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Company No: 09236571 (England and Wales)

SUMMIT PROPERTY ADVISORS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

SUMMIT PROPERTY ADVISORS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

SUMMIT PROPERTY ADVISORS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
SUMMIT PROPERTY ADVISORS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 28,831 38,442
28,831 38,442
Current assets
Debtors 5 10,004 40,633
Cash at bank and in hand 6 49,949 2,133
59,953 42,766
Creditors: amounts falling due within one year 7 ( 703,346) ( 966,382)
Net current liabilities (643,393) (923,616)
Total assets less current liabilities (614,562) (885,174)
Net liabilities ( 614,562) ( 885,174)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 614,662 ) ( 885,274 )
Total shareholders' deficit ( 614,562) ( 885,174)

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

Directors' responsibilities:

The financial statements of Summit Property Advisors Limited (registered number: 09236571) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M L Davis
Director

23 September 2024

SUMMIT PROPERTY ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
SUMMIT PROPERTY ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Summit Property Advisors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Total Liabilities exceeds current assets at the balance sheet date. The directors consider, however that the company has sufficient funds, to meet its liabilities as and when they fall due and that the company has sufficient support from its creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

**Rendering of services**

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Taxation

Current tax
The company has estimated losses of £571,303(2022 Losses: £860,067) available for carry forward against future profits.

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Goodwill 6 years straight line
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 2,000,000 2,000,000
At 30 September 2023 2,000,000 2,000,000
Accumulated amortisation
At 01 October 2022 2,000,000 2,000,000
At 30 September 2023 2,000,000 2,000,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 October 2022 60,700 11,814 72,514
At 30 September 2023 60,700 11,814 72,514
Accumulated depreciation
At 01 October 2022 26,556 7,516 34,072
Charge for the financial year 8,536 1,075 9,611
At 30 September 2023 35,092 8,591 43,683
Net book value
At 30 September 2023 25,608 3,223 28,831
At 30 September 2022 34,144 4,298 38,442

5. Debtors

2023 2022
£ £
Trade debtors 6,584 40,633
Other debtors 3,420 0
10,004 40,633

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 49,949 2,133

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,987 4,987
Accruals 5,000 5,000
Other taxation and social security 43,222 22,875
Other creditors 650,137 933,520
703,346 966,382

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Included within other creditors is a balance of £522,364 (2022: £805,747) owed to the directors. This balance is unsecured and interest free.