Registered number
06870937
Summit Engineering Fabrications Limited
Filleted Accounts
30 April 2024
Summit Engineering Fabrications Limited
Registered number: 06870937
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 370,204 265,712
Current assets
Stocks 3,000 3,061
Debtors 4 213,443 164,935
Cash at bank and in hand 17,881 66,660
234,324 234,656
Creditors: amounts falling due within one year 5 (196,914) (188,691)
Net current assets 37,410 45,965
Total assets less current liabilities 407,614 311,677
Creditors: amounts falling due after more than one year 6 (5,193) (17,648)
Net assets 402,421 294,029
Capital and reserves
Called up share capital 20 20
Profit and loss account 402,401 294,009
Shareholders' funds 402,421 294,029
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Green
Director
Approved by the board on 14 January 2025
Summit Engineering Fabrications Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Plant and machinery over 5 years
Motor vehicles over 4 years
Fixtures, fittings, tools and equipment over 3 or 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 22,009 372,197 9,000 403,206
Additions - 129,246 64,000 193,246
At 30 April 2024 22,009 501,443 73,000 596,452
Depreciation
At 1 May 2023 - 128,495 8,999 137,494
Charge for the year - 82,209 6,545 88,754
At 30 April 2024 - 210,704 15,544 226,248
Net book value
At 30 April 2024 22,009 290,739 57,456 370,204
At 30 April 2023 22,009 243,702 1 265,712
4 Debtors 2024 2023
£ £
Trade debtors 182,503 154,133
Other debtors 30,940 10,802
213,443 164,935
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 27,000 27,000
Trade creditors 91,631 101,207
Taxation and social security costs 16,518 15,406
Other creditors 61,765 45,078
196,914 188,691
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,193 17,648
7 Other information
Summit Engineering Fabrications Limited is a private company limited by shares and incorporated in England. Its registered office is:
Knight Bottoms Farm
Green Lane
Samlesbury
Preston
PR5 0RJ
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