Registered number
04122299
Summit Installations Ltd
Filleted Accounts
31 December 2023
Summit Installations Ltd
Registered number: 04122299
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,522 6,918
Current assets
Stocks 5,000 5,000
Debtors 4 41,967 49,954
Cash at bank and in hand 44,397 40,517
91,364 95,471
Creditors: amounts falling due within one year 5 (55,443) (53,514)
Net current assets 35,921 41,957
Total assets less current liabilities 41,443 48,875
Creditors: amounts falling due after more than one year 6 (17,250) (26,250)
Provisions for liabilities (1,049) (1,314)
Net assets 23,144 21,311
Capital and reserves
Called up share capital 102 102
Profit and loss account 23,042 21,209
Shareholders' funds 23,144 21,311
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Seatree
Director
Approved by the board on 16 August 2024
Summit Installations Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 9,382 43,423 52,805
At 31 December 2023 9,382 43,423 52,805
Depreciation
At 1 January 2023 9,144 36,743 45,887
Charge for the year 60 1,336 1,396
At 31 December 2023 9,204 38,079 47,283
Net book value
At 31 December 2023 178 5,344 5,522
At 31 December 2022 238 6,680 6,918
4 Debtors 2023 2022
£ £
Trade debtors 17,697 22,800
Other debtors 24,270 27,154
41,967 49,954
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,000 9,000
Trade creditors 3,415 10,964
Corporation tax 13,307 14,132
Other creditors 29,721 19,418
55,443 53,514
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,250 26,250
7 Related party transactions 2023 2022
£ £
Directors' Loan Account
The directors are related parties to the company. At 31 December, the company owed the related parties the following interest free, short term, unsecured loans, which are repayable upon demand.
Amount due to the related parties 24,909 14,769
8 Controlling party
The directors are the ultimate controlling parties by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
Summit Installations Ltd is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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