Elevation Financial Group Limited - Accounts to registrar (filleted) - small 18.2
Elevation Financial Group Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| ELEVATION FINANCIAL GROUP LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2019 |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31st March 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| ELEVATION FINANCIAL GROUP LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31st March 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| BALANCE SHEET |
| 31st March 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| BALANCE SHEET - continued |
| 31st March 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31st March 2019 |
| 1. | STATUTORY INFORMATION |
| Elevation Financial Group Limited is a |
| The company's registered number and registered office address can be found on the Company Information |
| page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2012 and the acquisition of a |
| business in 2014, is being amortised evenly over their estimated useful life's of 8 years. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
| that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
| of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Going concern |
| In the light of the material level of negative retained earnings the directors have made an assessment as to |
| whether the going concern basis of preparing the financial statements remains appropriate. |
| After reviewing profit and cashflow forecasts which show significant improvements in profitability and also due to |
| the fact that additional funding has been obtained to further expand the groups operations in the year, the |
| directors have a reasonable expectation that the company has adequate resources to continue in operational |
| existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in |
| preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31st March 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st April 2018 |
| Disposals | ( |
) |
| At 31st March 2019 |
| AMORTISATION |
| At 1st April 2018 |
| Amortisation for year |
| At 31st March 2019 |
| NET BOOK VALUE |
| At 31st March 2019 |
| At 31st March 2018 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st April 2018 |
| and 31st March 2019 |
| NET BOOK VALUE |
| At 31st March 2019 |
| At 31st March 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31st March 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 194,041 | 211,358 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Secured debt taken out in 2017 in order to fund trade and future asset acquisitions. The loan of £1,500,000 is |
| repayable over 5 years and is split between two separate facilities, the first for £850,000 at an interest rate of 9% |
| and the second for £650,000 which has a 10.25% interest rate. |
| Charges are also lodged against the company's subsidiaries monies and liabilities as security against this loan. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary A | £1 | 500 | 500 |
| Ordinary B | £1 | 450 | 450 |
| Redeemable Preference B | £1 | 160,000 | 160,000 |
| N1 | £1 | 1 | 1 |
| 1 | N2 | £1 | 1 | 1 |
| 1 | N3 | £1 | 1 | 1 |
| 160,953 | 160,953 |
| Preference B shares (4%) are redeemable at the option of the company or at the option of the shareholder at |
| any time. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st March 2019 and |
| 31st March 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31st March 2019 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Mr A A J B Smith |
| During the year, an amount included in debtors is due from the director of £nil (2017: £66,727). |
| 12. | RELATED PARTY DISCLOSURES |
| At the year end there was a balance outstanding to EPIM Consulting Limited, a subsidiary totalling £17,477 |
| (2018: £17,477). |
| At the year end there was a balance outstanding to Elevation Investment Management Limited, a company in |
| which A Smith and A Jones are directors totalling £319,859 (2018: £660,936). |
| At the year end there was a balance outstanding to Elevation Investment Management (East Midlands) Limited, |
| a company in which A Smith are directors totalling £219,154 (2018: £249,154). |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is A A J B Smith. |