Eliteway Ltd - Accounts to registrar (filleted) - small 18.2

Eliteway Ltd - Accounts to registrar (filleted) - small 18.2

ELITEWAY LTD - Company Information

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REGISTERED NUMBER: 03246847 (England and Wales)



















ELITEWAY LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020






ELITEWAY LTD (REGISTERED NUMBER: 03246847)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


ELITEWAY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTORS: Mr K Winter
Mr D Frankel





SECRETARIES: Mr K Winter
Mrs H Winter





REGISTERED OFFICE: 10 Paget Road
London
N16 5NQ





REGISTERED NUMBER: 03246847 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS
Page 1
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

BALANCE SHEET
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investments 6 149,168 149,168
Investment property 7 3,901,368 3,901,368
4,050,536 4,050,536

CURRENT ASSETS
Debtors 8 590,959 798,895
Cash at bank 349,141 28,042
940,100 826,937
CREDITORS
Amounts falling due within one year 9 353,292 310,674
NET CURRENT ASSETS 586,808 516,263
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,637,344
4,566,799

CREDITORS
Amounts falling due after more than one
year
10
(2,526,715
)
(2,485,559
)

PROVISIONS FOR LIABILITIES 12 (188,950 ) (128,486 )
NET ASSETS 1,921,679 1,952,754

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 13 1,429,540 1,490,004
Retained earnings 492,137 462,748
SHAREHOLDERS' FUNDS 1,921,679 1,952,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 notes on pages 4 to 7 form part of these financial statements

Page 2
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

BALANCE SHEET - continued
30 SEPTEMBER 2020


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2021 and were signed on its behalf by:





Mr K Winter - Director


The notes on pages 4 to 7 form part of these financial statements

Page 3
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. STATUTORY INFORMATION

Eliteway 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Page 4
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2019
and 30 September 2020 3,276
DEPRECIATION
At 1 October 2019
and 30 September 2020 3,276
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 -

6. FIXED ASSET INVESTMENTS
JV-Europa
House-Folkestone
£   
COST
At 1 October 2019
and 30 September 2020 149,168
NET BOOK VALUE
At 30 September 2020 149,168
At 30 September 2019 149,168

Page 5
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2019
and 30 September 2020 3,901,368
NET BOOK VALUE
At 30 September 2020 3,901,368
At 30 September 2019 3,901,368

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 30 September 2020 is £2,282,879.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 10,974 -
Other debtors 579,985 798,895
590,959 798,895

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 9,651 10,383
Taxation and social security 11,936 6,205
Other creditors 331,705 294,086
353,292 310,674

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Bank loans 2,526,715 2,485,559

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years by
non-instalments
2,454,512
2,404,436

Repayable by instalments
Bank loans more than 5 years by
instalments
33,599
39,591

Page 6
ELITEWAY LTD (REGISTERED NUMBER: 03246847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

11. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 2,536,366 2,495,942

The bank loans are secured by legal charges over the company's investment properties.

12. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax 188,950 128,486

Deferred
tax
£   
Balance at 1 October 2019 128,486
Provided during year 60,464
Balance at 30 September 2020 188,950

Deferred tax arises from the revaluation of investment properties.

13. RESERVES
Fair
value
reserve
£   
At 1 October 2019 1,490,004
Transfer deferred tax from retained
earnings
(60,464
)

At 30 September 2020 1,429,540

Page 7