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Registered Number: 15001673


 

 

 

ELEVATED SOFTWARE LIMITED


Report of the Directors and Unaudited Financial Statements
 


Period of accounts

Start date: 13 July 2023

End date: 31 July 2024
Directors Simon GREEN
Mitchell James PRICE
Registered Number 15001673
Registered Office 128 City Road
London
EC1V 2NX
Accountants Accounting SQL Limited.
13 Vicarage Meadow

Fowey
PL23 1DZ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 July 2024.
Principal activities
Principal activity of the company during the financial period was software development.
Directors
The directors who served the company throughout the period were as follows:
Simon GREEN
Mitchell James PRICE
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Mitchell James PRICE
Director
----------------------------------
Simon GREEN
Director

Date approved: 13 September 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 July 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Accounting SQL Limited.
31 July 2024



....................................................

Accounting SQL Limited.

13 Vicarage Meadow

Fowey
PL23 1DZ
13 September 2024
3
 
 
Notes
 
2024
£
Turnover 89,900 
Cost of sales (3,824)
Gross profit 86,076 
Selling and distribution costs (37,368)
Administrative expenses (12,771)
Operating profit 2 35,937 
Interest payable and similar charges 4 (702)
Profit/(Loss) on ordinary activities before taxation 35,235 
Tax on profit on ordinary activities 5 (7,293)
Profit/(Loss) for the financial period 27,942 
 
4
 
 
Notes
 
2024
£
Fixed assets    
Intangible fixed assets 6 81,633 
81,633 
Current assets    
Creditors: amount falling due within one year 7 (62,581)
Net current assets (62,581)
 
Total assets less current liabilities 19,052 
Provisions for liabilities 8 (1,106)
Net assets 17,946 
 

Capital and reserves
   
Called up share capital 9 4 
Profit and loss account 10 17,942 
Shareholders' funds 17,946 
 


For the period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors on 13 September 2024 and were signed on its behalf by:


-------------------------------
Mitchell James PRICE
Director
-------------------------------
Simon GREEN
Director
5
General Information
ELEVATED SOFTWARE LIMITED is a private company, limited by shares, registered in , registration number 15001673, registration address 128 City Road, London, EC1V 2NX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Software License
Software License is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the Software License of years.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Operating profit/(loss)

2024
£
The operating profit is stated after charging:

Amortisation of intangible assets 3,151 

3.

Average number of employees

Average number of employees during the period was 4.
4.

Interest payable and similar charges

2024
£
Bank & Other Loan Interest 702 
702 

5.

Tax on profit on ordinary activities

2024
£
UK Corporation Tax 7,293 
7,293 

6.

Intangible fixed assets

Cost Other   Total
  £   £
At 13 July 2023  
Additions 84,784    84,784 
Disposals  
At 31 July 2024 84,784    84,784 
Amortisation
At 13 July 2023  
Charge for period 3,151    3,151 
On disposals  
At 31 July 2024 3,151    3,151 
Net book values
At 31 July 2024 81,633    81,633 
At 12 July 2023  


7.

Creditors: amount falling due within one year

2024
£
Bank Loans & Overdrafts 14,750 
Corporation Tax 7,293 
PAYE & Social Security 16,890 
Other Creditors 12,609 
VAT 11,039 
62,581 

8.

Provisions for liabilities

2024
£
Pension Provisions 1,106 
1,106 

9.

Share Capital

Allotted, called up and fully paid
2024
£
4 Class A shares of £1.00 each

10.

Profit and loss account

  2024
£
Balance at 13 July 2023
Profit/Loss for the financial period 27,942 
Equity Dividends Proposed (10,000)
Balance at 31 July 2024 17,942 

6
  2024
£
Turnover    
Sales   89,900 
  89,900 
Cost of sales    
Rent 3,824 
  (3,824)
Gross profit   86,076 
Selling and distribution costs    
Wages & Salaries 37,368 
  (37,368)
Administrative expenses    
Accountancy Fees 1,806 
General Travel Expenses 3,593 
Bank Charges 60 
Amortisation (Intangible Fixed Assets) - R&D 3,151 
Advertising 736 
General Insurance 1,541 
Sundry Expenses
IT Software & Consumables 1,200 
Subscriptions 683 
  (12,771)
Operating profit   35,937 
Interest payable and similar charges    
Bank & Other Loan Interest 702 
  (702)
Profit/(Loss) on ordinary activities before taxation   35,235 
Tax on profit on ordinary activities    
UK Corporation Tax 7,293 
  (7,293)
Profit/(Loss) for the financial period   27,942 
 
7