Company Registration No. 11580723 (England and Wales)
Elevate & Fly Ltd
Unaudited accounts
for the year ended 31 March 2024
Elevate & Fly Ltd
Unaudited accounts
Contents
Elevate & Fly Ltd
Company Information
for the year ended 31 March 2024
Directors
L Wilson-Fricker
N Scarfe
Company Number
11580723 (England and Wales)
Registered Office
C/O Virtual Company Secretary Ltd
7 York Road
Woking
GU22 7XH
Accountants
Switchfoot Accounting Limited
147 Frimley Road
Camberley
Surrey
GU15 2PS
Elevate & Fly Ltd
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
-
3,917
Creditors: amounts falling due within one year
(54,567)
(16,681)
Net current liabilities
(32,933)
(11,891)
Total assets less current liabilities
(32,100)
(10,081)
Creditors: amounts falling due after more than one year
(110,087)
(119,913)
Net liabilities
(142,187)
(129,994)
Called up share capital
101
101
Profit and loss account
(142,288)
(130,095)
Shareholders' funds
(142,187)
(129,994)
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by
L Wilson-Fricker
Director
Company Registration No. 11580723
Elevate & Fly Ltd
Notes to the Accounts
for the year ended 31 March 2024
Elevate & Fly Ltd is a private company, limited by shares, registered in England and Wales, registration number 11580723. The registered office is C/O Virtual Company Secretary Ltd, 7 York Road, Woking, GU22 7XH.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% on cost
Computer equipment
33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Elevate & Fly Ltd
Notes to the Accounts
for the year ended 31 March 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The directors have prepared a cashflow forecast for the 12 month period following the approval of these accounts. They have confirmed that the company remains a going concern. The Directors and shareholders have confirm their continuing support for the business and their interest free loans to the company will not be repayable on demand for a period of at least 12 months.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
1,587
1,984
3,571
At 31 March 2024
1,587
1,984
3,571
At 1 April 2023
774
987
1,761
Charge for the year
412
565
977
At 31 March 2024
1,186
1,552
2,738
At 31 March 2024
401
432
833
At 31 March 2023
813
997
1,810
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
14,940
11,791
Trade creditors
12,165
703
Loans from directors
25,595
3,890
Elevate & Fly Ltd
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
82,563
82,563
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Average number of employees
During the year the average number of employees was 1 (2023: 1).