2023-03-012024-02-292024-02-29false11816818LIT SUMMITS 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LIT SUMMITS LIMITED

Registered Number
11816818
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

LIT SUMMITS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

BENITO BALLESTEROS, Marcela

Registered Address

Suite 312 Atlas House Caxton Close
Wigan
WN3 6XU

Registered Number

11816818 (England and Wales)
LIT SUMMITS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets356141
56141
Current assets
Debtors4233208
Cash at bank and on hand482490
715698
Creditors amounts falling due within one year5(7,719)(6,930)
Net current assets (liabilities)(7,004)(6,232)
Total assets less current liabilities(6,948)(6,091)
Net assets(6,948)(6,091)
Capital and reserves
Called up share capital100100
Profit and loss account(7,048)(6,191)
Shareholders' funds(6,948)(6,091)
The financial statements were approved and authorised for issue by the Director on 21 November 2024, and are signed on its behalf by:
BENITO BALLESTEROS, Marcela
Director
Registered Company No. 11816818
LIT SUMMITS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23423
At 29 February 24423
Depreciation and impairment
At 01 March 23282
Charge for year85
At 29 February 24366
Net book value
At 29 February 2456
At 28 February 23141
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables233208
Total233208
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Other creditors7,3596,570
Accrued liabilities and deferred income360360
Total7,7196,930
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.