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REGISTERED NUMBER: 02792233 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

SUMMIT DESIGN LIMITED

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Accountants' Report 2

Statement of Financial Position 3 to 4

Notes to the Financial Statements 5 to 10


SUMMIT DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr D A Veysey
Mr D J Sparling





REGISTERED OFFICE: 57 London Road
High Wycombe
Buckinghamshire
HP11 1BS





REGISTERED NUMBER: 02792233 (England and Wales)





ACCOUNTANTS: Seymour Taylor Limited
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SUMMIT DESIGN LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Summit Design Limited for the year ended 28 February 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Summit Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Summit Design Limited and state those matters that we have agreed to state to the Board of Directors of Summit Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Summit Design Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Summit Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Summit Design Limited. You consider that Summit Design Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Summit Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Seymour Taylor Limited
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS


17 October 2023

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,948 57,624

CURRENT ASSETS
Stocks 38,016 38,627
Debtors 5 739,181 873,357
Cash at bank and in hand 230,127 33,528
1,007,324 945,512
CREDITORS
Amounts falling due within one year 6 595,138 700,057
NET CURRENT ASSETS 412,186 245,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

466,134

303,079

CREDITORS
Amounts falling due after more than one
year

7

91,512

121,673
NET ASSETS 374,622 181,406

CAPITAL AND RESERVES
Called up share capital 10 188 188
Capital redemption reserve 62 62
Retained earnings 374,372 181,156
SHAREHOLDERS' FUNDS 374,622 181,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mr D A Veysey - Director


SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. GENERAL INFORMATION

Summit Design Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11 1BS. The principal place of business is Ground Floor Office, Unit 3 The Courtyard, Furlong Road, Bourne End, Buckinghamshire, SL8 5AU. The registered number is 02792233.

The principal activity of the company is that of air conditioning and heating installation.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (effective September 2015) 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 consideration received or receivable for goods and services net of value added tax.

Turnover from contract activities represents the value of work carried out during the year, including amounts not invoiced.

Where the outcome of individual contracts can be estimated reliably, turnover and costs are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreements with the customer.

Provision is made for all known or expected losses on individual contracts once such losses are foreseen.

Turnover in respect of variations to contracts is recognised when it is probable it will be agreed by the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Plant and machinery-reducing balance - 25% and reducing balance - 15%
Motor vehicles -straight line - 25%

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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 acquired and held under finance lease or hire purchase contracts are capitalised in the balance sheet. Those held under finance leases are depreciated over the shorter of the lease term and the estimated useful life of the asset. Those held under hire purchase contracts are depreciated over the estimated useful life of the asset.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligation, exclusive of finances charges allocated to future periods, is recognised as a liability with the finance element charged to the profit and loss account over the relevant period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 (effective September 2015) to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022 144,551 197,962 342,513
Additions 1,457 31,490 32,947
Disposals - (41,962 ) (41,962 )
At 28 February 2023 146,008 187,490 333,498
DEPRECIATION
At 1 March 2022 130,285 154,604 284,889
Charge for year 2,969 33,654 36,623
Eliminated on disposal - (41,962 ) (41,962 )
At 28 February 2023 133,254 146,296 279,550
NET BOOK VALUE
At 28 February 2023 12,754 41,194 53,948
At 28 February 2022 14,266 43,358 57,624

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 149,875
Additions 31,490
Disposals (27,491 )
Transfer to ownership (19,250 )
At 28 February 2023 134,624
DEPRECIATION
At 1 March 2022 106,517
Charge for year 33,654
Eliminated on disposal (27,491 )
Transfer to ownership (19,250 )
At 28 February 2023 93,430
NET BOOK VALUE
At 28 February 2023 41,194
At 28 February 2022 43,358

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 561,059 736,849
Other debtors 178,122 136,508
739,181 873,357

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 8) 21,514 31,063
Trade creditors 398,080 492,688
Taxation and social security 86,434 122,577
Other creditors 59,110 23,729
595,138 700,057

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 65,000 95,000
Hire purchase contracts (see note 8) 26,512 26,673
91,512 121,673

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 21,514 31,063
Between one and five years 26,512 26,673
48,026 57,736

Non-cancellable operating leases
2023 2022
£    £   
Within one year 21,898 15,090
Between one and five years 14,500 148
36,398 15,238

9. DEFERRED TAX
£   
Balance at 1 March 2022 (1,238 )
Provided during year (5,489 )
Balance at 28 February 2023 (6,727 )

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
188 Ordinary shares £1 188 188

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr D A Veysey
Balance outstanding at start of year 18,243 17,881
Amounts advanced 363 362
Amounts repaid (39,783 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (21,177 ) 18,243