Company Registration No. 07812267 (England and Wales)
SUMMIT TRUST HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SUMMIT TRUST HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SUMMIT TRUST HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
10,000,000
10,000,000
Current assets
Debtors
4
253,303
1,453
Cash at bank and in hand
14,164
64,203
267,467
65,656
Creditors: amounts falling due within one year
5
(1,309,314)
(27,450)
Net current (liabilities)/assets
(1,041,847)
38,206
Total assets less current liabilities
8,958,153
10,038,206
Creditors: amounts falling due after more than one year
6
(1,074,771)
(1,404,506)
Net assets
7,883,382
8,633,700
Capital and reserves
Called up share capital
7
10,000
10,000
Share premium account
144,589
144,589
Capital redemption reserve
2,105,000
2,105,000
Profit and loss reserves
5,623,793
6,374,111
Total equity
7,883,382
8,633,700
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. 07812267
SUMMIT TRUST HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Summit Trust Holdings Limited 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 under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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 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.
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.
SUMMIT TRUST HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Basic financial liabilities
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.
1.5
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.
1.6
Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
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.
1.7
Capital Redemption Reserve
The capital redemption reserve arose following the redemption of preference shares in prior periods. The company has carried forward the reserve in order to maintain the company's overall capital.
1.8
Dividends relate to income from shares in group undertakings, recognised in the period in which the dividend has been declared.
2
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10,000,000
10,000,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2024 & 31 December 2024
10,000,000
Carrying amount
At 31 December 2024
10,000,000
At 31 December 2023
10,000,000
SUMMIT TRUST HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Summit Trust (Cayman) Limited
1
Ordinary
0
100.00
Summit Trust Company Limited
2
Ordinary
0
100.00
Summit Trust International SA
3
Ordinary
100.00
-
Registered office addresses:
1
Buckingham Square, 720 West Bay Road, PO Box 601, Grand Cayman, KYI-9006, Cayman Islands
2
54 Portland Place, London, W1B 1DY, United Kingdom
3
6 Place des Eaux-Vives, Geneva 1207, Switzerland
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
361
1,453
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
252,942
Total debtors
253,303
1,453
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,294,414
1,500
Other creditors
14,900
25,950
1,309,314
27,450
The company has pledged its assets, including its shares in subsidiaries, to a security agent as security against present and future liabilities incurred by members of the group.
Following the year-end, the amounts owed to group undertakings has been repaid.
SUMMIT TRUST HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts due to group undertakings
1,074,771
1,404,506
Following the year-end, the amounts due to group undertakings has been repaid.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
10,000 ordinary shares of £1 each
10,000
10,000
10,000
10,000
8
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.
9
Parent company
The immediate parent is Summit Group Limited, a company registered in Guernsey, and 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.