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REGISTERED NUMBER: 01348014 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Sum-IT Computer Systems Ltd

Sum-IT Computer Systems Ltd (Registered number: 01348014)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Sum-IT Computer Systems Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr G D Ley
Mrs A P Ley
Mr B C S John





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 01348014 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Sum-IT Computer Systems Ltd (Registered number: 01348014)

Abridged Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 92,481 95,134
92,481 95,134

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 134,723 220,810
Cash at bank 193 237
139,916 226,047
CREDITORS
Amounts falling due within one year 216,413 171,889
NET CURRENT (LIABILITIES)/ASSETS (76,497 ) 54,158
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,984

149,292

CREDITORS
Amounts falling due after more than one
year

7

96,680

95,836
NET (LIABILITIES)/ASSETS (80,696 ) 53,456

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings (80,698 ) 53,454
SHAREHOLDERS' FUNDS (80,696 ) 53,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Sum-IT Computer Systems Ltd (Registered number: 01348014)

Abridged Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




Mrs A P Ley - Director



Mr G D Ley - Director


Sum-IT Computer Systems Ltd (Registered number: 01348014)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Sum-IT Computer Systems Ltd 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

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

Development costs
Software development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with expected sales arising from the projects. All other development costs are written off in the year of expenditure. No development costs are amortised over a period of longer than 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Fixtures and fittings - 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and Straight line over 3 years
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.


Sum-IT Computer Systems Ltd (Registered number: 01348014)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Going concern
The company has retained losses of £80,698 (2023 - retained profits of £53,454). It also has net current liabilities of £76,497 (2023 - net current assets of £54,158) and net liabilities of £80,696 (2023 - net assets of £53,456). The company cannot continue to make losses of this significance while still meeting its obligations as they fall due.

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

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 the 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.

Sum-IT Computer Systems Ltd (Registered number: 01348014)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 117,248
AMORTISATION
At 1 March 2023
and 29 February 2024 117,248
NET BOOK VALUE

At 29 February 2024 -
At 28 February 2023 -

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 217,017
Additions 906
At 29 February 2024 217,923
DEPRECIATION
At 1 March 2023 121,883
Charge for year 3,559
At 29 February 2024 125,442
NET BOOK VALUE
At 29 February 2024 92,481
At 28 February 2023 95,134

Included in cost of land and buildings is freehold land of £ 58,512 (2023 - £ 58,512 ) which is not depreciated.


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans due after 5 years 10,264 -

Sum-IT Computer Systems Ltd (Registered number: 01348014)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,462 8,708
Between one and five years 6,218 13,680
13,680 22,388

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 50,216 23,307
Bank loans 97,436 83,971
147,652 107,278

Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

Mr G D and Mrs A P Ley, who are directors, have given personal guarantees up to the value of £50,000 each for the company's overdraft borrowings which totalled £50,216 at 28 February 2024 (2023 - £23,307).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary Shares £1 2 2