Company registration number 09854184 (England and Wales)
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
37,000
Tangible assets
4
-
0
718
-
0
37,718
Current assets
Debtors
5
64,980
489,034
Cash at bank and in hand
87
22
65,067
489,056
Creditors: amounts falling due within one year
6
(61,601)
(297,968)
Net current assets
3,466
191,088
Net assets
3,466
228,806
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
3,366
228,706
Total equity
3,466
228,806

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.

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 09854184 (England and Wales)
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Elevation Wealth Management (East Midlands) 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
Going concern

For operational efficiency the directors agreed to transfer the trade of the company to a fellow group company Elevation Wealth Management Limited and ceased to trade on 30 June 2023.true

1.3
Turnover

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

1.4
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 2017. 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.

1.5
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
20%/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.

1.6
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.

ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

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
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.

ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
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
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
188,449
Transfers
(188,449)
At 31 March 2024
-
0
Amortisation and impairment
At 1 April 2023
151,449
Amortisation charged for the year
24,000
Transfers
(175,449)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
37,000
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,288
Transfers
(1,288)
At 31 March 2024
-
0
Depreciation and impairment
At 1 April 2023
570
Transfers
(570)
At 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
718
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
56,514
Corporation tax recoverable
1,162
-
0
Other debtors
63,818
432,520
64,980
489,034
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
1,672
Corporation tax
60,545
64,509
Other creditors
-
0
226,615
Accruals and deferred income
1,056
5,172
61,601
297,968
ELEVATION WEALTH MANAGEMENT (EAST MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of £1 each
60
60
60
60
Ordinary B shares of £1 each
40
40
40
40
100
100
100
100
8
Related party transactions

At the year ended there was a balance outstanding from Elevation Wealth Management Limited, a company under common control, totalling £63,777 (2023 £432,480).

 

Included within creditors are amounts due to companies under common control as follows:

Elevation Financial Group Ltd    £Nil (2023 £219,094)

Elevation Estate Planning Ltd    £Nil (2023 £7,521)

9
Loan guarantee

There is a charge lodged against the company, created 2 February 2021. The loan is secured against the company's parent and all other subsidiaries.

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