Company registration number 08310798 (England and Wales)
ELEVATE FINANCIAL SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ELEVATE FINANCIAL SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELEVATE FINANCIAL SOLUTIONS LTD (REGISTERED NUMBER: 08310798)
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,949
2,343
Current assets
Debtors
4
336,888
358,731
Cash at bank and in hand
942
9,581
337,830
368,312
Creditors: amounts falling due within one year
5
(53,547)
(66,160)
Net current assets
284,283
302,152
Total assets less current liabilities
286,232
304,495
Creditors: amounts falling due after more than one year
6
(113,948)
(82,847)
Net assets
172,284
221,648
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
171,284
220,648
Total equity
172,284
221,648

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

ELEVATE FINANCIAL SOLUTIONS LTD (REGISTERED NUMBER: 08310798)
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 May 2025
T Wheatley Esq
Director
ELEVATE FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Elevate Financial Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 141 High Street, Beckenham, Kent, BR3 1BX.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover consists of brokerage, commission and fees for the arrangement of mortgage and fees for consultancy services.

Commission and fees arising from mortgage broking activities are recognised upon the later of the effective date that the mortgage policy commences and the invoice date.

Other income from mortgage broking activities is recognised when it can be measured with reasonable certainty.

An accrual is made for commission earned but not yet received.

 

1.4
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:

Computer equipment
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.

1.5
Taxation
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.

ELEVATE FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
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.

2
Employees

The average number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
ELEVATE FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2023
5,299
Additions
224
At 30 November 2024
5,523
Depreciation and impairment
At 1 December 2023
2,956
Depreciation charged in the year
618
At 30 November 2024
3,574
Carrying amount
At 30 November 2024
1,949
At 30 November 2023
2,343
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
336,888
358,731
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,281
1,727
Trade creditors
-
0
3,150
Taxation and social security
7,701
16,829
Other creditors
39,565
44,454
53,547
66,160
ELEVATE FINANCIAL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,829
45,522
Other creditors
78,119
37,325
113,948
82,847
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
18,914
43,200
8
Financial commitments, guarantees and contingent liabilities

During a previous accounting period, the company borrowed £50,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months.

 

The amount outstanding as at the balance sheet date was £42,110 (2023: £47,249).

 

9
Related party transactions

During the year, the company issued loans of £1,225 to the company's director (2023: £1,225).

 

Included in other debtors is £305,283 due from a company related by way of common control

(2023: £305,426). The loan is interest bearing.

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