Company No: 04665946 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	57,350		72,827
		57,350		72,827
Current assets
Debtors	4	3,759,572		4,260,097
Cash at bank and in hand		85,808		94,714
		3,845,380		4,354,811
Creditors: amounts falling due within one year	5	( 1,470,499)		( 495,318)
Net current assets		2,374,881		3,859,493
Total assets less current liabilities		2,432,231		3,932,320
Net assets		2,432,231		3,932,320
Capital and reserves
Called-up share capital	6	10,000		10,000
Profit and loss account		2,422,231		3,922,320
Total shareholder's funds		2,432,231		3,932,320

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Elite Creations (UK) Ltd (registered number: 04665946) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

L Sakhrani Director

26 November 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elite Creations (UK) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Elite House, 100 Villiers Road, London, NW2 5PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to other third parties and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	13		14

3. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2024	92,610		24,797		26,123		143,530
Additions	0		0		2,950		2,950
At 31 March 2025	92,610		24,797		29,073		146,480
Accumulated depreciation
At 01 April 2024	33,170		17,213		20,320		70,703
Charge for the financial year	14,860		1,896		1,671		18,427
At 31 March 2025	48,030		19,109		21,991		89,130
Net book value
At 31 March 2025	44,580		5,688		7,082		57,350
At 31 March 2024	59,440		7,584		5,803		72,827

4. Debtors

	2025		2024
	£		£
Trade debtors	50,924		240,638
Amounts owed by group undertakings	1,763,591		1,763,591
Prepayments	78,478		117,283
Other taxation and social security	10,916		31,079
Other debtors	1,855,663		2,107,506
	3,759,572		4,260,097

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	0		43,728
Trade creditors	131,955		321,484
Amounts owed to fellow subsidiaries	51,192		58,812
Other loans	101,600		0
Accruals	89,624		57,916
Other taxation and social security	11,259		12,086
Other creditors	1,084,869		1,292
	1,470,499		495,318

Amounts owed to group undertakings are repayable on demand and do not bear interest.

The invoice discounting facility of £nil (2024: £43,728) is secured by way of a fixed and floating charge over the assets of the company, including trade debtors.

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each	10,000		10,000

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	212,250		212,250
between one and five years	849,000		849,000
after five years	424,500		636,750
Total future minimum lease payments under non-cancellable operating leases	1,485,750		1,698,000

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,352		1,292

8. Related party transactions

Transactions with the entity's directors

Included within other creditors is a balance owed to the director of the company of £607,763 (2024: £302 in other debtors owed to the company). This balance is unsecured and interest is charged at HMRC's approved rate with no fixed repayment terms.

Other related party transactions

	2025		2024
	£		£
Included within debtors is a balance owed by a limited company with common directors. This balance is unsecured and interest free with no fixed repayment terms.	1,381,900		1,381,900
Included within debtors is a balance owed by a limited liability partnership of which one of the directors of the Company is a designated member. This balance is unsecured and interest free with no fixed repayment terms.	0		259,919
Included within creditors is a balance owed to a limited liability partnership of which one of the directors of the Company is a designated member. This balance is unsecured and interest free with no fixed repayment terms.	475,754		0
Included within other loans is a balance owed to a close family member of the director of the company. This amount is unsecured and interest is charged at 1% per month with no fixed terms of repayment.	101,600		0

The company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

9. Ultimate controlling party

Parent Company:

Elite Creations Holdings Limited

Room 1701, 17/F Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong