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 2021

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

G J Scott

REGISTERED OFFICE:

12A Marlborough Place

Brighton

East Sussex

BN1 1WN

REGISTERED NUMBER:

09833950 (England and Wales)

ACCOUNTANTS:

Clarke Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Tangible assets

4

529,516

529,516

CURRENT ASSETS

Cash at bank and in hand

17,520

13,629

CREDITORS

Amounts falling due within one year

5

53,352

55,677

NET CURRENT LIABILITIES

(35,832

)

(42,048

)

TOTAL ASSETS LESS CURRENT LIABILITIES

493,684

487,468

CREDITORS

Amounts falling due after more than one year

6

309,802

340,665

NET ASSETS

183,882

146,803

CAPITAL AND RESERVES

Called up share capital

8

1,100

1,100

Retained earnings

9

182,782

145,703

SHAREHOLDERS' FUNDS

183,882

146,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 21 June 2022 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 November 2020

and 31 October 2021

529,516

NET BOOK VALUE

At 31 October 2021

529,516

At 31 October 2020

529,516

Freehold property was revalued on 31 October 2021. It is the opinion of the directors that the carrying value approximates the open market value at that date.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Other loans

30,817

29,526

Tax

8,698

2,777

VAT

5,316

6,033

Other creditors

1,625

-

Directors' loan accounts

5,970

16,416

Accrued expenses

926

925

53,352

55,677

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Other loans - 1-2 years

32,135

30,817

Other loans - 2-5 years

104,889

100,587

Other loans more 5yrs instal

172,778

209,261

309,802

340,665

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

172,778

209,261

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.21

31.10.20

£

£

Other loans

340,619

370,191

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

31.10.21

31.10.20

value:

£

£

1,100

Ordinary

£1

1,100

1,100

9.

RESERVES

Retained

earnings

£

At 1 November 2020

145,703

Profit for the year

37,079

At 31 October 2021

182,782