Company registration number 14458428 (England and Wales)
ELITE STREET LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
ELITE STREET LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ELITE STREET LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Investment property
3
134,745
134,745
CURRENT ASSETS
Cash at bank and in hand
203
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
4
(138,777)
(134,712)
NET CURRENT LIABILITIES
(138,574)
(134,712)
NET (LIABILITIES)/ASSETS
(3,829)
33
CAPITAL AND RESERVES
Called up share capital
40
40
Profit and loss reserves
(3,869)
(7)
TOTAL EQUITY
(3,829)
33
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELITE STREET LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr F Sohail
Director
Company registration number 14458428 (England and Wales)
ELITE STREET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
Elite Street Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 68-70 Cowbridge Road East, Cardiff, CF11 9DU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis.
The accounts show that the company had net liabilities of £3,829 at the balance sheet date. The director has therefore had to consider the appropriateness of the going concern basis.
The company has been able to finance its operations because of the support from the director and related parties. Were this support not available, the company may not be able to meet its liabilities as they fall due.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ELITE STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
ELITE STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
INVESTMENT PROPERTY
2024
£
Fair value
At 1 December 2023 and 30 November 2024
134,745
Investment property comprises of 69/71 Cardiff Road, Caerphilly, CF83 1FP. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
7
Other creditors
138,777
134,705
138,777
134,712
5
RELATED PARTY TRANSACTIONS
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Infinity National Ltd
35,575
15,575
Infinity Plymouth Ltd
40,550
22,000
Infinity Blackwood Ltd
28,950
24,000
Infinity Cwmbran Ltd
5,000
5,000
110,075
66,575
All amounts are interest free and repayable on demand.
6
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other creditors is £26,960 (2023- £68,130) due to the directors. This amount is interest free and repayable on demand.