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Company No: 02962172 (England and Wales)

SUMMERDOWN AND PARTNERS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

SUMMERDOWN AND PARTNERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

SUMMERDOWN AND PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024
SUMMERDOWN AND PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 516 1,753
516 1,753
Current assets
Debtors
- due within one year 4 49,118 39,639
- due after more than one year 4 7,588 5,557
Cash at bank and in hand 63,808 78,819
120,514 124,015
Creditors: amounts falling due within one year 5 ( 72,252) ( 70,895)
Net current assets 48,262 53,120
Total assets less current liabilities 48,778 54,873
Net assets 48,778 54,873
Capital and reserves
Called-up share capital 100 100
Profit and loss account 48,678 54,773
Total shareholders' funds 48,778 54,873

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

Director's responsibilities:

The financial statements of Summerdown and Partners Limited (registered number: 02962172) were approved and authorised for issue by the Director on 27 May 2025. They were signed on its behalf by:

G I Maspero
Director
SUMMERDOWN AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
SUMMERDOWN AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

Summerdown and Partners 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 Cross Keys House, 27 The Parade, Marlborough, Wiltshire, SN8 1NE.

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

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
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.

Retirement Benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

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 or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
***Classification of financial liabilities***
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, 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.

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

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 5

3. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 September 2023 3,736 2,250 5,381 11,367
At 31 August 2024 3,736 2,250 5,381 11,367
Accumulated depreciation
At 01 September 2023 3,736 1,172 4,706 9,614
Charge for the financial year 0 562 675 1,237
At 31 August 2024 3,736 1,734 5,381 10,851
Net book value
At 31 August 2024 0 516 0 516
At 31 August 2023 0 1,078 675 1,753

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 30,891 13,161
Other debtors 18,227 26,478
49,118 39,639
Debtors: amounts falling due after more than one year
Deferred tax asset 7,588 5,557

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 17,077 27,683
Other taxation and social security 5,838 229
Other creditors 49,337 42,983
72,252 70,895

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 50,000 50,000
between one and five years 172,361 200,000
after five years 0 22,361
222,361 272,361

7. Related party transactions

During the year the company entered into the following transactions with related parties:

Sales

2024 2023
£ £
Entities with a common director 80,536 89,942

Expenses recharged to related parties

2024 2023
£ £
Entities with a common director 197 325

Expenses recharged by related parties

2024 2023
£ £
Entities with a common director 52,182 63,712

Professional fees charged to related parties

2024 2023
£ £
Entities with a common director 34,750 31,875

Amounts due to related parties

The following amounts were outstanding at the reporting end date:

2024 2023
£ £
Entities with a common director 15,000 16,514

Amounts due from related parties

The following amounts were outstanding at the reporting end date:

2024 2023
£ £
Entities with a common director 13,978 533

All of the above transactions were made under normal commercial terms.

8. Directors' transactions

There were £nil (2023: £18,200) dividends paid in the year. There are currently £nil (2023: £9,100) outstanding dividends to be paid.