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Company No: 13909908 (England and Wales)

ELEVATE OFFSHORE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ELEVATE OFFSHORE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ELEVATE OFFSHORE LTD

BALANCE SHEET

As at 31 December 2024
ELEVATE OFFSHORE LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,676 382
1,676 382
Current assets
Stocks 200 0
Debtors 4 40,920 1,983
Cash at bank and in hand 5 16,833 12,702
57,953 14,685
Creditors: amounts falling due within one year 6 ( 31,687) ( 5,350)
Net current assets 26,266 9,335
Total assets less current liabilities 27,942 9,717
Provision for liabilities 0 ( 72)
Net assets 27,942 9,645
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 27,941 9,644
Total shareholder's funds 27,942 9,645

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

Director's responsibilities:

The financial statements of Elevate Offshore Ltd (registered number: 13909908) were approved and authorised for issue by the Director on 30 April 2025. They were signed on its behalf by:

A J Blears
Director
ELEVATE OFFSHORE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ELEVATE OFFSHORE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elevate Offshore Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stephens Scown Llp Osprey House, Malpas Road, Truro, TR1 1UT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 3

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2024 339 149 488
Additions 1,790 0 1,790
At 31 December 2024 2,129 149 2,278
Accumulated depreciation
At 01 January 2024 62 44 106
Charge for the financial year 470 26 496
At 31 December 2024 532 70 602
Net book value
At 31 December 2024 1,597 79 1,676
At 31 December 2023 277 105 382

4. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 36,833 0
Prepayments 3,678 0
VAT recoverable 0 1,983
Other debtors 409 0
40,920 1,983

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 16,833 12,702

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 130 0
Taxation and social security 25,685 2,308
Other creditors 5,872 3,042
31,687 5,350

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Financial commitments

Commitments

The company has lease agreement in place, renting a temporary office. Monthly charge of £595.00 with the commitment to give 6 months notice prior to ending the agreement.

9. Ultimate controlling party

Parent Company:

Elevate Offshore PTE Ltd
9A Kampong Bahru Road
#02-02
Singapore
169343