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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Elevate Staffing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 27-33 Bethnal Green Road, London, E1 6LA.

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 £.

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

The directors have prepared the financial statements on a going concern basis. In making this assessment, the directors have considered the company’s current financial position, including its net current liabilities and net liabilities as at the reporting date as well as forecasted cash flows and the availability of financial resources.true

The company is reliant on support from fellow subsidiaries to meet its obligations as they fall due, and on those companies to not recall or request payment of the amounts owed to them until the company has adequate resources to pay them. The directors have prepared cash flow forecasts which demonstrate that the company can continue to trade with financial support from the other group companies.

These factors indicate that the company’s going concern status is dependent on continued group support. Despite these conditions and the net current liabilities and net liabilities position, the directors have concluded that the going concern basis of preparation remains appropriate.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The company has adopted a policy of capitalising expenditure in the development phase when it meets the conditions set out in FRS 102.

Amortisation is recognised so as to write off the cost of the intangible assets less their residual values over their useful lives on the following bases:

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:

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred 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.

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.

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

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.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company recharges certain administrative costs to its fellow subsidiaries. Management exercise judgment in selecting and applying the allocation methodology. These costs are identified throughout the reporting period and are then recharged to those fellow subsidiaries based on their individual contribution to the groups gross profit margin. The allocation of these costs requires the use of estimates and assumptions, in particular in determining the most appropriate basis of apportionment. For the year ended 31 March 2024 the recharges made from the company to fellow subsidiaries amounted to £1,525,382 (2023 £1,064,309).

The average monthly number of persons (including directors) employed by the company during the year was 335 (2023 - 291). This represents field staff of 293 (2023 - 247) and admin staff of 42 (2023 - 44).

Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the entities are financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support to the rest of the group.

Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the group companies will not seek repayment of these loans until the company is financially able to make repayment. This may be more than 12 months from the reporting date.

The bank loan is secured by way of fixed and floating charge over the assets of the company. Interest is charged on this loan at a fixed rate of 2.5% per annum.

Included within other borrowings is a revolving credit facility to cover working capital and liquidity commitments. At the reporting date the company had drawn down £417,452 (2023 - £183,333) on this facility. Interest is charged every 30 days at 3.96% on any outstanding balance. The facility has no fixed duration and has therefore been recognised in full within creditors due in less than one year. The facility is unsecured.

Also included within other borrowings is a funding circle loan of £20,834 (2023 - £29,430). The loan is subject to interest at a rate of 3.9%. The loan has been fully repaid post year end.

All other borrowings that were oustanding at 31 March 2023 have been repaid in full during the year.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion on financial statements

We have audited the financial statements of Elevate Staffing Limited (the 'company') for the year ended 31 March 2024 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding management fees paid in the year of £101,492 included within administrative expenses and the prior year adjustment for management fees received of £1,064,309.

Consequently, we have been unable to determine whether any adjustments are required to these amounts included within the current and comparative figures. In addition, were any adjustments to these balances required, the directors report may also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

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

On 11 September 2024 the company's parent, Elevate Staffing Group Limited, entered into a loan agreement of £5.2m with JMMK Investments Limited. The loan is secured by a fixed charge over the assets of this company. On 19 December 2025 these loans were released in payment for an issue of preference shares in the parent company.

On 20 August 2025, the company entered into an invoice financing facility with Sonovate Limited for a minimum term of 12 months. This facility allows draw down of 50% of the balance to a maximum of £500,000 and incurs interest of 6.5%.

During the year the company received loans from directors amounting to £nil (2023: £170,000). At the reporting date the company owed the directors £nil (2023: £157,361).

The immediate and ultimate parent company is Elevate Staffing Group Limited, a company incorporated in England and Wales. The registered office is 27-33 Bethnal Green Road, 1st Floor, London, England, E1 6LA.

Elevate Staffing Group Limited prepares consolidated financial statements and copies can be obtained from Companies House.

A prior year adjustment has been made in respect of management recharges that related to the prior period. The adjustment of £1,064,309 has decreased administrative expenses and decreased creditors due within one year by the same amount. Retained earnings have also been restated.