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REGISTERED NUMBER: 14402947 (England and Wales)




















Unaudited Financial Statements

for the Period 6 October 2022 to 31 December 2023

for

Summit 1977 Limited

Summit 1977 Limited (Registered number: 14402947)






Contents of the Financial Statements
for the Period 6 October 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Summit 1977 Limited

Company Information
for the Period 6 October 2022 to 31 December 2023







DIRECTOR: D J Simpson





REGISTERED OFFICE: County Gate
County Way
Trowbridge
Wiltshire
BA14 7FJ





REGISTERED NUMBER: 14402947 (England and Wales)

Summit 1977 Limited (Registered number: 14402947)

Balance Sheet
31 December 2023

Notes £    £   
FIXED ASSETS
Intangible assets 4 364
Tangible assets 5 152,952
153,316

CURRENT ASSETS
Stocks 708,973
Debtors 6 917,075
Cash at bank and in hand 57,517
1,683,565
CREDITORS
Amounts falling due within one year 7 1,928,399
NET CURRENT LIABILITIES (244,834 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(91,518

)

CREDITORS
Amounts falling due after more than one
year

8

37,921
NET LIABILITIES (129,439 )

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (129,539 )
(129,439 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 4 October 2024 and were signed by:





D J Simpson - Director


Summit 1977 Limited (Registered number: 14402947)

Notes to the Financial Statements
for the Period 6 October 2022 to 31 December 2023

1. STATUTORY INFORMATION

Summit 1977 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
At the time of approving the financial statements, the director has assessed the Statement of Financial Position and likely future cash flows. The director notes that at the balance sheet date the company had net current liabilities and total net liabilities.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents and licences
Patents and licences are being amortised evenly over their estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

Cost comprises materials and is calculated using the FIFO (first-in, first-out) method.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments
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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Summit 1977 Limited (Registered number: 14402947)

Notes to the Financial Statements - continued
for the Period 6 October 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 70 .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
Additions 1,457
At 31 December 2023 1,457
AMORTISATION
Amortisation for period 1,093
At 31 December 2023 1,093
NET BOOK VALUE
At 31 December 2023 364

Summit 1977 Limited (Registered number: 14402947)

Notes to the Financial Statements - continued
for the Period 6 October 2022 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
Additions 46,392 90,621 8,422
At 31 December 2023 46,392 90,621 8,422
DEPRECIATION
Charge for period 2,240 13,891 1,579
At 31 December 2023 2,240 13,891 1,579
NET BOOK VALUE
At 31 December 2023 44,152 76,730 6,843

Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 2,708 28,320 176,463
At 31 December 2023 2,708 28,320 176,463
DEPRECIATION
Charge for period 507 5,294 23,511
At 31 December 2023 507 5,294 23,511
NET BOOK VALUE
At 31 December 2023 2,201 23,026 152,952

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 625,237
Other debtors 264,364
Prepayments and accrued income 27,474
917,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 387,178
Hire purchase contracts (see note 9) 4,313
Trade creditors 795,423
Social security and other taxes 45,729
VAT 120,279
Other creditors 142,774
Directors' current accounts 58,586
Accrued expenses 374,117
1,928,399

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Bank loans - 1-2 years 4,763
Bank loans - 2-5 years 15,022
Bank loans more 5 yr by instal 18,136
37,921

Summit 1977 Limited (Registered number: 14402947)

Notes to the Financial Statements - continued
for the Period 6 October 2022 to 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
£   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 18,136

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire
purchase
contracts
£   
Net obligations repayable:
Within one year 4,313

Non-cancellable operating leases
£   
Within one year 19,923
Between one and five years 12,926
32,849

10. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank overdraft 382,419
Bank loans 42,680
Hire purchase contracts 4,313
429,412

Bank borrowings are secured by a fixed and floating charge over the assets and undertaking of the company. Borrowings include £382,419 secured against the company's trade debtors.

Hire purchase liabilities are secured on the assets to which the agreements relate.

11. RELATED PARTY DISCLOSURES

On 31 March 2023 the company acquired the net trading assets and undertaking of a company under common control. The value of the net assets transferred at that date was £238,831.

Other debtors includes £264,314 due from a company under common control. The amounts due do not bear an interest charge and are repayable on demand.

During the period, premises rent of £45,000 (2022: nil) was charged by a company under common control.

At the balance sheet date £58,586 (2022: nil) was owed by the company to the directors. The loans currently do not bear an interest charge and are repayable on demand.