Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Elizabeth Mary Brough 24/01/2023 11/03/2022 Benjamin Dell 28/08/2018 13 October 2023 The principal activity of the Company during the financial year was business and domestic software development. 11538852 2023-08-31 11538852 bus:Director1 2023-08-31 11538852 bus:Director2 2023-08-31 11538852 2022-08-31 11538852 core:CurrentFinancialInstruments 2023-08-31 11538852 core:CurrentFinancialInstruments 2022-08-31 11538852 core:ShareCapital 2023-08-31 11538852 core:ShareCapital 2022-08-31 11538852 core:SharePremium 2023-08-31 11538852 core:SharePremium 2022-08-31 11538852 core:RetainedEarningsAccumulatedLosses 2023-08-31 11538852 core:RetainedEarningsAccumulatedLosses 2022-08-31 11538852 core:OtherPropertyPlantEquipment 2022-08-31 11538852 core:OtherPropertyPlantEquipment 2023-08-31 11538852 2021-08-31 11538852 bus:OrdinaryShareClass1 2023-08-31 11538852 2022-09-01 2023-08-31 11538852 bus:FilletedAccounts 2022-09-01 2023-08-31 11538852 bus:SmallEntities 2022-09-01 2023-08-31 11538852 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 11538852 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11538852 bus:Director1 2022-09-01 2023-08-31 11538852 bus:Director2 2022-09-01 2023-08-31 11538852 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-09-01 2023-08-31 11538852 2021-09-01 2022-08-31 11538852 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 11538852 core:OtherPropertyPlantEquipment 1 2022-09-01 2023-08-31 11538852 1 2022-09-01 2023-08-31 11538852 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 11538852 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11538852 (England and Wales)

HEY SUMMIT LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

HEY SUMMIT LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

HEY SUMMIT LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
HEY SUMMIT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTOR Benjamin Dell
REGISTERED OFFICE 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
England
United Kingdom
COMPANY NUMBER 11538852 (England and Wales)
ACCOUNTANT OnTheGo Accountants Limited
330 Holborn Gate
High Holborn
London
WC1V 7QH
HEY SUMMIT LIMITED

BALANCE SHEET

As at 31 August 2023
HEY SUMMIT LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,768 3,346
2,768 3,346
Current assets
Debtors 4 5,147 16,569
Cash at bank and in hand 5 93,963 90,867
99,110 107,436
Creditors: amounts falling due within one year 6 ( 238,651) ( 256,349)
Net current liabilities (139,541) (148,913)
Total assets less current liabilities (136,773) (145,567)
Net liabilities ( 136,773) ( 145,567)
Capital and reserves
Called-up share capital 9 1,351 1,351
Share premium account 824,649 824,649
Profit and loss account ( 962,773 ) ( 971,567 )
Total shareholders' deficit ( 136,773) ( 145,567)

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of HEY SUMMIT LIMITED (registered number: 11538852) were approved and authorised for issue by the Director on 13 October 2023. They were signed on its behalf by:

Benjamin Dell
Director
HEY SUMMIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
HEY SUMMIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HEY SUMMIT LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 9

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 9,457 9,457
Additions 3,012 3,012
Disposals ( 9,457) ( 9,457)
At 31 August 2023 3,012 3,012
Accumulated depreciation
At 01 September 2022 6,111 6,111
Charge for the financial year 2,869 2,869
Disposals ( 8,735) ( 8,735)
Rounding difference ( 1) ( 1)
At 31 August 2023 244 244
Net book value
At 31 August 2023 2,768 2,768
At 31 August 2022 3,346 3,346

4. Debtors

2023 2022
£ £
Trade debtors 2,974 3,000
Corporation tax 0 ( 5,897)
Other debtors 2,173 19,466
5,147 16,569

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 93,963 90,867

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 45,167 91,147
Trade creditors 5,955 36,941
Convertible loan notes 150,000 0
Other taxation and social security 693 16,734
Other creditors 36,836 111,527
238,651 256,349

7. Convertible loans

The Company issued £150,000 of convertible loan notes on 22 May 2023. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. If the notes have not been converted, they will be redeemed at a later date at par.

The liability component has been classified as basic and is consequently measured at amortised cost. The interest charged for the financial year is calculated by applying an effective interest rate of __ per cent to the liability component.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 636) 0
Charged to the Profit and Loss Account ( 91) ( 636)
At the end of financial year ( 727) ( 636)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
135,145 Ordinary shares of £ 0.01 each 1,351 1,351