Company No: 13909908 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	9,616		1,676
		9,616		1,676
Current assets
Stocks		200		200
Debtors	4	69,059		40,920
Cash at bank and in hand	5	235		16,834
		69,494		57,954
Creditors: amounts falling due within one year	6	( 34,508)		( 31,687)
Net current assets		34,986		26,267
Total assets less current liabilities		44,602		27,943
Net assets		44,602		27,943
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		44,601		27,942
Total shareholder's funds		44,602		27,943

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Elevate Offshore Ltd (registered number: 13909908) were approved and authorised for issue by the Director on 23 July 2026. They were signed on its behalf by:

A J Blears Director

1. Accounting policies

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

General information and basis of accounting

Elevate Offshore Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Darbari, Prow Park, Treloggan Industrial Estate, Newquay, TR7 2SX, 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 Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of employment agency and consultancy services. In the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	25 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	25 % reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	12		7

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2025	0		0		2,129		149		2,278
Additions	2,316		1,415		4,216		2,875		10,822
At 31 December 2025	2,316		1,415		6,345		3,024		13,100
Accumulated depreciation
At 01 January 2025	0		0		532		70		602
Charge for the financial year	643		295		1,325		619		2,882
At 31 December 2025	643		295		1,857		689		3,484
Net book value
At 31 December 2025	1,673		1,120		4,488		2,335		9,616
At 31 December 2024	0		0		1,597		79		1,676

4. Debtors

	2025		2024
	£		£
Amounts owed by Parent undertakings	0		36,833
Prepayments and accrued income	52,906		3,678
VAT recoverable	16,153		0
Other debtors	0		409
	69,059		40,920

5. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	235		16,834

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	9,429		130
Amounts owed to Group undertakings	19,392		0
Taxation and social security	1,634		25,685
Other creditors	4,053		5,872
	34,508		31,687

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Financial commitments

Commitments

Capital commitments are as follows:

	2025		2024
	£		£
Contracted for but not provided for:
Finance leases entered into	60,000		0

The company has a new rental agreement in place. Monthly charge of £1,200 with the commitment to give 2 months notice prior to a break date in this agreement. With a commitment of the agreement from 01 Feb 2025 to 31 Jan 2028.

9. Ultimate controlling party

Parent Company:

Elevate Offshore PTE Ltd

9A Kampong Bahru Road #02-02 Singapore 169343