Registration number: 08247080

Elevate (GIPSIL) Limited

(Registration number: 08247080)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	4,191	7,336
Current assets
Debtors	6	4,337	12,055
Cash at bank and in hand		127,728	47,352
		132,065	59,407
Creditors: Amounts falling due within one year	7	(203,076)	(123,782)
Net current liabilities		(71,011)	(64,375)
Net liabilities		(66,820)	(57,039)
Reserves
Retained earnings		(66,820)	(57,039)
Deficit		(66,820)	(57,039)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... J C Preston Company secretary and director

Elevate (GIPSIL) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Old Fire Station
Gipton Approach
Leeds
West Yorkshire
LS9 6NL
England

These financial statements were authorised for issue by the Board on 30 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company is financed through a loan from the parent entity, GIPSIL Limited. The parent entity has significant reserves and have agreed to provide the company with financial support for at least 12 months following the date of approval of the accounts. The directors believe that the going concern basis is, therefore, appropriate.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 September 2025 was Sarah Wearing, FCA, DChA, who signed for and on behalf of HPH.

Revenue recognition

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Elevate (GIPSIL) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Other grants

Grants received in respect of expenses incurred are treated as income in the year to which they relate. Capital grants received are deferred and released to the profit and loss in line with the depreciation policy of the asset purchased.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged on tangible fixed assets over £250 so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	4 years straight line
Furniture, fittings and equipment	5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Recognition and measurement
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
 

Elevate (GIPSIL) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Staff numbers

The average number of persons employed by the company (excluding unpaid directors) during the year, was 0 (2024 - 0).

The company utilises employees of the parent entity for which it is recharged during the year.

4	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	2,140	1,925
Other fees to auditors
All other non-audit services	900	875
	3,040	2,800

 

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	-	50,597	50,597
Additions	455	2,784	3,239
Disposals	-	(12,615)	(12,615)
At 31 March 2025	455	40,766	41,221
Depreciation
At 1 April 2024	-	43,261	43,261
Charge for the year	96	6,288	6,384
Eliminated on disposal	-	(12,615)	(12,615)
At 31 March 2025	96	36,934	37,030
Carrying amount
At 31 March 2025	359	3,832	4,191
At 31 March 2024	-	7,336	7,336

Elevate (GIPSIL) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	123	1,081
Prepayments	2,655	4,987
Other debtors	1,559	5,987
	4,337	12,055

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	1,879	7,482
Amounts owed to group undertakings and undertakings in which the company has a participating interest	188,042	101,334
Taxation and social security	10,355	10,281
Accruals and deferred income	2,800	2,800
Other creditors	-	1,885
	203,076	123,782

8	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is GIPSIL Limited, incorporated in England.

  These financial statements are available upon request from The Old Fire Station, Gipton Approach, Gipton, Leeds, LS9 6NL.