Elite SPV1 Limited
Elite SPV1 Limited
Registered number: 07777344
Unaudited Financial Statements
For The Year Ended 31 March 2018
Elite SPV1 Limited
Unaudited Financial Statements
For The Year Ended 31 March 2018
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Elite SPV1 Limited
Statement of Financial Position
As at
31 March 2018
Statement of Financial Position
Registered number:
07777344
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (130,355) | (128,352) | |||
Page 1
Elite SPV1 Limited
Statement of Financial Position (continued)
As at
31 March 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Elite SPV1 Limited
Notes to the Financial Statements
For The Year Ended 31 March 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
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.
1.3.
Turnover
Turnover comprises rents receivable from investment properties recognised on a straight line basis and other fees for services supplied by the company to customers, net of value added tax and discounts.
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:0, (2017 - 0)
3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | |
|---|---|
| £ | |
| Cost | |
| As at |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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| Investment Properties | |
|---|---|
| £ | |
| As at |
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| At cost | 812,775 |
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| As at |
...CONTINUED
Page 3
Elite SPV1 Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
| At cost | 812,775 |
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The investment properties have been valued by the company director.
4.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 544,730 | 545,861 |
7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2018 | 2017 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 544,730 | 545,861 |
Page 4
Elite SPV1 Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
9.
Related Party Transactions
C Hutchings
Director and Shareholder
Mr Hutchings lent funds to the company on an interest free, unsecured basis which is repayable on demand. The director has provided guarantees over borrowings of £544,730 (2017: £545,861). At 31 March 2018 the balance owed (to)/from C Hutchings amounted to (£5,281) (2017 (£15,336)).
Elite Property Trading Limited
Mr Hutchings, the company's director and shareholder, has a significant interest in Elite Property Trading Limited
The company has a loan balance with Elite SPV1 Limited on an interest free and unsecured basis which is repayable on demand. At 31 March 2018 the amount owed from/(to) Elite SPV1 Limited was (£99,640) (2017: (£62,760)).
The YRD Limited
Mr Hutchings, the company's director and shareholder, has a significant interest in The YRD Limited
The company has a loan balance with Elite SPV1 Limited on an interest free and unsecured basis which is repayable on demand. At 31 March 2018 the amount owed from/(to) Elite SPV1 Limited was (£139,983) (2017: £8,707).
10.
General Information
Elite SPV1 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07777344 . The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.
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