Elite Fortune Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03411006 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Elite Fortune Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Alba-higgins

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

2,120

Tangible assets

5

18,520

20,578

19,154

22,698

CURRENT ASSETS

Stocks

2,865

6,000

Debtors

6

39,971

19,395

Cash at bank and in hand

28,256

30,955

71,092

56,350

CREDITORS

Amounts falling due within one year

7

48,903

51,048

NET CURRENT ASSETS

22,189

5,302

TOTAL ASSETS LESS CURRENT LIABILITIES

41,343

28,000

PROVISIONS FOR LIABILITIES

3,357

3,321

NET ASSETS

37,986

24,679

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Retained earnings

10

17,986

4,679

SHAREHOLDERS' FUNDS

37,986

24,679

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 27 December 2017 and were signed on its behalf by:

K Alba-higgins - Director

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

- the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related

notes and disclosures;

- the requirements of Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' -

Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis

of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value

changes recognised in the profit or loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

First time adoption of FRS 102

These financial statements are the first financial statements of Elite Fortune Limited prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102). The financial statements of Elite Fortune Limited for the year ended 31 August 2016 were

prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements

of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise

indicated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 September 2016

34,099

Disposals

(5,381

)

At 31 August 2017

28,718

AMORTISATION

At 1 September 2016

31,979

Amortisation for year

1,486

Eliminated on disposal

(5,381

)

At 31 August 2017

28,084

NET BOOK VALUE

At 31 August 2017

634

At 31 August 2016

2,120

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2016

and 31 August 2017

112,491

DEPRECIATION

At 1 September 2016

91,913

Charge for year

2,058

At 31 August 2017

93,971

NET BOOK VALUE

At 31 August 2017

18,520

At 31 August 2016

20,578

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Other debtors

39,971

19,395

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

-

290

Trade creditors

15,607

19,170

Taxation and social security

25,462

21,776

Other creditors

7,834

9,812

48,903

51,048

8.	LEASING AGREEMENTS

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

31.8.17

31.8.16

£

£

Within one year

37,000

37,000

Between one and five years

148,000

148,000

In more than five years

11,470

48,470

196,470

233,470

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.17

31.8.16

value:

£

£

9,998

'A' Ordinary

£1

-

9,998

10,002

'B' Ordinary

£1

-

10,002

20,000

Ordinary

£1

20,000

-

20,000

20,000

10.

RESERVES

Retained

earnings

£

At 1 September 2016

4,679

Profit for the year

13,307

At 31 August 2017

17,986

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

12.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 September 2016.

There has been no impact on the equity of the company or the profit previously reported as a result of the

transition.