INNERSUMMIT LTD

Company Registration Number:
07922962 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 September 2023

End date: 31 January 2024

INNERSUMMIT LTD

Contents of the Financial Statements

for the Period Ended 31 January 2024

Balance sheet
Additional notes
Balance sheet notes

INNERSUMMIT LTD

Balance sheet

As at 31 January 2024

Notes 5 months to 31 January 2024 14 months to 31 August 2023


£

£
Fixed assets
Tangible assets: 3 0 5,923
Total fixed assets: 0 5,923
Current assets
Debtors: 4 13,246 10,455
Cash at bank and in hand: 37,512 2,856
Total current assets: 50,758 13,311
Creditors: amounts falling due within one year: 5 ( 41,007 ) ( 12,728 )
Net current assets (liabilities): 9,751 583
Total assets less current liabilities: 9,751 6,506
Creditors: amounts falling due after more than one year: 6 0 ( 7,750 )
Total net assets (liabilities): 9,751 (1,244)
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 8,751 (2,244 )
Total Shareholders' funds: 9,751 (1,244)

The notes form part of these financial statements

INNERSUMMIT LTD

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 December 2024
and signed on behalf of the board by:

Name: Grant Glendinning
Status: Director

The notes form part of these financial statements

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

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

    Tangible fixed assets depreciation policy

    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 a reducing balance Computer equipment - 25% on a reducing balance

    Other accounting policies

    Impairment - assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount . Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation reserve. Taxation - taxation for the period 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 period 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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. Debtors and creditors receivable / payable within one year - Debtors and creditors 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 other administrative expenses.

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    5 months to 31 January 2024 14 months to 31 August 2023
    Average number of employees during the period 6 8

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 17,450 12,603 30,053
Additions
Disposals ( 17,450 ) ( 12,603 ) ( 30,053 )
Revaluations
Transfers
At 31 January 2024 0 0 0
Depreciation
At 1 September 2023 13,363 10,767 24,130
Charge for year
On disposals ( 13,363 ) ( 10,767 ) ( 24,130 )
Other adjustments
At 31 January 2024 0 0 0
Net book value
At 31 January 2024 0 0 0
At 31 August 2023 4,087 1,836 5,923

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Debtors

5 months to 31 January 2024 14 months to 31 August 2023
£ £
Trade debtors 4,302 1,552
Other debtors 8,944 8,903
Total 13,246 10,455

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Creditors: amounts falling due within one year note

5 months to 31 January 2024 14 months to 31 August 2023
£ £
Bank loans and overdrafts 0 4,350
Trade creditors 5,961 0
Taxation and social security 4,437 7,088
Other creditors 30,609 1,290
Total 41,007 12,728

INNERSUMMIT LTD

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Creditors: amounts falling due after more than one year note

5 months to 31 January 2024 14 months to 31 August 2023
£ £
Bank loans and overdrafts 0 7,750
Total 0 7,750