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Company No: 13909908 (England and Wales)

ELEVATE OFFSHORE LTD

Unaudited Financial Statements
For the financial period from 11 February 2022 to 31 December 2022
Pages for filing with the registrar

ELEVATE OFFSHORE LTD

Unaudited Financial Statements

For the financial period from 11 February 2022 to 31 December 2022

Contents

ELEVATE OFFSHORE LTD

COMPANY INFORMATION

For the financial period from 11 February 2022 to 31 December 2022
ELEVATE OFFSHORE LTD

COMPANY INFORMATION (continued)

For the financial period from 11 February 2022 to 31 December 2022
DIRECTOR A J Blears
REGISTERED OFFICE Stephens Scown Llp Osprey House
Malpas Road
Truro
TR1 1UT
England
United Kingdom
COMPANY NUMBER 13909908 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
ELEVATE OFFSHORE LTD

BALANCE SHEET

As at 31 December 2022
ELEVATE OFFSHORE LTD

BALANCE SHEET (continued)

As at 31 December 2022
Note 31.12.2022
£
Fixed assets
Tangible assets 3 270
270
Current assets
Debtors 4 1,033
Cash at bank and in hand 5 2,658
3,691
Creditors: amounts falling due within one year 6 ( 2,635)
Net current assets 1,056
Total assets less current liabilities 1,326
Provision for liabilities ( 51)
Net assets 1,275
Capital and reserves
Called-up share capital 7 1
Profit and loss account 1,274
Total shareholder's funds 1,275

For the financial period ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Elevate Offshore Ltd (registered number: 13909908) were approved and authorised for issue by the Director on 05 November 2023. They were signed on its behalf by:

A J Blears
Director
ELEVATE OFFSHORE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 11 February 2022 to 31 December 2022
ELEVATE OFFSHORE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 11 February 2022 to 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Elevate Offshore Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stephens Scown Llp Osprey House, Malpas Road, Truro, TR1 1UT, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
11.02.2022 to
31.12.2022
Number
Monthly average number of persons employed by the Company during the period, including the director 3

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 11 February 2022 0 0 0
Additions 139 149 288
At 31 December 2022 139 149 288
Accumulated depreciation
At 11 February 2022 0 0 0
Charge for the financial period 9 9 18
At 31 December 2022 9 9 18
Net book value
At 31 December 2022 130 140 270

4. Debtors

31.12.2022
£
Trade debtors 1,033

5. Cash and cash equivalents

31.12.2022
£
Cash at bank and in hand 2,658

6. Creditors: amounts falling due within one year

31.12.2022
£
Taxation and social security 227
Other creditors 2,408
2,635

7. Called-up share capital

31.12.2022
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

8. Ultimate controlling party

Parent Company:

Elevate Offshore PTE Ltd
9A Kampong Bahru Road
#02-02
Singapore
169343