Elite SPV1 Limited
Elite SPV1 Limited
Registered number: 07777344
Unaudited Financial Statements
For The Year Ended
31 March 2021
Elite SPV1 Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 2—3 |
| Notes to the Financial Statements | 4—7 |
Elite SPV1 Limited
Statement of Financial Position
As at
31 March 2021
Statement of Financial Position
Registered number:
07777344
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS/(LIABILITIES) |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Revaluation reserve | 9 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 19,925 | (123,324) | |||
Elite SPV1 Limited
Statement of Financial Position (continued)
As at
31 March 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Elite SPV1 Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The director, having considered the company forecasts and projections and after making enquiries has a reasonable expectation that the company has adequate resources to continue in operational existance for the forerseeable future. Accordingly the financial statements have been prepared on a going concern basis. Notably this expectation has been based on the assumption that the director and the company's creditors will continue to support the company and that the company will trade out of the deficit position indicated by the Balance Sheet.
1.3.
Turnover
Turnover comprises rents receivable from investment properties recognised on a straight line basis and other fees for services supplied by the company to customers, net of value added tax and discounts.
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2020: NIL)
Elite SPV1 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost or Valuation | |
| As at
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| Revaluation | 137,225 |
| As at
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| Net Book Value | |
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The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | |
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| £ | |
| As at
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| At cost | 812,775 |
| At valuation | 137,225 |
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| As at
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| At cost | 812,775 |
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The investment properties have been valued by the company director.
4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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Elite SPV1 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 552,861 | 548,755 |
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 552,861 | 548,755 |
9.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| Transfer from/to profit and loss |
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| As at
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10.
Related Party Transactions
Elite Property Trading Ltd
Mr Hutchings, the company's director and shareholder, has a significant interest in Elite Property Trading Ltd
The company has a loan balance with Elite SPV1 Limited on an interest free and unsecured basis which is repayable on demand. At 31 March 2021 the amount owed to Elite Property Trading Limited was £57,648 (2020: £107,112).
The YRD Limited
Mr Hutchings, the company's director and shareholder, has a significant interest in The YRD Limited
The company has a loan balance with Elite SPV1 Limited on an interest free and unsecured basis which is repayable on demand. At 31 March 2021 the amount owed to The YRD Limited was £198,022 (2020: £135,655).
C Hutchings
Director and Shareholder
Mr Hutchings has lent funds to the company on an interest free, unsecured basis which is repayable on demand. The director has provided guarantees over borrowings of £552,861 (2020: £548,755). At 31 March 2021 the balance owed to C Hutchings amounted to £64,936 (2020: £2,896)
Elite SPV1 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
11.
General Information
Elite SPV1 Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07777344
. The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.