Company registration number 10261616 (England and Wales)
Summerhouse Inc Ltd
Unaudited
financial statements
for the year ended 31 July 2023
PAGES FOR FILING WITH REGISTRAR
Summerhouse Inc Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Summerhouse Inc Ltd
Statement of financial position
as at 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,756
20,298
Current assets
Debtors
4
17,704
17,924
Cash at bank and in hand
43,134
47,187
60,838
65,111
Creditors: amounts falling due within one year
5
(25,178)
(26,521)
Net current assets
35,660
38,590
Total assets less current liabilities
70,416
58,888
Creditors: amounts falling due after more than one year
6
(21,488)
(6,090)
Net assets
48,928
52,798
Capital and reserves
Called up share capital
7
140
140
Profit and loss reserves
48,788
52,658
Total equity
48,928
52,798
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 November 2023
A J Spencer
Director
Company registration number 10261616 (England and Wales)
Summerhouse Inc Ltd
Notes to the financial statements
for the year ended 31 July 2023
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT.
Turnover is recognised on the supply of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 2).
2023
2022
Number
Number
Total
3
2
Summerhouse Inc Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2023
- 3 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
12,905
22,142
35,047
Additions
28,950
28,950
Disposals
(12,950)
(12,950)
At 31 July 2023
12,905
38,142
51,047
Depreciation and impairment
At 1 August 2022
1,129
13,620
14,749
Depreciation charged in the year
1,030
9,536
10,566
Eliminated in respect of disposals
(9,024)
(9,024)
At 31 July 2023
2,159
14,132
16,291
Carrying amount
At 31 July 2023
10,746
24,010
34,756
At 31 July 2022
11,776
8,522
20,298
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,704
17,924
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligation under finance lease
5,190
2,886
Corporation tax
9,352
13,194
Other taxation and social security
7,581
7,071
Other creditors
1,655
1,970
Accruals and deferred income
1,400
1,400
25,178
26,521
Obligations under finance leases are secured on the assets to which they relate.
Summerhouse Inc Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligation under finance lease
21,488
6,090
Obligations under finance leases are secured on the assets to which they relate.
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
A shares of £1 each
20
20
B shares of £1 each
20
20
140
140
8
Company information
Summerhouse Inc Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.