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REGISTERED NUMBER: 01324365 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Summit Chairs Limited

Summit Chairs Limited (Registered number: 01324365)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Summit Chairs Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D J Simpson





SECRETARY: Mrs S L Gurney





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





REGISTERED NUMBER: 01324365 (England and Wales)

Summit Chairs Limited (Registered number: 01324365)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,794
Tangible assets 5 1,282,280 1,403,552
1,282,280 1,405,346

CURRENT ASSETS
Stocks - 521,643
Debtors 6 112,650 490,515
Cash at bank and in hand 8,315 10,770
120,965 1,022,928
CREDITORS
Amounts falling due within one year 7 316,683 1,222,473
NET CURRENT LIABILITIES (195,718 ) (199,545 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,086,562

1,205,801

CREDITORS
Amounts falling due after more than one
year

8

81,053

160,640
NET ASSETS 1,005,509 1,045,161

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,005,409 1,045,061
SHAREHOLDERS' FUNDS 1,005,509 1,045,161

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

The members have not required the company to obtain an audit of its financial statements for the year 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 Chairs Limited (Registered number: 01324365)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Summit Chairs 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 but overall net assets.

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 and Value Added Tax. Revenue is recognised when title to the goods passes to the customer, normally on despatch.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Patents and licences
Expenditure on patents and licences is amortised over three years on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - over period of lease
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.


Summit Chairs Limited (Registered number: 01324365)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

Taxation
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 year 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
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.

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

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 year was 70 (2022 - 59 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023 8,285
Disposals (8,285 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 6,491
Amortisation for year 337
Eliminated on disposal (6,828 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1,794

Summit Chairs Limited (Registered number: 01324365)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 1,368,262 231,951 452,040
Additions - 10,202 8,705
Disposals - - (460,745 )
At 31 December 2023 1,368,262 242,153 -
DEPRECIATION
At 1 January 2023 127,701 162,551 391,010
Charge for year 18,243 19,640 3,814
Eliminated on disposal - - (394,824 )
At 31 December 2023 145,944 182,191 -
NET BOOK VALUE
At 31 December 2023 1,222,318 59,962 -
At 31 December 2022 1,240,561 69,400 61,030

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 42,476 15,780 106,230 2,216,739
Additions 4,932 - 3,405 27,244
Disposals (47,408 ) (15,780 ) (109,635 ) (633,568 )
At 31 December 2023 - - - 1,610,415
DEPRECIATION
At 1 January 2023 38,644 12,891 80,390 813,187
Charge for year 342 181 1,688 43,908
Eliminated on disposal (38,986 ) (13,072 ) (82,078 ) (528,960 )
At 31 December 2023 - - - 328,135
NET BOOK VALUE
At 31 December 2023 - - - 1,282,280
At 31 December 2022 3,832 2,889 25,840 1,403,552

Summit Chairs Limited (Registered number: 01324365)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 January 2023 41,999
Disposals (41,999 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 36,950
Eliminated on disposal (36,950 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 5,049

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 402,073
Other debtors - 9,435
Taxation recoverable 67,650 -
Prepayments and accrued income 45,000 79,007
112,650 490,515

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,932 226,894
Hire purchase contracts (see note 9) - 7,082
Trade creditors - 599,957
Social security and other taxes - 39,923
VAT - 61,044
Other creditors 6,437 92,028
Amounts due to related undertaking 264,314 -
Directors' current accounts - 65,000
Accrued expenses 17,000 130,545
316,683 1,222,473

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 29,701 32,990
Bank loans - 2-5 years 51,352 98,468
Bank loans - more than 5 years - 24,869
Hire purchase contracts (see note 9) - 4,313
81,053 160,640

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years - 24,869

Summit Chairs Limited (Registered number: 01324365)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 7,082
Between one and five years - 4,313
- 11,395

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 22,321
Between one and five years - 36,913
- 59,234

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 190,756
Bank loans 109,985 192,465
Hire purchase contracts - 11,395
109,985 394,616

Bank borrowings are secured by first legal charges over the company's leasehold property and by a fixed and floating charge over the assets and undertaking of the company.

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

11. RELATED PARTY DISCLOSURES

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

As at the balance sheet date, amounts due to related undertakings includes £264,314 due to a related entity held under common control. The amounts due do not bear an interest charge and are repayable on demand.

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