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Company No: 15032720 (England and Wales)

SUMMIX GET DEVELOPMENTS LIMITED
(Formerly Summix NUE Developments Limited)

Unaudited Financial Statements
For the financial period from 27 July 2023 to 31 December 2024
Pages for filing with the registrar

SUMMIX GET DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial period from 27 July 2023 to 31 December 2024

Contents

SUMMIX GET DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
SUMMIX GET DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024
£
Current assets
Stocks 4,859,894
Debtors 3 67,521
Cash at bank and in hand 2,489
4,929,904
Creditors: amounts falling due within one year 4 ( 5,554,400)
Net current liabilities (624,496)
Total assets less current liabilities (624,496)
Net liabilities ( 624,496)
Capital and reserves
Called-up share capital 5 1
Profit and loss account ( 624,497 )
Total shareholder's deficit ( 624,496)

For the financial period 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 Summix GET Developments Limited (registered number: 15032720) were approved and authorised for issue by the Board of Directors on 25 April 2025. They were signed on its behalf by:

B McComb
Director
SUMMIX GET DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 July 2023 to 31 December 2024
SUMMIX GET DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 July 2023 to 31 December 2024
1. Accounting policies

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

General information and basis of accounting

Summix GET Developments Limited (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 Fifth Floor, Berkeley Square House, Berkeley Square, London, W1J 6BY, 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 Statement of Financial Position 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.

Reporting period length

The financial statements represent the first period of operations of the company, covering the period from incorporation to 31 December 2024.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stock of properties are stated at lower of cost and estimated selling price less cost to complete and sell

Cash and cash equivalents

Cash at bank in hand are basic financial assets and include cash in hand

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
27.07.2023 to
31.12.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 4

3. Debtors

31.12.2024
£
Other debtors 67,521

4. Creditors: amounts falling due within one year

31.12.2024
£
Trade creditors 84,210
Amounts owed to Parent undertakings 5,432,857
Amounts owed to connected companies 31,610
Other creditors 5,723
5,554,400

5. Called-up share capital

31.12.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

6. Related Party transaction

The company has taken advantage of the exemptions available under FRS 102 not to disclose transactions with wholly owned group companies.