Elite Solutions Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07061968 (England and Wales)

Financial Statements for the Year Ended 31 October 2022

for

ELITE SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs M E Ikedife

REGISTERED OFFICE:

94 Monteagle Way Clapton

Hackney

London

E5 8JF

REGISTERED NUMBER:

07061968 (England and Wales)

ACCOUNTANTS:

Samuelsons & Co

Chartered Certified Accountants

The Brentano Suite

Solar House

915 High Road

North Finchley

London

N12 8QJ

FIXED ASSETS

Tangible assets

4

61,794

63,559

CURRENT ASSETS

Debtors

5

192,953

166,765

Cash at bank and in hand

7

14

192,960

166,779

CREDITORS

Amounts falling due within one year

6

118,700

89,133

NET CURRENT ASSETS

74,260

77,646

TOTAL ASSETS LESS CURRENT LIABILITIES

136,054

141,205

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

135,954

141,105

SHAREHOLDERS' FUNDS

136,054

141,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 16 October 2023 and were signed by:

Mrs M E Ikedife - Director

1.	STATUTORY INFORMATION

Elite Solutions 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2021

115,690

13,928

129,618

Additions

5,100

-

5,100

At 31 October 2022

120,790

13,928

134,718

DEPRECIATION

At 1 November 2021

52,133

13,926

66,059

Charge for year

6,865

-

6,865

At 31 October 2022

58,998

13,926

72,924

NET BOOK VALUE

At 31 October 2022

61,792

2

61,794

At 31 October 2021

63,557

2

63,559

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

120,000

57,000

Rent prepaid

23,500

23,500

Amounts owed by group undertakings

-

36,812

Other debtors - rent deposits

49,453

49,453

192,953

166,765

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

76,322

83,031

Amounts owed to group undertakings

12,647

-

Directors' current accounts

26,131

2

Accrued expenses

3,600

6,100

118,700

89,133

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.22

31.10.21

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 November 2021

141,105

Deficit for the year

(5,151

)

At 31 October 2022

135,954