Elite Avis Way Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10742537 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

Elite Avis Way Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Bell

N Bell

V F M Squibb

REGISTERED OFFICE:

12a Marlborough Place

Brighton

East Sussex

BN1 1WN

REGISTERED NUMBER:

10742537 (England and Wales)

ACCOUNTANTS:

Clarke Goodhand Smith Limited

12a Marlborough Place

BRIGHTON

East Sussex

BN1 1WN

FIXED ASSETS

Tangible assets

4

972,784

973,688

CURRENT ASSETS

Debtors

5

101,096

111,763

Cash at bank

24,538

23,800

125,634

135,563

CREDITORS

Amounts falling due within one year

6

356,014

367,667

NET CURRENT LIABILITIES

(230,380

)

(232,104

)

TOTAL ASSETS LESS CURRENT LIABILITIES

742,404

741,584

CREDITORS

Amounts falling due after more than one year

7

(671,094

)

(719,174

)

PROVISIONS FOR LIABILITIES

8

(515

)

(687

)

NET ASSETS

70,795

21,723

CAPITAL AND RESERVES

Called up share capital

9

1,100

1,100

Retained earnings

10

69,695

20,623

SHAREHOLDERS' FUNDS

70,795

21,723

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 16 July 2021 and were signed on its behalf by:

G Bell - Director

1.	STATUTORY INFORMATION

Elite Avis Way Properties 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.

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

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.

Freehold investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

COST

At 1 November 2019

and 31 October 2020

943,200

26,874

5,511

975,585

DEPRECIATION

At 1 November 2019

-

-

1,897

1,897

Charge for year

-

-

904

904

At 31 October 2020

-

-

2,801

2,801

NET BOOK VALUE

At 31 October 2020

943,200

26,874

2,710

972,784

At 31 October 2019

943,200

26,874

3,614

973,688

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

-

7,308

Other debtors

1,100

4,459

Elite Frozen Foods Ltd

99,996

99,996

101,096

111,763

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

48,161

46,427

Trade creditors

1,178

(1

)

Tax

9,162

7,711

VAT

12,724

24,261

Other creditors

9,849

12,499

BD Investments Ltd

30,000

30,000

Elite Southern Properties Ltd

7,500

7,500

Beven Property Management Ltd

-

1,730

Directors' current accounts

236,540

236,540

Accrued expenses

900

1,000

356,014

367,667

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans - 1-2 years

49,964

48,164

Bank loans - 2-5 years

219,269

211,371

Bank loans more 5 yr by instal

401,861

459,639

671,094

719,174

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

401,861

459,639

8.	PROVISIONS FOR LIABILITIES

31.10.20

31.10.19

£

£

Deferred tax

515

687

Deferred

tax

£

Balance at 1 November 2019

687

Capital allowances

(172

)

Balance at 31 October 2020

515

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

1,100

Ordinary

£1

1,100

1,100

10.

RESERVES

Retained

earnings

£

At 1 November 2019

20,623

Profit for the year

49,072

At 31 October 2020

69,695