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REGISTERED NUMBER: 02792233 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SUMMIT DESIGN LIMITED

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










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 29 FEBRUARY 2024







DIRECTORS: Mr D A Veysey
Mr D J Sparling





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 02792233 (England and Wales)





ACCOUNTANTS: Seymour Taylor Limited
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

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 29 February 2024 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 loss 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
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE


1 August 2024

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,041 88,301

CURRENT ASSETS
Stocks 34,546 38,016
Debtors 5 573,736 732,756
Cash at bank and in hand 160,855 230,127
769,137 1,000,899
CREDITORS
Amounts falling due within one year 6 510,805 595,138
NET CURRENT ASSETS 258,332 405,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,373

494,062

CREDITORS
Amounts falling due after more than one
year

7

(33,979

)

(91,512

)

PROVISIONS FOR LIABILITIES 9 (868 ) -
NET ASSETS 312,526 402,550

CAPITAL AND RESERVES
Called up share capital 10 188 188
Capital redemption reserve 62 62
Retained earnings 312,276 402,300
SHAREHOLDERS' FUNDS 312,526 402,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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
29 FEBRUARY 2024


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 1 August 2024 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 29 FEBRUARY 2024


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 First Floor North, 40 Oxford Road,High Wycombe, Buckinghamshire, England, HP11 2EE. 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 over six years

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 29 FEBRUARY 2024


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 29 FEBRUARY 2024


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 18 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 146,008 187,490 333,498
Additions 6,983 28,220 35,203
Disposals - (16,963 ) (16,963 )
At 29 February 2024 152,991 198,747 351,738
DEPRECIATION
At 1 March 2023 133,254 111,943 245,197
Charge for year 4,114 30,349 34,463
Eliminated on disposal - (16,963 ) (16,963 )
At 29 February 2024 137,368 125,329 262,697
NET BOOK VALUE
At 29 February 2024 15,623 73,418 89,041
At 28 February 2023 12,754 75,547 88,301

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


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 2023 134,624
Additions 28,220
Transfer to ownership (37,180 )
At 29 February 2024 125,664
DEPRECIATION
At 1 March 2023 62,285
Charge for year 27,141
Transfer to ownership (30,983 )
At 29 February 2024 58,443
NET BOOK VALUE
At 29 February 2024 67,221
At 28 February 2023 72,339

5. DEBTORS
2024 2023
as restated
£    £   
Amounts falling due within one year:
Trade debtors 448,040 561,059
Other debtors 107,472 171,697
555,512 732,756

Amounts falling due after more than one year:
Other debtors 18,224 -

Aggregate amounts 573,736 732,756

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 8) 18,149 21,514
Trade creditors 355,897 398,080
Taxation and social security 71,120 86,434
Other creditors 35,639 59,110
510,805 595,138

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans 10,000 65,000
Hire purchase contracts (see note 8) 23,979 26,512
33,979 91,512

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 18,149 21,514
Between one and five years 23,979 26,512
42,128 48,026

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 15,198 21,898
Between one and five years 873 14,500
16,071 36,398

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. PROVISIONS FOR LIABILITIES
2024

£   
Deferred tax 868

Deferred
tax
£   
Balance at 1 March 2023 (302 )
Provided during year 1,170
Balance at 29 February 2024 868

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as
restated
£    £   
188 Ordinary shares £1 188 188