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Registration number: 08570791

Elevation Space Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Elevation Space Limited
(Registration number: 08570791)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Elevation Space Limited
(Registration number: 08570791)

Company Information

Directors

Mr C Rowe

Mrs V Rowe

Mrs J Rowe

Mr S Rowe

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Elevation Space Limited
(Registration number: 08570791)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

168,638

172,118

Current assets

 

Debtors

5

33,302

28,954

Cash at bank and in hand

 

28,347

44,878

 

61,649

73,832

Creditors: Amounts falling due within one year

6

(267,183)

(294,044)

Net current liabilities

 

(205,534)

(220,212)

Total assets less current liabilities

 

(36,896)

(48,094)

Creditors: Amounts falling due after more than one year

6

(15,746)

(25,000)

Provisions for liabilities

(78)

(4,037)

Net liabilities

 

(52,720)

(77,131)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(52,721)

(77,132)

Total equity

 

(52,720)

(77,131)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Elevation Space Limited
(Registration number: 08570791)

Balance Sheet as at 31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr C Rowe
Director

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have acknowledged the negative reserves at the balance sheet date. The parent company which is the principal creditor will continue to support the company so it can meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line basis

Plant and machinery

10% straight line basis

Motor vehicles

25% straight line basis

Office equipment

33.3% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

176,032

10,574

2,827

165,802

355,235

Additions

16,960

2,204

-

-

19,164

At 31 January 2024

192,992

12,778

2,827

165,802

374,399

Depreciation

At 1 February 2023

24,276

9,015

707

149,119

183,117

Charge for the year

3,845

1,512

707

16,580

22,644

At 31 January 2024

28,121

10,527

1,414

165,699

205,761

Carrying amount

At 31 January 2024

164,871

2,251

1,413

103

168,638

At 31 January 2023

151,756

1,559

2,120

16,683

172,118

Included within the net book value of land and buildings above is £154,545 (2023 - £149,058) in respect of freehold land and buildings and £10,326 (2023 - £2,698) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

30,593

25,958

Other debtors

84

-

Prepayments and accrued income

2,625

2,996

Total current trade and other debtors

33,302

28,954

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Trade creditors

 

11,768

(1,170)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

155,582

202,186

Taxation and social security

 

17,552

16,429

Other creditors

 

51,807

47,628

Accrued expenses

 

1,758

180

Deferred income

 

18,716

18,791

 

267,183

294,044

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

15,746

25,000

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

15,746

25,000

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,289,167 (2023 - £150,000).

 

Elevation Space Limited
(Registration number: 08570791)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is Rowe Atlantic Limited, incorporated in England and Wales.