Company Registration No. 00726495 (England and Wales)
SUMMIT TRUST COMPANY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SUMMIT TRUST COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SUMMIT TRUST COMPANY LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,297
1,781
Current assets
Debtors
4
222,330
230,685
Cash at bank and in hand
14,041
22,630
236,371
253,315
Creditors: amounts falling due within one year
5
(53,310)
(49,490)
Net current assets
183,061
203,825
Total assets less current liabilities
184,358
205,606
Capital and reserves
Called up share capital
6
100,000
100,000
Profit and loss reserves
84,358
105,606
Total equity
184,358
205,606
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
R M Lee-Smith
Director
Company Registration No. 00726495
SUMMIT TRUST COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Summit Trust Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 54 Portland Place, London, United Kingdom, W1B 1DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future, due to the continued support of its immediate parent company for trading. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover comprises fees for acting as a trustee of inter vivos settlements (excluding VAT), for providing company administration and for providing consultancy services to other group companies. Fees in respect of services are recognised as the right to consideration accrues through performance of services for clients.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:
Computer equipment
20% - 33% 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.
1.5
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 in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, amounts due from parent undertaking and cash at bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
SUMMIT TRUST COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the
initial recognition of the financial asset, the estimated future cash flows have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, including trade and other payables, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the 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.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
SUMMIT TRUST COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of initial transactions.
2
Employees
In both 2024 and 2023 only one of the directors was employed by the company and received remuneration and pension benefits from the company. The other two directors who served during the year are employed and remunerated by other group undertakings in respect of their services to the group as a whole.
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2024 and 31 December 2024
4,235
Depreciation and impairment
At 1 January 2024
2,454
Depreciation charged in the year
484
At 31 December 2024
2,938
Carrying amount
At 31 December 2024
1,297
At 31 December 2023
1,781
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,261
9,400
Amounts owed by group undertakings
179,470
199,827
Other debtors
8,607
8,515
Prepayments and accrued income
26,992
12,943
222,330
230,685
SUMMIT TRUST COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,287
2,313
Taxation and social security
628
Other creditors
228
Accruals and deferred income
49,395
46,949
53,310
49,490
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher Audit.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
26,054
24,815
9
Parent company
The immediate parent company is Summit Trust International SA, a company registered in Switzerland. The ultimate parent company is Summit Group Holdings Limited, a company registered in Guernsey.
The results of the Company are included in the consolidated financial statements of Summit Group Holdings Limited, a company incorporated in Guernsey whose registered office is Mill Court, Level 5, La Charroterie, St Peter Port, Guernsey GY1 1EJ.