Silverfin false false 31/12/2024 01/01/2024 31/12/2024 John Patrick Mccarthy 16/12/2020 Melissa Jeanne Mccarthy 27/04/2021 10 April 2025 The principal activity of the Company during the financial year was that of business coaching. 13085306 2024-12-31 13085306 bus:Director1 2024-12-31 13085306 bus:Director2 2024-12-31 13085306 2023-12-31 13085306 core:CurrentFinancialInstruments 2024-12-31 13085306 core:CurrentFinancialInstruments 2023-12-31 13085306 core:ShareCapital 2024-12-31 13085306 core:ShareCapital 2023-12-31 13085306 core:RetainedEarningsAccumulatedLosses 2024-12-31 13085306 core:RetainedEarningsAccumulatedLosses 2023-12-31 13085306 core:OfficeEquipment 2023-12-31 13085306 core:OfficeEquipment 2024-12-31 13085306 bus:OrdinaryShareClass1 2024-12-31 13085306 2024-01-01 2024-12-31 13085306 bus:FilletedAccounts 2024-01-01 2024-12-31 13085306 bus:SmallEntities 2024-01-01 2024-12-31 13085306 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 13085306 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13085306 bus:Director1 2024-01-01 2024-12-31 13085306 bus:Director2 2024-01-01 2024-12-31 13085306 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 13085306 2023-01-01 2023-12-31 13085306 core:OfficeEquipment 2024-01-01 2024-12-31 13085306 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13085306 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13085306 (England and Wales)

SUMMIT BUSINESS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SUMMIT BUSINESS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SUMMIT BUSINESS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2024
SUMMIT BUSINESS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS John Patrick Mccarthy
Melissa Jeanne Mccarthy
REGISTERED OFFICE 20-22 Wenlock Road
London
N1 7GU
United Kingdom
COMPANY NUMBER 13085306 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
SUMMIT BUSINESS LTD

BALANCE SHEET

As at 31 December 2024
SUMMIT BUSINESS LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 283 1,296
283 1,296
Current assets
Debtors 5 7,100 19,746
Cash at bank and in hand 19,927 16,075
27,027 35,821
Creditors: amounts falling due within one year 6 ( 30,816) ( 14,667)
Net current (liabilities)/assets (3,789) 21,154
Total assets less current liabilities (3,506) 22,450
Net (liabilities)/assets ( 3,506) 22,450
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 3,508 ) 22,448
Total shareholders' (deficit)/funds ( 3,506) 22,450

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Summit Business Ltd (registered number: 13085306) were approved and authorised for issue by the Board of Directors on 10 April 2025. They were signed on its behalf by:

John Patrick Mccarthy
Director
SUMMIT BUSINESS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SUMMIT BUSINESS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Summit Business Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20-22 Wenlock Road, London, N1 7GU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net of value added tax in respect of the provision of services to customers.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Dividends on equity shares

The directors acknowledge that Ultra Vires dividends were declared and paid during the year. At the time the dividends were paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2024 5,210 5,210
Additions 324 324
At 31 December 2024 5,534 5,534
Accumulated depreciation
At 01 January 2024 3,914 3,914
Charge for the financial year 1,337 1,337
At 31 December 2024 5,251 5,251
Net book value
At 31 December 2024 283 283
At 31 December 2023 1,296 1,296

5. Debtors

2024 2023
£ £
Trade debtors 6,316 9,485
Other debtors 784 10,261
7,100 19,746

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16 59
Taxation and social security 1,329 3,863
Other creditors 29,471 10,745
30,816 14,667

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2