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REGISTERED NUMBER: 05617495 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUMMIT ELECTRICAL INSTALLATIONS LIMITED

SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUMMIT ELECTRICAL INSTALLATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Chand
S Clift





SECRETARY: S Clift





REGISTERED OFFICE: 14a Croxstalls Close
Bloxwich
Walsall
WS3 2XT





REGISTERED NUMBER: 05617495 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,765 50,562

CURRENT ASSETS
Debtors 5 1,398,226 1,288,017
Cash at bank and in hand 294,425 208,225
1,692,651 1,496,242
CREDITORS
Amounts falling due within one year 6 1,219,713 1,362,824
NET CURRENT ASSETS 472,938 133,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

510,703

183,980

CREDITORS
Amounts falling due after more than
one year

7

-

(113,333

)

PROVISIONS FOR LIABILITIES (9,691 ) (10,858 )
NET ASSETS 501,012 59,789

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 13,563 32,150
Retained earnings 487,447 27,637
501,012 59,789

SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





S Chand - Director


SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Summit Electrical Installations 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.

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.

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

The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined on a project-by-project basis by calculating the percentage of realised revenue against projected total revenue. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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

Financial instruments
The Company only enters into basic financial instruments 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 and loans to related parties.

Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at the transaction price.

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.

SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 27,137 24,935 45,563 97,635
Additions 409 436 - 845
Disposals - - (19,062 ) (19,062 )
At 31 March 2024 27,546 25,371 26,501 79,418
DEPRECIATION
At 1 April 2023 18,939 5,113 23,021 47,073
Charge for year 2,059 5,020 5,427 12,506
Eliminated on disposal - - (17,926 ) (17,926 )
At 31 March 2024 20,998 10,133 10,522 41,653
NET BOOK VALUE
At 31 March 2024 6,548 15,238 15,979 37,765
At 31 March 2023 8,198 19,822 22,542 50,562

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,293,810 1,249,705
Other debtors 104,416 38,312
1,398,226 1,288,017

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 92,971 40,000
Trade creditors 807,106 1,066,990
Amounts owed to group undertakings 11,798 -
Taxation and social security 194,651 238,318
Other creditors 113,187 17,516
1,219,713 1,362,824

SUMMIT ELECTRICAL INSTALLATIONS LIMITED (REGISTERED NUMBER: 05617495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 113,333

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 27,870 27,870
Between one and five years 23,412 27,870
In more than five years 32,139 24,260
83,421 80,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 92,971 153,333

The company has provided security in the form of a fixed and floating charge to HSBC Bank PLC in relation to a liability held within the accounts. The maximum liability at the year end was £92,971.