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 £1.

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. During the year, the company incurred a loss of £2,118,303 and, at the reporting date, had net current liabilities of £6,220,179.true However, as disclosed in note 14, the loan of £5,481,030, recorded within other borrowings at 31 March 2025, converted into preference shares post-year end.

In assessing the company’s ability to continue as a going concern, the directors have considered its current financial position, forecast future cash flows and the financial support available from other companies within the group. The company is reliant on the continued financial support of group companies, both through the provision of sufficient funding to enable it to meet its liabilities as they fall due and through those companies not seeking repayment of amounts owed to them until the company has sufficient resources to make such repayments. The directors have a reasonable expectation that this financial support will continue to be available for the foreseeable future.

The company, and the group in which it is part of, is being marketed for sale and has received a formal offer. If this sale does not proceed then an alternative sale will be completed to an entity that has provided additional funding post-year end. The going concern status of the company is dependent on either a sale being completed to provide sufficient cash resource to the company, or for the £1.5million loan obtained post year-end to have its payment terms renegotiated. The director's are confident that a sale will go ahead. However, the company’s reliance on a sale occurring, or loan terms being successfully renegotiated, represent a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

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.

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.

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.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company acts as a central cost centre for the group and incurs certain administrative costs on behalf of fellow group companies. Management exercises judgement in determining the appropriate basis on which these costs are allocated between group entities. Costs subject to recharge are identified throughout the reporting period and allocated to fellow group companies based on each entity’s relative contribution to the group’s gross profit. Management considers this to represent an appropriate and consistent basis for allocating the central costs across the group. For the year ended 31 March 2025, recharges made by the company to fellow group companies amounted to £1,239,698 (2024: £1,525,382).

In a previous year, the company identified a fraud committed by an employee, the associated costs of which were disclosed as an exceptional item. During the current year, the company received insurance proceeds in respect of losses arising from the fraud. These proceeds have been recognised as an exceptional item and are included above.

The average monthly number of persons (including directors) employed by the company during the year was 433 (2024 - 335). This represents field staff of 387 (2024 - 293) and admin staff of 46 (2024 - 42).

During the year, the company transferred the French 1CRM system to Elevate Staffing SAS, a fellow group company, for consideration equal to the carrying amount of the asset. Accordingly, no gain or loss arose on the transfer. The intellectual property, rights and obligations associated with the asset were transferred.

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 charges 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 £nil (2024 - £417,452) on this facility. The facility is secured by way of fixed and floating charges over the assets of the company.

Also included within other borrowings is a funding circle loan of £nil (2024 - £20,834). The loan was subject to interest at a rate of 3.9%. This facility was unsecured. This was repaid in full during the year.

Also included within other borrowings is a loan of £5,481,030 (2024 - £nil). There is no interest payable on the loan. The facility is secured by way of fixed and floating charges over the assets of the company.

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

On 19 December 2025, the loan included within other borrowings was settled through the issue of preference shares in the parent company to a related party, JMMK Investments Limited.

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%.

On 30 June 2026, the company received funding of £1,000,000 from a related party, Human Network Ltd. A further £500,000 was received on 14 July 2026. As a condition of the funding, shares in the company’s parent company, Elevate Staffing Group Limited, were transferred to JMMK Investments Limited, which consequently became the sole shareholder of Elevate Staffing Group Limited.

During the year the company obtained a loan of £5,481,030 (2024: £nil) from an entity that is under the control of one of the directors. See note 10 for further details.

During the year, the company received loans from its directors amounting to £500,000 (2024: £Nil). Interest is charged on the loans at a rate of 2.25%. At the reporting date, the amount owed to the directors was £249,000 (2024: £Nil).

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.

During the year, it was identified that amortisation had previously been charged on certain intangible assets before the assets were available for use. As a result, amortisation recognised in prior periods was overstated. A prior period adjustment has therefore been recognised to reverse the amortisation incorrectly charged and to restate the carrying value of the intangible assets and the corresponding comparative amounts in the financial statements. The effect of this adjustment is to increase increase profit and loss reserves and the carrying value of intangible assets by £550,392 as at 31 March 2024.

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 2025 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 2025 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 included within administrative expenses amounting to £473,750 in the current year and £457,810 in the comparative year.

Consequently, we have been unable to determine whether any adjustments are required to these amounts.

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.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company incurred a loss of £2,118,303 during the year ended 31 March 2025 and, as of that date, the company had net current liabilities of £6,220,179. Furthermore, the company is dependent on support from other companies in the group to pay its liabilities as they fall due and is dependent on a sale of the company, as part of the wider group, going ahead to provide sufficient cash flow to the company. If a sale is not achieved then the company and wider group would be dependent on existing loan terms being renegotiated successfully. As stated in note 1.2, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.