Elite Southern Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05442084 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2020

for

Elite Southern Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Bell

G J Scott

V F M Squibb

G Bell

REGISTERED OFFICE:

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

REGISTERED NUMBER:

05442084 (England and Wales)

ACCOUNTANTS:

Clarke Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Tangible assets

4

1,242,166

1,242,166

CURRENT ASSETS

Debtors

5

55,495

92,208

Cash at bank

11,011

66,677

66,506

158,885

CREDITORS

Amounts falling due within one year

6

102,409

137,366

NET CURRENT (LIABILITIES)/ASSETS

(35,903

)

21,519

TOTAL ASSETS LESS CURRENT LIABILITIES

1,206,263

1,263,685

CREDITORS

Amounts falling due after more than one year

7

194,774

262,987

NET ASSETS

1,011,489

1,000,698

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

1,010,489

999,698

SHAREHOLDERS' FUNDS

1,011,489

1,000,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 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 Board of Directors and authorised for issue on 13 April 2021 and were signed on its behalf by:

G Bell - Director

1.	STATUTORY INFORMATION

Elite Southern Properties 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 August 2019

and 31 July 2020

1,242,166

NET BOOK VALUE

At 31 July 2020

1,242,166

At 31 July 2019

1,242,166

Freehold property was revalued on 31 July 2020 by the directors, who are of the opinion that the carrying value approximates the open market value at that date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

-

40,528

Other debtors

1,000

1,000

Elite Frozen Foods Limited

45,263

36,513

BD Investments Limited

-

6,667

Elite Avis Way Properties

7,500

7,500

Tax

1,732

-

55,495

92,208

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

92,037

66,682

Trade creditors

-

11,622

Tax

7,851

57,021

Accrued expenses

2,521

2,041

102,409

137,366

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans - 1-2 years

66,688

68,858

Bank loans - 2-5 years

74,073

117,146

Bank loans more 5 yr by instal

54,013

76,983

194,774

262,987

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

54,013

76,983

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.20

31.7.19

£

£

Bank loans

286,811

329,669

The bank loan is secured by a first legal charge over the freehold property.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.20

31.7.19

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 August 2019

999,698

Profit for the year

33,471

Dividends

(22,680

)

At 31 July 2020

1,010,489

11.	RELATED PARTY DISCLOSURES

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

31.7.20

31.7.19

£

£

Tailormade (Newhaven) Limited, a company under common control:

Other operating income

27,500

30,000

Elite Avis Way Properties Limited, a company under common control:

Debtors

7,500

7,500

12.	CONTROLLING PARTY

The company was controlled by its directors throughout the period.