Elite Fortune Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03411006 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

Elite Fortune Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms K Alba-higgins

Ms K Booth

REGISTERED OFFICE:

Innovia House, Marish Wharf

St Marys Road

Middlegreen

Slough

SL3 6DA

REGISTERED NUMBER:

03411006 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

-

634

Tangible assets

5

17,954

18,520

17,954

19,154

CURRENT ASSETS

Stocks

2,871

2,865

Debtors

6

27,158

39,971

Cash at bank and in hand

38,023

28,256

68,052

71,092

CREDITORS

Amounts falling due within one year

7

64,001

48,903

NET CURRENT ASSETS

4,051

22,189

TOTAL ASSETS LESS CURRENT LIABILITIES

22,005

41,343

PROVISIONS FOR LIABILITIES

3,279

3,357

NET ASSETS

18,726

37,986

CAPITAL AND RESERVES

Called up share capital

9

2,000

20,000

Retained earnings

10

16,726

17,986

SHAREHOLDERS' FUNDS

18,726

37,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 3 January 2019 and were signed on its behalf by:

Ms K Alba-higgins - Director

Ms K Booth - Director

1.	STATUTORY INFORMATION

Elite Fortune 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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 represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Franchise Costs are being amortised evenly over their estimated useful life of five years.

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

-

10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 September 2017

and 31 August 2018

28,718

AMORTISATION

At 1 September 2017

28,084

Amortisation for year

634

At 31 August 2018

28,718

NET BOOK VALUE

At 31 August 2018

-

At 31 August 2017

634

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2017

112,491

-

112,491

Additions

416

1,244

1,660

At 31 August 2018

112,907

1,244

114,151

DEPRECIATION

At 1 September 2017

93,971

-

93,971

Charge for year

1,880

346

2,226

At 31 August 2018

95,851

346

96,197

NET BOOK VALUE

At 31 August 2018

17,056

898

17,954

At 31 August 2017

18,520

-

18,520

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Other debtors

27,158

39,971

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

11,446

15,607

Taxation and social security

36,711

25,462

Other creditors

15,844

7,834

64,001

48,903

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.18

31.8.17

£

£

Within one year

37,826

37,000

Between one and five years

122,470

148,000

In more than five years

-

11,470

160,296

196,470

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

2,000

Ordinary

£1

2,000

20,000

10.

RESERVES

Retained

earnings

£

At 1 September 2017

17,986

Profit for the year

62,490

Dividends

(63,750

)

At 31 August 2018

16,726

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2018 and

31 August 2017:

31.8.18

31.8.17

£

£

Ms K Alba-higgins

Balance outstanding at start of year

9,089

-

Amounts advanced

25,444

9,089

Amounts repaid

(31,875

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,658

9,089

Ms K Booth

Balance outstanding at start of year

9,310

-

Amounts advanced

26,937

9,310

Amounts repaid

(31,875

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,372

9,310

12.	ULTIMATE CONTROLLING PARTY