Company registration number 00837454 (England and Wales)
SUMMERS SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SUMMERS SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SUMMERS SECURITIES LIMITED
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
880,000
880,000
Current assets
Debtors
5
12,487
26,183
Cash at bank and in hand
41,553
37,081
54,040
63,264
Creditors: amounts falling due within one year
6
(11,683)
(14,938)
Net current assets
42,357
48,326
Total assets less current liabilities
922,357
928,326
Provisions for liabilities
7
(190,996)
(190,996)
Net assets
731,361
737,330
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
731,357
737,326
Total equity
731,361
737,330

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
P M Bowman
Director
Company registration number 00837454 (England and Wales)
SUMMERS SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information

Summers Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, United Kingdom, WD3 5LH.

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, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income due for the year.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
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.

1.5
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their amortised cost.

1.6
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.

Deferred tax

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

SUMMERS SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment Property Valuation

The valuation of the investment property by the directors requires management judgement.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 6 April 2023 and 5 April 2024
880,000

The valuation of the investment property was made at 5th April 2023 by the directors on an open market basis. No depreciation is provided in respect of investment property. On a historical cost basis this investment property would have been included at an original cost of £67,469.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
500
500
Other debtors
11,987
25,683
12,487
26,183
SUMMERS SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
265
237
Other creditors
11,418
14,701
11,683
14,938
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
190,996
190,996
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Amounts written off
Closing balance
£
£
£
£
£
L Anderson - Estate of J Gershon - Advance for repairs & maintenance
-
18,240
1,242
(19,785)
303
-
P M Bowman - Advance for repairs & maintenance
-
6,893
3,886
(6,799)
-
3,980
25,133
5,128
(26,584)
303
3,980
9
Controlling Party

The company is controlled by its directors.

2024-04-052023-04-06falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityL AndersonP M BowmanM D J BowmanM D J Bowmanfalsefalse008374542023-04-062024-04-05008374542024-04-05008374542023-04-0500837454core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-0500837454core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-0500837454core:CurrentFinancialInstruments2024-04-0500837454core:CurrentFinancialInstruments2023-04-0500837454core:ShareCapital2024-04-0500837454core:ShareCapital2023-04-0500837454core:RetainedEarningsAccumulatedLosses2024-04-0500837454core:RetainedEarningsAccumulatedLosses2023-04-0500837454bus:Director22023-04-062024-04-05008374542022-04-062023-04-05008374542023-04-0500837454core:WithinOneYear2024-04-0500837454core:WithinOneYear2023-04-0500837454bus:PrivateLimitedCompanyLtd2023-04-062024-04-0500837454bus:SmallCompaniesRegimeForAccounts2023-04-062024-04-0500837454bus:FRS1022023-04-062024-04-0500837454bus:AuditExempt-NoAccountantsReport2023-04-062024-04-0500837454bus:Director12023-04-062024-04-0500837454bus:Director32023-04-062024-04-0500837454bus:CompanySecretary12023-04-062024-04-0500837454bus:FullAccounts2023-04-062024-04-05xbrli:purexbrli:sharesiso4217:GBP