| Elite SPV1 Limited |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Elite SPV1 Limited for the year ended 30 September 2014 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Elite SPV1 Limited for the year ended 30 September 2014 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Elite SPV1 Limited, as a body, in accordance with the terms of our engagement letter dated 10 September 2012. Our work has been undertaken solely to prepare for your approval the accounts of Elite SPV1 Limited and state those matters that we have agreed to state to the Board of Directors of Elite SPV1 Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite SPV1 Limited and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that Elite SPV1 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Elite SPV1 Limited. You consider that Elite SPV1 Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the accounts of Elite SPV1 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts. |
|
| Temple West Limited |
| Chartered Accountants |
| PO Box 454 |
| West Byfleet |
| Surrey |
| KT14 9BD |
|
| 12 May 2016 |
|
| Elite SPV1 Limited |
| Registered number: |
07777344 |
| Abbreviated Balance Sheet |
| as at 30 September 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
812,775 |
|
|
- |
|
| Current assets |
| Stocks |
|
|
- |
|
|
672,601 |
| Debtors |
|
|
203,382 |
|
|
125,866 |
| Cash at bank and in hand |
|
|
20 |
|
|
2,964 |
|
|
|
203,402 |
|
|
801,431 |
|
| Creditors: amounts falling due within one year |
|
|
(369,378) |
|
|
(490,695) |
|
| Net current (liabilities)/assets |
|
|
|
(165,976) |
|
|
310,736 |
|
| Total assets less current liabilities |
|
|
|
646,799 |
|
|
310,736 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(780,723) |
|
|
(370,000) |
|
|
|
| Net liabilities |
|
|
|
(133,924) |
|
|
(59,264) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(134,024) |
|
|
(59,364) |
|
| Shareholder's funds |
|
|
|
(133,924) |
|
|
(59,264) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| C Hutchings |
| Director |
| Approved by the board on 12 May 2016 |
|
| Elite SPV1 Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 30 September 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
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. |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Investment properties |
|
Investment properties are stated at their market value as valued by the company's director. Changes to the market value in investment properties are taken to the Revaluation Reserve. Permanent deficits on individual properties are charged to the profit and loss account. No depreciation is charged on investment properties which represents a deviation from the Companies Act 2006 in accordance with accpeted accounting practice deterimined by UK Accounting Standards in order to show a true and fair view of these assets. |
|
|
Stocks |
|
Stock and work in progress is valued at the lower of cost and net realisable value. Finance costs directly attributed to work in progress are included in cost. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
Additions |
812,775 |
|
At 30 September 2014 |
812,775 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 30 September 2014 |
- |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2014 |
812,775 |
|
|
|
|
|
|
|
|
| 3 |
Loans |
2014 |
|
2013 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
540,723 |
|
- |
|
Secured bank loans |
640,723 |
|
253,994 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Ultimate parent company |
|
|
The company's ultimate parent company, Elite Lifestyle Management Limited, is the controlling party by virtue of its ownership of 100% of the company's share capital. |
