Elevation Financial Group Limited - Abbreviated accounts 16.1
Elevation Financial Group Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| ELEVATION FINANCIAL GROUP LIMITED |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31ST MARCH 2016 |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| for the Year Ended 31st March 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 | to | 3 |
| Notes to the Abbreviated Accounts | 4 | to | 7 |
| ELEVATION FINANCIAL GROUP LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31st March 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| ABBREVIATED BALANCE SHEET |
| 31st March 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Investments | 3 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
4 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Profit and loss account | ( |
) | ( |
) |
| 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) |
| ABBREVIATED BALANCE SHEET - continued |
| 31st March 2016 |
| The financial statements were approved by the Board of Directors on were signed on its behalf by: |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| for the Year Ended 31st March 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in |
| accordance with the Financial Reporting Standard for Smaller Entities (effective January |
| 2015). |
| Preparation of consolidated financial statements |
| The financial statements contain information about Elevation Financial Group Limited as an |
| individual company and do not contain consolidated financial information as the parent of a |
| group. The company has taken the option under Section 398 of the Companies Act 2006 not |
| to prepare consolidated financial statements. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not |
| reversed at the balance sheet date. |
| 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 post year end, 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. |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the Year Ended 31st March 2016 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1st April 2015 |
| Additions |
| At 31st March 2016 |
| AMORTISATION |
| At 1st April 2015 |
| Amortisation for year |
| At 31st March 2016 |
| NET BOOK VALUE |
| At 31st March 2016 |
| At 31st March 2015 |
| 3. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| At 1st April 2015 |
| Additions | 229,578 |
| At 31st March 2016 | 335,083 |
| NET BOOK VALUE |
| At 31st March 2016 |
| At 31st March 2015 |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the Year Ended 31st March 2016 |
| 3. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies |
| include the following: |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary |
| £ | £ |
| Aggregate capital and reserves | 259,484 | 95,291 |
| Profit for the year | 289,193 | 220,617 |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| Preference | 100.00 |
| £ | £ |
| Aggregate capital and reserves | 5,090 | 5,068 |
| Profit/(loss) for the year | 22 | (701 | ) |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 60.00 |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| given. |
| Details of shares shown as liabilities are as follows: |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/03/14 | 31/03/13 |
| value | £ | £ |
| 221,000 | Redeemable Preference A | £1 | 221,000 | 221,000 |
| Redeemable Preference A shares (5%) are redeemable on the 5th anniversary of the |
| issued date (May 2012). These preference shares are guaranteed by the directors. |
| ELEVATION FINANCIAL GROUP LIMITED (REGISTERED NUMBER: 07579685) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the Year Ended 31st March 2016 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary A | £1 |
| Ordinary B | £1 |
| Redeemable Preference B | £1 |
| 160,950 | 160,950 |
| Preference B shares (4%) are redeemable at the option of the company or at the option of |
| the shareholder at any time. |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended |
| 31st March 2016 and 31st March 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |