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REGISTERED NUMBER: 00445653 (England and Wales)











Elevate Products Limited

Financial Statements

for the Year Ended 30 April 2024






Elevate Products Limited (Registered number: 00445653)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Elevate Products Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: R A Davies
P B Burns
P G Mclean
A W Weeds





SECRETARY: P B Burns





REGISTERED OFFICE: Westgate
Aldridge
West Midlands
WS9 8DJ





REGISTERED NUMBER: 00445653 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Elevate Products Limited (Registered number: 00445653)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 22,093

CURRENT ASSETS
Stocks - 238,438
Debtors 5 - 151,194
Cash at bank - 12,663
- 402,295
CREDITORS
Amounts falling due within one year 6 - 394,471
NET CURRENT ASSETS - 7,824
TOTAL ASSETS LESS CURRENT
LIABILITIES

-

29,917

PROVISIONS FOR LIABILITIES 7 - 5,524
NET ASSETS - 24,393

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings (1,000 ) 23,393
SHAREHOLDERS' FUNDS - 24,393

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





P B Burns - Director


Elevate Products Limited (Registered number: 00445653)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Elevate Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

During November 2023 the trade and assets of the company were transferred to its immediate parent company, Areco Limited. From that point the company became dormant.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

The directors have reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, together with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Elevate Products Limited (Registered number: 00445653)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover
Revenue is recognised upon despatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Elevate Products Limited (Registered number: 00445653)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 35,373
Additions 6,223
Disposals (41,596 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 13,280
Charge for year 5,956
Eliminated on disposal (19,236 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 22,093

Elevate Products Limited (Registered number: 00445653)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 132,130
Amounts owed by group undertakings - 11,482
Other debtors - 7,582
- 151,194

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 155,887
Trade creditors - 118,671
Amounts owed to group undertakings - 81,085
Taxation and social security - 11,988
Other creditors - 26,840
- 394,471

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances - 5,524

Deferred
tax
£   
Balance at 1 May 2023 5,524
Credit to Income Statement during year (5,524 )
Balance at 30 April 2024 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Barlow (Senior Statutory Auditor)
for and on behalf of Haines Watts

10. CONTINGENT LIABILITIES

The company has given cross guarantees to National Westminster Bank PLC in respect of amounts outstanding from fellow group and connected companies. At the balance sheet date, these amounted to £3,783,090 (2023: £2,590,516).

Elevate Products Limited (Registered number: 00445653)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


11. ULTIMATE CONTROLLING PARTY

As at the year end the company is a wholly owned subsidiary of Areco Ltd, a company incorporated in England & Wales. The ultimate controlling party is Watts Clift Holdings Ltd, a company incorporated in England & Wales. Group financial statements are prepared by the parent company and copies may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.

Shortly post year end, as a direct result of a management buyout and wider group reorganisation, the ultimate parent company is EBW Holdings Ltd, a company incorporated in England and Wales. P Burns holds the controlling interest in the issued share capital of the ultimate parent company.