Company registration number 04794182 (England and Wales)
ELEVATION WEALTH MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELEVATION WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ELEVATION WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
672,823
838,962
Tangible assets
4
53,855
59,379
Investments
5
11,160
11,160
737,838
909,501
Current assets
Debtors
6
3,564,069
2,509,772
Cash at bank and in hand
168,234
372,207
3,732,303
2,881,979
Creditors: amounts falling due within one year
7
(1,025,172)
(1,445,843)
Net current assets
2,707,131
1,436,136
Total assets less current liabilities
3,444,969
2,345,637
Creditors: amounts falling due after more than one year
8
(2,545,101)
(1,949,829)
Provisions for liabilities
(8,591)
(9,590)
Net assets
891,277
386,218
Capital and reserves
Called up share capital
9
200
200
Other reserves
86,471
86,471
Profit and loss reserves
804,606
299,547
Total equity
891,277
386,218

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ELEVATION WEALTH MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr A A J B Smith
Director
Company registration number 04794182 (England and Wales)
ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Elevation Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elevation House, Unit 1,Marlin Office Village, Chester Rd, Castle Bromwich, Birmingham, West Midlands, B35 7AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired in 2011, 2017 and 2021. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years. Goodwill acquired in 2011 has been fully amortised.

 

Included within goodwill is deferred consideration of £NIL (2023 £84,497) which is amortised once paid.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

 

Debtors and creditors receivable/payable with a year

Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
27
25
ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
1,511,630
Transfers
188,449
Other movements
(778)
At 31 March 2024
1,699,301
Amortisation and impairment
At 1 April 2023
672,668
Amortisation charged for the year
178,361
Transfers
175,449
At 31 March 2024
1,026,478
Carrying amount
At 31 March 2024
672,823
At 31 March 2023
838,962

Included within goodwill is deferred consideration of £NIL (2023 £84,497). Other changes of £778 is in respect of deferred consideration amounts being paid during the year or after the year end which are less than the amounts expected.

4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
72,679
29,676
19,430
121,785
Additions
495
4,413
-
0
4,908
Disposals
-
0
(275)
-
0
(275)
Transfers
135
583
-
0
718
At 31 March 2024
73,309
34,397
19,430
127,136
Depreciation and impairment
At 1 April 2023
35,857
11,743
14,806
62,406
Depreciation charged in the year
5,562
4,224
1,156
10,942
Eliminated in respect of disposals
-
0
(67)
-
0
(67)
At 31 March 2024
41,419
15,900
15,962
73,281
Carrying amount
At 31 March 2024
31,890
18,497
3,468
53,855
At 31 March 2023
36,822
17,933
4,624
59,379
ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
11,160
11,160
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
349,070
314,301
Corporation tax recoverable
14,091
9,852
Other debtors
3,136,579
2,105,712
Prepayments and accrued income
64,329
79,907
3,564,069
2,509,772

Included within debtors is amounts due over 1 year of £59,969 (2023 £70,889).

7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
336,768
338,870
Other borrowings
54,144
54,144
Trade creditors
45,776
47,041
Corporation tax
56,866
3,996
Other taxation and social security
99,678
50,666
Other creditors
320,120
837,683
Accruals and deferred income
111,820
113,443
1,025,172
1,445,843
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,431,652
1,817,828
Other borrowings
11,500
11,500
Taxation and social security
101,949
120,501
2,545,101
1,949,829

Amounts due in respect of bank loans are secured against the company, it's parent, Elevation Financial Group Limited, and other subsidiaries within the group.

ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
255,025
Payable other than by instalments
-
900,000
-
0
1,155,025
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of 10p each
1,774
1,774
177
177
Ordinary B shares of 10p each
100
100
10
10
Ordinary C of 10p each
126
126
13
13
2,000
2,000
200
200
10
Related party transactions

Included within debtors are amounts owed from the following companies, under common control:

Elevation Financial Group Ltd                 £2,965,179     (2023 £1,967,206)

Integra Publishing Ltd                    £57,974        (2023 £26,733)

Elevation International Ltd                £13        (2023 £NIL)

 

Included within creditors are amounts owed to the following companies, under common control:

Elevation Wealth Management (East Midlands) Limited     £63,777        (2023 £432,480)

Elevation Estate Planning Limited             £117,610     (2023 £118,802)

Cedar Wealth Planning Limited                £51,000        (2023 £16,636)

Innovate Financial Solutions Limited            £936        (2023 £104,181)

ELEVATION WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advance
4.00
29,859
12,560
42,419
29,859
12,560
42,419
12
Loan guarantee

Charges are lodged against the company, created 2 February 2021 and 13 December 2017. The loan is secured against the company's parent and all other subsidiaries.

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