Elite Financial Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03828046 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2023

for

Elite Financial Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Lewis

A Hopkins

SECRETARY:

Ms E Jones

REGISTERED OFFICE:

61 Commercial Street

Kenfig Hill

Bridgend

CF33 6DH

REGISTERED NUMBER:

03828046 (England and Wales)

ACCOUNTANTS:

WILLIAMS JENKINS & CO LIMITED

3 HANNAH STREET

PORTH

Rhondda Cynon Taff

CF39 9PU

FIXED ASSETS

Tangible assets

4

1

1

Investments

5

2,000

2,000

Investment property

6

250,749

250,749

252,750

252,750

CURRENT ASSETS

Debtors

7

7,500

7,500

Cash at bank

773

3,402

8,273

10,902

CREDITORS

Amounts falling due within one year

8

140,824

163,916

NET CURRENT LIABILITIES

(132,551

)

(153,014

)

TOTAL ASSETS LESS CURRENT LIABILITIES

120,199

99,736

CREDITORS

Amounts falling due after more than one year

9

(4,400

)

(6,800

)

PROVISIONS FOR LIABILITIES

(49

)

(45

)

NET ASSETS

115,750

92,891

CAPITAL AND RESERVES

Called up share capital

200

200

Revaluation reserve

10

30,464

30,464

Retained earnings

85,086

62,227

SHAREHOLDERS' FUNDS

115,750

92,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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 20 May 2024 and were signed on its behalf by:

D M Lewis - Director

1.	STATUTORY INFORMATION

Elite Financial Services Limited 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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2022

and 31 August 2023

15,158

DEPRECIATION

At 1 September 2022

and 31 August 2023

15,157

NET BOOK VALUE

At 31 August 2023

1

At 31 August 2022

1

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.8.23

31.8.22

£

£

Racehorse

2,000

2,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2022

and 31 August 2023

250,749

NET BOOK VALUE

At 31 August 2023

250,749

At 31 August 2022

250,749

Fair value at 31 August 2023 is represented by:

£

Valuation in 2022

250,749

If investment property had not been revalued it would have been included at the following historical cost:

31.8.23

31.8.22

£

£

Cost

220,286

220,286

Investment property was valued on an open market basis on 31 August 2022 by Mr. DM Lewis .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Other debtors

7,500

7,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans and overdrafts

2,400

2,400

Trade creditors

(1

)

(1

)

Amounts owed to group undertakings

5,716

5,716

Taxation and social security

6,515

12,664

Other creditors

126,194

143,137

140,824

163,916

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans

4,400

6,800

10.

RESERVES

Revaluation

reserve

£

At 1 September 2022

and 31 August 2023

30,464