REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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ELITE HOLDINGS 1 LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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ELITE HOLDINGS 1 LTD |
ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 2 | to | 5 |
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ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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ELITE HOLDINGS 1 LTD is a
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Registered number: |
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Registered office: |
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The principal activity of the company during the year was that of a holding company, holding investments in subsidiaries and associated companies. |
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The company will be dissolved within the next twelve months. All assets and liabilities presented in the Statement of Financial Position are stated at their recoverable amount. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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GOING CONCERN |
The company will be dissolved within the next twelve months. All assets and liabilities presented in the Statement of Financial Position are stated at their recoverable amount. |
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INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES |
Investments in subsidiary and associate undertakings are recognised at cost. |
ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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2 |
At 31 March 2021 |
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2 |
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The company owns 100% of the issued share capital of the companies listed below: |
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Elite Property Sourcing (NW) Limited, a company incorporated in England and Wales. The company is dormant. The registered office of the subsidiary is Stone House, 55 Stone Road Business Park, Stoke-on-Trent, Staffordshire, ST4 6SR. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Amounts owed by group and connected companies are unsecured, interest free and are repayable on demand. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Amounts due to connected companies | 3,261 | 12,383 |
Directors' loan accounts | 4,206 | 12,369 |
Accruals and deferred income |
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Amounts due to connected companies are unsecured, interest free and are repayable on demand. |
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7. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
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There were no significant events up to the date of approval of the financial statements by the Board. |
ELITE HOLDINGS 1 LTD (REGISTERED NUMBER: 12258454) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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8. | GOING CONCERN |
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The company will be dissolved within the next twelve months. All assets and liabilities presented in the Statement of Financial Position are stated at their recoverable amount. |