REGISTERED NUMBER: 14378870 (England and Wales)

Unaudited Financial Statements

for the Period 1 October 2023 to 31 December 2024

for

ELITE ASSOCIATES GLOBAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G R Morris

Ms J M Horton

REGISTERED OFFICE:

16-18 St John's Lane

Farringdon

London

EC1M 4BS

REGISTERED NUMBER:

14378870 (England and Wales)

ACCOUNTANTS:

TC Group

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Intangible assets

4

113,964

-

Tangible assets

5

14,095

-

128,059

-

CURRENT ASSETS

Stocks

441,859

-

Debtors

6

1,513,735

-

Cash at bank and in hand

51,700

300

2,007,294

300

CREDITORS

Amounts falling due within one year

7

(1,823,386

)

-

NET CURRENT ASSETS

183,908

300

TOTAL ASSETS LESS CURRENT LIABILITIES

311,967

300

CAPITAL AND RESERVES

Called up share capital

8

400

300

Share premium

9

249,900

-

Retained earnings

9

61,667

-

SHAREHOLDERS' FUNDS

311,967

300

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

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

The director acknowledges his 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.

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 director and authorised for issue on 16 September 2025 and were signed by:

Mr G R Morris - Director

1.	STATUTORY INFORMATION

ELITE ASSOCIATES GLOBAL LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of recognition of accruals, prepayments and amounts recoverable on contracts have had the most significant effects on the amounts recognised in the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue is recognised when services are rendered to the customers.

Goodwill

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.

Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.

Tangible fixed assets

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Computer equipment - 25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the period 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 period 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.

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.

Debt factoring

The company has entered into factoring with recourse agreements. Amounts received from the factoring companies are initially recognised as a liability and will be derecognised when the debt factored is settled by the debtor.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 37 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

134,075

At 31 December 2024

134,075

AMORTISATION

Amortisation for period

20,111

At 31 December 2024

20,111

NET BOOK VALUE

At 31 December 2024

113,964

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

17,279

At 31 December 2024

17,279

DEPRECIATION

Charge for period

3,184

At 31 December 2024

3,184

NET BOOK VALUE

At 31 December 2024

14,095

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

30.9.23

£

£

Trade debtors

1,221,758

-

Other debtors

291,977

-

1,513,735

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

30.9.23

£

£

Trade creditors

69,926

-

Taxation and social security

645,354

-

Other creditors

1,108,106

-

1,823,386

-

Included within other creditors due within one year is an amount of £600,213 (2023: £Nil) due to a factoring company. The debt is secured by fixed and floating charges on the assets of the company and contain negative pledge.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

30.9.23

value:

£

£

400

Ordinary

£1

400

300

100 Ordinary shares of £1 each were allotted as fully paid at a premium of £2,499 per share during the period.

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

Profit for the period

61,667

61,667

Cash share issue

-

249,900

249,900

At 31 December 2024

61,667

249,900

311,567

10.	RELATED PARTY DISCLOSURES

Included within creditors due within one year is an amount of £49,985 due to a related company with common director and shareholder.

These balances arose as a result of financing transactions during the year.