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Company No: OC448837 (England and Wales)

ELEVATA VENTURES LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

ELEVATA VENTURES LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024

Contents

ELEVATA VENTURES LLP

BALANCE SHEET

AS AT 31 AUGUST 2024
ELEVATA VENTURES LLP

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 31.08.2024
£
Fixed assets
Tangible assets 3 3,055
3,055
Creditors: amounts falling due within one year 4 ( 64,423)
Net current liabilities (64,423)
Total assets less current liabilities (61,368)
Net liabilities attributable to members ( 61,368)
Represented by
Loans and other debts due to members within one year
Other amounts (61,368)
(61,368)
Members' other interests
0
(61,368)
Total members' interests
Loans and other debts due to members (61,368)
(61,368)

For the financial period ending 31 August 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Elevata Ventures LLP (registered number: OC448837) were approved and authorised for issue by the Board of Directors on 05 June 2025. They were signed on its behalf by:

Mr J Levy
Designated member
ELEVATA VENTURES LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024
ELEVATA VENTURES LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as debt) Other amounts Total Total
£ £ £ £
Balance at 25 August 2023 0 0 0 0
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 (61,368) (61,368) (61,368)
Members' interest after result for the financial period 0 (61,368) (61,368) (61,368)
Amounts due to members 0 (61,368) (61,368)
Balance at 31 August 2024 0 (61,368) (61,368) (61,368)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

ELEVATA VENTURES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024
ELEVATA VENTURES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 AUGUST 2023 TO 31 AUGUST 2024
1. Accounting policies

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

General information and basis of accounting

Elevata Ventures LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 124 City Road, London, EC1V 2NX, 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members note that the business has net liabilities of £61,368. The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met 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.

Reporting period length

The LLP was incorporated on 25 August 2023 and started trading on that date. The accounts have been prepared for the period 25 August 2023 to 31 August 2024.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

Period from
25.08.2023 to
31.08.2024
Number
Monthly average number of persons employed by the LLP during the period 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 25 August 2023 0 0
Additions 4,583 4,583
At 31 August 2024 4,583 4,583
Accumulated depreciation
At 25 August 2023 0 0
Charge for the financial period 1,528 1,528
At 31 August 2024 1,528 1,528
Net book value
At 31 August 2024 3,055 3,055

4. Creditors: amounts falling due within one year

31.08.2024
£
Other creditors 64,423

5. Related party transactions

Transactions with the entity's members

31.08.2024
£
Amounts owed to key management personnel 61,183