Company Registration No. 09035835 (England and Wales)
ELIVATE LTD
Unaudited accounts
for the year ended 30 September 2024
ELIVATE LTD
Unaudited accounts
Contents
ELIVATE LTD
Company Information
for the year ended 30 September 2024
Directors
Mark Fowles
Samantha Fowles
Company Number
09035835 (England and Wales)
Registered Office
2 RAMSBURY DRIVE
EARLEY
READING
RG6 7RT
ENGLAND
Accountants
Paulicelli Limited
Office 3, 3 Brewery Court
Theale
Reading
RG7 5AJ
ELIVATE LTD
Statement of financial position
as at 30 September 2024
Tangible assets
17,845
35,422
Cash at bank and in hand
233,144
280,829
Creditors: amounts falling due within one year
(151,047)
(93,291)
Net current assets
326,687
261,192
Total assets less current liabilities
346,494
298,576
Creditors: amounts falling due after more than one year
(24,821)
(130,381)
Provisions for liabilities
Deferred tax
(3,842)
(7,128)
Net assets
317,831
161,067
Called up share capital
200
200
Profit and loss account
317,631
160,867
Shareholders' funds
317,831
161,067
For the year ending 30 September 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 17 June 2025 and were signed on its behalf by
Mark Fowles
Director
Company Registration No. 09035835
ELIVATE LTD
Notes to the Accounts
for the year ended 30 September 2024
ELIVATE LTD is a private company, limited by shares, registered in England and Wales, registration number 09035835. The registered office is 2 RAMSBURY DRIVE, EARLEY, READING, RG6 7RT, ENGLAND.
2
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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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
4 years
Computer equipment
4 years
Other tangible fixed assets
4 years
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
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.
ELIVATE LTD
Notes to the Accounts
for the year ended 30 September 2024
Investments in shares are included at fair value.
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.
These financial statements have been prepared on a going concern basis. The director has considered the company’s financial position and is satisfied that it is appropriate to prepare the accounts on this basis.
While the company has not prepared detailed forecasts or projections, the director has confirmed their willingness to provide financial support to the company for the foreseeable future. Any such support shall be made without interest and shall not be called for repayment until such time as the company has generated sufficient retained earnings to make repayments without compromising its financial position or its ability to meet liabilities as they fall due.
With these factors in mind, the director considers the company to have adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements and therefore deems the going concern basis of preparation to be appropriate.
4
Intangible fixed assets
Goodwill
At 30 September 2024
36,370
At 30 September 2024
36,370
ELIVATE LTD
Notes to the Accounts
for the year ended 30 September 2024
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 October 2023
32,835
101,356
134,191
At 30 September 2024
36,941
101,356
138,297
At 1 October 2023
18,661
80,108
98,769
Charge for the year
8,435
13,248
21,683
At 30 September 2024
27,096
93,356
120,452
At 30 September 2024
9,845
8,000
17,845
At 30 September 2023
14,174
21,248
35,422
6
Investments
Other investments
Valuation at 1 October 2023
1,962
Valuation at 30 September 2024
1,962
Amounts falling due within one year
Trade debtors
125,775
19,669
Accrued income and prepayments
6,034
-
Other debtors
72,781
18,985
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
84,358
-
Trade creditors
80,441
70,313
Taxes and social security
165,849
68,333
Loans from directors
(239,812)
(75,554)
As at 30 September 2024, the company has an outstanding loan balance of £80,279.61. Monthly repayments of £5,091.75 include both principal and interest. The loan is repayable in full by 26 February 2026.
The remaining contractual payments total £101,835.00, of which £80,279.61 relates to principal and £21,555.39 to future interest (not recognised as a liability).
ELIVATE LTD
Notes to the Accounts
for the year ended 30 September 2024
9
Creditors: amounts falling due after more than one year
2024
2023
10
Deferred taxation
2024
2023
Accelerated capital allowances
3,842
7,128
Provision at start of year
7,128
-
(Credited)/charged to the profit and loss account
(3,286)
7,128
Provision at end of year
3,842
7,128
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan
77,703
85,121
-
162,824
Director's Loan
-
71,711
-
71,711
During the period, the directors received a loan from the company. The loan was subject to the appropriate tax treatment under UK legislation, including a Section 455 charge where applicable. Interest has accrued on the loan in accordance with HMRC’s official rate and relevant reporting requirements have been complied with.
12
Average number of employees
During the year the average number of employees was 3 (2023: 3).