Company registration number 07579685 (England and Wales)
ELEVATION FINANCIAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELEVATION FINANCIAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ELEVATION FINANCIAL GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,885,599
705,855
Investments
4
222,677
141,058
2,108,276
846,913
Current assets
Debtors
5
16,821
320,307
Creditors: amounts falling due within one year
6
(3,032,598)
(2,138,146)
Net current liabilities
(3,015,777)
(1,817,839)
Total assets less current liabilities
(907,501)
(970,926)
Creditors: amounts falling due after more than one year
7
(615,582)
(117,541)
Net liabilities
(1,523,083)
(1,088,467)
Capital and reserves
Called up share capital
8
160,954
160,954
Share premium account
53,999
53,999
Profit and loss reserves
(1,738,036)
(1,303,420)
Total equity
(1,523,083)
(1,088,467)

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 FINANCIAL GROUP 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
Mrs E L Smith
Director
Director
Company registration number 07579685 (England and Wales)
ELEVATION FINANCIAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Elevation Financial Group 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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The company is reliant upon its subsidiaries for assistance with cashflow.

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 2012, 2014, 2016,2021 and 2024. 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.

 

Included within goodwill is deferred consideration of £522,720 (2023 £103,795) which is amortised once paid.

1.4
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.

1.5
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.

ELEVATION FINANCIAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

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.

2
Employees

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

2024
2023
Number
Number
Total
3
3
ELEVATION FINANCIAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
1,834,622
Additions
1,287,730
At 31 March 2024
3,122,352
Amortisation and impairment
At 1 April 2023
1,128,767
Amortisation charged for the year
107,986
At 31 March 2024
1,236,753
Carrying amount
At 31 March 2024
1,885,599
At 31 March 2023
705,855

Included within goodwill is deferred consideration of £522,720 (2023 £103,795).

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
222,677
141,058
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
141,058
Additions
81,619
At 31 March 2024
222,677
Carrying amount
At 31 March 2024
222,677
At 31 March 2023
141,058
ELEVATION FINANCIAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,789
1,789
Other debtors
15,032
318,518
16,821
320,307

Included within debtors are amounts payable over 1 year of £3,542 (2023 £13,141)

6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
64,679
63,635
Other creditors
2,965,279
2,072,311
Accruals and deferred income
2,640
2,200
3,032,598
2,138,146
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
92,862
117,541
Other creditors
522,720
-
0
615,582
117,541
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
12,090
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
500
500
500
500
Ordinary B shares of £1 each
450
450
450
450
N1 share of £1 each
1
1
1
1
N2 share of £1 each
1
1
1
1
EWM Ordinary share of 6.25p each
25
25
2
2
977
977
954
954
ELEVATION FINANCIAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Called up share capital
(Continued)
- 7 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference B shares of £1 each
160,000
160,000
160,000
160,000
Preference shares classified as equity
160,000
160,000
Total equity share capital
160,954
160,954
9
Related party transactions

At the year end there were balances owed from the following subsidiaries:

Elevation Wealth Management (East Midlands) Ltd    £NIL         (2023 £219,094)

Innovate Financial Solutions Ltd            £NIL         (2023: £75,000)

 

There are also balances due to subsidiaries as follows:

Elevation Wealth Management Ltd            £2,965,179    (2023 £1,967,206)

Elevation Estate Planning Ltd            £100         (2023 £100)

10
Loan guarantee

There is a charge lodged against the company, created 2 February 2021. The loan is secured against the company's assets, as well as the assets of the company's subsidiaries.

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