Elite Newhaven Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09833950 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2018

for

Elite Newhaven Property Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Bell

N Bell

V F M Squibb

D Faires

G J Scott

P Burton

A Killick

REGISTERED OFFICE:

12A Marlborough Place

Brighton

East Sussex

BN1 1WN

REGISTERED NUMBER:

09833950 (England and Wales)

ACCOUNTANTS:

Ghiaci Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Tangible assets

3

529,516

529,516

CURRENT ASSETS

Debtors

4

7,740

7,740

Cash at bank and in hand

18,830

18,830

26,570

26,570

CREDITORS

Amounts falling due within one year

5

54,577

54,577

NET CURRENT LIABILITIES

(28,007

)

(28,007

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,509

501,509

CREDITORS

Amounts falling due after more than one year

6

419,535

419,535

NET ASSETS

81,974

81,974

CAPITAL AND RESERVES

Called up share capital

8

1,100

1,100

Retained earnings

9

80,874

80,874

SHAREHOLDERS' FUNDS

81,974

81,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 July 2019 and were signed on its behalf by:

G Bell - Director

1.	STATUTORY INFORMATION

Elite Newhaven Property Ltd 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.

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.

Freehold property

The policy of not providing depreciation on freehold property is in accordance with the revaluation

model procedure laid down in Section 1A 'Small Entities' of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. The policy is a departure

from the specific requirement of the Companies Act 2006 to provide depreciation on any fixed asset

which has a limited useful economic life. The departure from the Companies Act 2006 requirement

is for the overriding purpose of giving a true and fair view in accordance with Section 1A of

Financial Reporting Standard 102.

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.

3.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 November 2017

and 31 October 2018

529,516

NET BOOK VALUE

At 31 October 2018

529,516

At 31 October 2017

529,516

Freehold property was revalued on 31 October 2017. It is the opinion of the directors that the

carrying value approximates the open market value at that date.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

7,740

7,740

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Other loans

32,257

32,257

Tax

6,732

6,732

VAT

5,248

5,248

Elite Frozen Foods Ltd

9,840

9,840

Accrued expenses

500

500

54,577

54,577

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.18

31.10.17

£

£

Other loans - 1-2 years

33,198

33,198

Other loans - 2-5 years

105,517

105,517

Other loans more 5yrs instal

280,820

280,820

419,535

419,535

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

280,820

280,820

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.18

31.10.17

£

£

Other loans

451,792

451,792

The loan is secured by a fixed and floating charge over all company assets.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.18

31.10.17

value:

£

£

1,100

Ordinary

£1

1,100

1,100

9.

RESERVES

Retained

earnings

£

At 1 November 2017

80,874

Profit for the year

-

At 31 October 2018

80,874

10.	RELATED PARTY DISCLOSURES

Included in the financial statements are the following transactions and balances with related

parties:

31.10.17

31.10.16

£

£

Elite Frozen Foods Limited, a company under common control:

Other operating income

21,996

45,352

Creditors: Amounts falling due within one year

9,840

9,000