019, the directors offered their personal guarantees to ABN Amro Asset Based Finance N.V. to secure the company's financing arrangement. |
| As at 31 August 2024, the company was owed £24,608 by director A (2023: £15,055), £25,330 by director B (2023: £14,900) and £39,667 by director C (2023: £25,679). |
| 14. | POST BALANCE SHEET EVENTS |
| There are no post balance sheet events which require disclosure in the financial statements for the year under review. |