Company registration number 11421457 (England and Wales)
SUMMIZE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SUMMIZE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SUMMIZE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
541,385
34,536
Tangible assets
5
123,824
63,095
665,209
97,631
Current assets
Debtors
6
883,941
713,238
Cash at bank and in hand
3,127,957
227,916
4,011,898
941,154
Creditors: amounts falling due within one year
7
(1,484,919)
(788,799)
Net current assets
2,526,979
152,355
Net assets
3,192,188
249,986
Capital and reserves
Called up share capital
39,362
25,992
Share premium account
8,474,330
3,378,200
Profit and loss reserves
(5,321,504)
(3,154,206)
Total equity
3,192,188
249,986

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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 by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
T  Dunlop
Director
Company registration number 11421457 (England and Wales)
SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Summize Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Treehouse Floors 3&4, 127 Portland Street, Manchester, M1 4PZ.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10 years straight line
Development
7 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5 years straight line
Fixtures and fittings
4 years straight line
Computers
3 years straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
36
25
4
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 July 2022
41,443
-
0
41,443
Additions
-
553,319
553,319
At 30 June 2023
41,443
553,319
594,762
Amortisation and impairment
At 1 July 2022
6,907
-
0
6,907
Amortisation charged for the year
4,144
42,326
46,470
At 30 June 2023
11,051
42,326
53,377
Carrying amount
At 30 June 2023
30,392
510,993
541,385
At 30 June 2022
34,536
-
0
34,536
SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
31,893
73,044
104,937
Additions
57,649
64,675
122,324
Disposals
(30,828)
(18,786)
(49,614)
At 30 June 2023
58,714
118,933
177,647
Depreciation and impairment
At 1 July 2022
8,200
33,642
41,842
Depreciation charged in the year
10,160
27,016
37,176
Eliminated in respect of disposals
(10,171)
(15,024)
(25,195)
At 30 June 2023
8,189
45,634
53,823
Carrying amount
At 30 June 2023
50,525
73,299
123,824
At 30 June 2022
23,693
39,402
63,095
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
473,777
402,011
Corporation tax recoverable
219,956
181,411
Other debtors
190,208
129,816
883,941
713,238
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,367
103,491
Taxation and social security
123,805
92,273
Other creditors
1,295,747
593,035
1,484,919
788,799
SUMMIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,188,322
-
0
9
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Closing balance
£
£
T  Dunlop - Directors loan
-
6,133
6,133
D J Smith - Directors loan
-
1,296
1,296
7,429
7,429
2023-06-302022-07-01false22 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr B G AudleyMr M D ClarkeMr T DunlopMr S KlinMr D J SmithMr R J SomerfieldMr J S H ThompsonG HazleyMr A R LeaitherlandMr C A Sharlandfalse2023-11-21114214572022-07-012023-06-30114214572023-06-30114214572022-06-3011421457core:IntangibleAssetsOtherThanGoodwill2023-06-3011421457core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-06-3011421457core:IntangibleAssetsOtherThanGoodwill2022-06-3011421457core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-06-3011421457core:LandBuildings2023-06-3011421457core:OtherPropertyPlantEquipment2023-06-3011421457core:LandBuildings2022-06-3011421457core:OtherPropertyPlantEquipment2022-06-3011421457core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3011421457core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3011421457core:CurrentFinancialInstruments2023-06-3011421457core:CurrentFinancialInstruments2022-06-3011421457core:ShareCapital2023-06-3011421457core:ShareCapital2022-06-3011421457core:SharePremium2023-06-3011421457core:SharePremium2022-06-3011421457core:RetainedEarningsAccumulatedLosses2023-06-3011421457core:RetainedEarningsAccumulatedLosses2022-06-3011421457bus:Director32022-07-012023-06-3011421457core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-3011421457core:ComputerSoftware2022-07-012023-06-3011421457core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-07-012023-06-3011421457core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3011421457core:FurnitureFittings2022-07-012023-06-3011421457core:ComputerEquipment2022-07-012023-06-30114214572021-07-012022-06-3011421457core:IntangibleAssetsOtherThanGoodwill2022-06-3011421457core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-06-30114214572022-06-3011421457core:LandBuildings2022-06-3011421457core:OtherPropertyPlantEquipment2022-06-3011421457core:LandBuildings2022-07-012023-06-3011421457core:OtherPropertyPlantEquipment2022-07-012023-06-3011421457core:WithinOneYear2023-06-3011421457core:WithinOneYear2022-06-3011421457bus:PrivateLimitedCompanyLtd2022-07-012023-06-3011421457bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3011421457bus:FRS1022022-07-012023-06-3011421457bus:AuditExemptWithAccountantsReport2022-07-012023-06-3011421457bus:Director12022-07-012023-06-3011421457bus:Director22022-07-012023-06-3011421457bus:Director42022-07-012023-06-3011421457bus:Director52022-07-012023-06-3011421457bus:Director62022-07-012023-06-3011421457bus:Director72022-07-012023-06-3011421457bus:Director82022-07-012023-06-3011421457bus:Director92022-07-012023-06-3011421457bus:Director102022-07-012023-06-3011421457bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP