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REGISTERED NUMBER: OC329577 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 March 2023

for

Summ.it Assist LLP

Summ.it Assist LLP (Registered number: OC329577)






Contents of the Financial Statements
For The Year Ended 31 March 2023




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Summ.it Assist LLP

General Information
For The Year Ended 31 March 2023







DESIGNATED MEMBERS: S J Dunbar
A Jackson
J Sanderson-Brown
LJ Brogden
A Doyle





REGISTERED OFFICE: 2nd Floor, 3 Hardman Square
Spinningfields
Manchester
M3 3EB





REGISTERED NUMBER: OC329577 (England and Wales)






Summ.it Assist LLP (Registered number: OC329577)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 61,200 68,400
Tangible assets 5 61,818 62,161
Investments 6 40,100 40,100
163,118 170,661

CURRENT ASSETS
Debtors 7 547,990 415,004
Investments 8 14,715 21,009
Cash at bank 453,627 586,982
1,016,332 1,022,995
CREDITORS
Amounts falling due within one year 9 740,924 721,856
NET CURRENT ASSETS 275,408 301,139
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

438,526

471,800

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

438,526

471,800

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 438,526 471,800

Summ.it Assist LLP (Registered number: OC329577)

Statement of Financial Position - continued
31 March 2023


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 26 October 2023 and were signed by:




A Jackson - Designated member




J Sanderson-Brown - Designated member


Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

Summ.it Assist LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Summ.it Assist LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme for its staff members. Contributions payable to the LLP's pension scheme are charged to the profit and loss account in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 38 (2022 - 29 ) .

Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 72,000
AMORTISATION
At 1 April 2022 3,600
Charge for year 7,200
At 31 March 2023 10,800
NET BOOK VALUE
At 31 March 2023 61,200
At 31 March 2022 68,400

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 86,772
Additions 16,920
Disposals (14,322 )
At 31 March 2023 89,370
DEPRECIATION
At 1 April 2022 24,611
Charge for year 16,028
Eliminated on disposal (13,087 )
At 31 March 2023 27,552
NET BOOK VALUE
At 31 March 2023 61,818
At 31 March 2022 62,161

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 40,100
NET BOOK VALUE
At 31 March 2023 40,100
At 31 March 2022 40,100

Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 477,271 357,740
Other debtors 70,719 57,264
547,990 415,004

8. CURRENT ASSET INVESTMENTS

The current asset investments represent shares held in 2 listed companies. As at the balance sheet date, the LLP held 64,500 shares at a price of 14.69p per share and 40,000 shares at a price of 6.55p per share.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 40,189 60,921
Amounts owed to group undertakings 216,900 240,566
Taxation and social security 234,548 201,664
Other creditors 249,287 218,705
740,924 721,856

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Amounts owed to members in respect of profits 438,526 471,800

Falling due within one year 438,526 471,800

In the event of a winding up the amounts included in 'Loans and other debts due to members' will rank equally with unsecured creditors.

11. RELATED PARTY DISCLOSURES

During the year, the Company was charged £138,224 (2021 - £114,432 by Summ.IT Accounting (Mauritius) Limited for accounting services. Included in the accounts at the balance sheet date is £216,900 due to Summ.IT Accounting (Mauritius) Limited (2022 - £240,556).

12. ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the members.