Fifth Elevation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09394911 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Fifth Elevation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Paul Brian Roberts

Lee Rodney Shepherd

REGISTERED OFFICE:

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

REGISTERED NUMBER:

09394911 (England and Wales)

ACCOUNTANTS:

KT Accountants Limited

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

FIXED ASSETS

Tangible assets

4

47,485

44,008

CURRENT ASSETS

Debtors

5

202,352

351,576

Cash at bank

354,129

244,225

556,481

595,801

CREDITORS

Amounts falling due within one year

6

313,667

183,812

NET CURRENT ASSETS

242,814

411,989

TOTAL ASSETS LESS CURRENT LIABILITIES

290,299

455,997

CREDITORS

Amounts falling due after more than one year

7

(1,000

)

(13,789

)

PROVISIONS FOR LIABILITIES

(9,022

)

(8,362

)

NET ASSETS

280,277

433,846

CAPITAL AND RESERVES

Called up share capital

9

4

4

Retained earnings

280,273

433,842

SHAREHOLDERS' FUNDS

280,277

433,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2020 and were signed on its behalf by:

Paul Brian Roberts - Director

Lee Rodney Shepherd - Director

1.	STATUTORY INFORMATION

Fifth Elevation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

80,239

Additions

19,310

At 31 March 2020

99,549

DEPRECIATION

At 1 April 2019

36,231

Charge for year

15,833

At 31 March 2020

52,064

NET BOOK VALUE

At 31 March 2020

47,485

At 31 March 2019

44,008

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

28,878

DEPRECIATION

At 1 April 2019

16,695

Charge for year

3,046

At 31 March 2020

19,741

NET BOOK VALUE

At 31 March 2020

9,137

At 31 March 2019

12,183

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

132,583

259,855

Amounts recoverable on contract

17,412

72,950

Other debtors

52,357

18,771

202,352

351,576

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts (see note 8)

12,789

4,925

Trade creditors

225,598

55,625

Taxation and social security

39,959

116,678

Other creditors

35,321

6,584

313,667

183,812

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts (see note 8)

-

12,789

Amounts owed to group undertakings

1,000

1,000

1,000

13,789

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.20

31.3.19

£

£

Net obligations repayable:

Within one year

12,789

4,925

Between one and five years

-

12,789

12,789

17,714

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

4

Ordinary

£1

4

4

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

Paul Brian Roberts

Balance outstanding at start of year

(683

)

(675

)

Amounts advanced

(1,701

)

-

Amounts repaid

-

(8

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,384

)

(683

)

Lee Rodney Shepherd

Balance outstanding at start of year

(684

)

(676

)

Amounts advanced

(27,034

)

-

Amounts repaid

-

(8

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(27,718

)

(684

)

11.	ULTIMATE CONTROLLING PARTY