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REGISTERED NUMBER: 10686787















SUMMITK2 LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)






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


SUMMITK2 LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: G Cooper
V J Hobbs





REGISTERED OFFICE: K2 Gym, Main Avenue
Brackla Industrial Estate
Bridgend
CF31 2AG





REGISTERED NUMBER: 10686787





ACCOUNTANTS: Xeinadin South Wales & West Limited
Accountants & Business Advisors
11 New Street
Pontnewydd
Cwmbran
NP44 1EE

SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,121 19,108
Tangible assets 5 165,133 128,213
181,254 147,321

CURRENT ASSETS
Stocks 1,910 1,910
Debtors 6 2,233 15,550
Cash at bank and in hand 92,533 113,588
96,676 131,048
CREDITORS
Amounts falling due within one year 7 52,188 59,129
NET CURRENT ASSETS 44,488 71,919
TOTAL ASSETS LESS CURRENT
LIABILITIES

225,742

219,240

CREDITORS
Amounts falling due after more than one year 8 (13,354 ) (22,389 )

PROVISIONS FOR LIABILITIES (31,375 ) (24,360 )
NET ASSETS 181,013 172,491

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 180,913 172,391
SHAREHOLDERS' FUNDS 181,013 172,491

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.

SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)

Balance Sheet - continued
31 March 2024


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 December 2024 and were signed on its behalf by:





V J Hobbs - Director


SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

SummitK2 Limited is a private company, limited by shares , registered in Not specified/Other. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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.

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
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 15 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 29,869
AMORTISATION
At 1 April 2023 10,761
Charge for year 2,987
At 31 March 2024 13,748
NET BOOK VALUE
At 31 March 2024 16,121
At 31 March 2023 19,108

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 222,751 11,004 929 234,684
Additions 84,910 - 499 85,409
At 31 March 2024 307,661 11,004 1,428 320,093
DEPRECIATION
At 1 April 2023 100,234 5,393 844 106,471
Charge for year 46,993 1,402 94 48,489
At 31 March 2024 147,227 6,795 938 154,960
NET BOOK VALUE
At 31 March 2024 160,434 4,209 490 165,133
At 31 March 2023 122,517 5,611 85 128,213

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,233 5,470
Other debtors - 10,080
2,233 15,550

SUMMITK2 LIMITED (REGISTERED NUMBER: 10686787)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,836 -
Taxation and social security 33,423 44,218
Other creditors 6,929 4,911
52,188 59,129

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,354 22,389