IRIS Accounts Production v25.1.3.33 02792233 Board of Directors 1.3.24 28.2.25 28.2.25 false true false false true false Ordinary shares 1.00000 Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027922332024-02-29027922332025-02-28027922332024-03-012025-02-28027922332023-02-28027922332023-03-012024-02-29027922332024-02-2902792233ns15:EnglandWales2024-03-012025-02-2802792233ns14:PoundSterling2024-03-012025-02-2802792233ns10:Director12024-03-012025-02-2802792233ns10:PrivateLimitedCompanyLtd2024-03-012025-02-2802792233ns10:SmallEntities2024-03-012025-02-2802792233ns10:AuditExemptWithAccountantsReport2024-03-012025-02-2802792233ns10:SmallCompaniesRegimeForDirectorsReport2024-03-012025-02-2802792233ns10:SmallCompaniesRegimeForAccounts2024-03-012025-02-2802792233ns10:FullAccounts2024-03-012025-02-2802792233ns10:OrdinaryShareClass12024-03-012025-02-2802792233ns10:Director22024-03-012025-02-2802792233ns10:RegisteredOffice2024-03-012025-02-2802792233ns5:CurrentFinancialInstruments2025-02-2802792233ns5:CurrentFinancialInstruments2024-02-2902792233ns5:Non-currentFinancialInstruments2025-02-2802792233ns5:Non-currentFinancialInstruments2024-02-2902792233ns5:ShareCapital2025-02-2802792233ns5:ShareCapital2024-02-2902792233ns5:CapitalRedemptionReserve2025-02-2802792233ns5:CapitalRedemptionReserve2024-02-2902792233ns5:RetainedEarningsAccumulatedLosses2025-02-2802792233ns5:RetainedEarningsAccumulatedLosses2024-02-2902792233ns5:PlantMachinery2024-02-2902792233ns5:MotorVehicles2024-02-2902792233ns5:PlantMachinery2024-03-012025-02-2802792233ns5:MotorVehicles2024-03-012025-02-2802792233ns5:PlantMachinery2025-02-2802792233ns5:MotorVehicles2025-02-2802792233ns5:PlantMachinery2024-02-2902792233ns5:MotorVehicles2024-02-2902792233ns5:WithinOneYearns5:CurrentFinancialInstruments2025-02-2802792233ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2902792233ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2025-02-2802792233ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-02-2902792233ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2025-02-2802792233ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-02-2902792233ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2025-02-2802792233ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2902792233ns5:HirePurchaseContracts2025-02-2802792233ns5:HirePurchaseContracts2024-02-2902792233ns5:WithinOneYear2025-02-2802792233ns5:WithinOneYear2024-02-2902792233ns5:BetweenOneFiveYears2025-02-2802792233ns5:BetweenOneFiveYears2024-02-2902792233ns5:AllPeriods2025-02-2802792233ns5:AllPeriods2024-02-2902792233ns5:Secured2025-02-2802792233ns5:Secured2024-02-2902792233ns5:DeferredTaxation2024-02-2902792233ns5:DeferredTaxation2024-03-012025-02-2802792233ns5:DeferredTaxation2025-02-2802792233ns10:OrdinaryShareClass12025-02-28027922331ns10:Director12024-02-29027922331ns10:Director12023-02-28027922331ns10:Director12024-03-012025-02-28027922331ns10:Director12023-03-012024-02-29027922331ns10:Director12025-02-28027922331ns10:Director12024-02-29
REGISTERED NUMBER: 02792233 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

SUMMIT DESIGN LIMITED

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025










Page

Company Information 1

Accountants' Report 2

Statement of Financial Position 3 to 4

Notes to the Financial Statements 5 to 10


SUMMIT DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025







DIRECTORS: Mr D A Veysey
Mr D J Sparling





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 02792233 (England and Wales)





ACCOUNTANTS: Seymour Taylor Limited
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SUMMIT DESIGN LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Summit Design Limited for the year ended 28 February 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Summit Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Summit Design Limited and state those matters that we have agreed to state to the Board of Directors of Summit Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Summit Design Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Summit Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Summit Design Limited. You consider that Summit Design Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Summit Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Seymour Taylor Limited
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE


2 June 2025

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 106,884 89,041

CURRENT ASSETS
Stocks 32,946 34,546
Debtors 5 639,664 573,736
Cash at bank 99,843 160,855
772,453 769,137
CREDITORS
Amounts falling due within one year 6 432,487 510,805
NET CURRENT ASSETS 339,966 258,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

446,850

347,373

CREDITORS
Amounts falling due after more than one
year

7

(41,676

)

(33,979

)

PROVISIONS FOR LIABILITIES 10 (21,116 ) (868 )
NET ASSETS 384,058 312,526

CAPITAL AND RESERVES
Called up share capital 11 188 188
Capital redemption reserve 62 62
Retained earnings 383,808 312,276
SHAREHOLDERS' FUNDS 384,058 312,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2025


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:





Mr D A Veysey - Director


SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


1. GENERAL INFORMATION

Summit Design Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is First Floor North, 40 Oxford Road,High Wycombe, Buckinghamshire, England, HP11 2EE. The principal place of business is Ground Floor Office, Unit 3 The Courtyard, Furlong Road, Bourne End, Buckinghamshire, SL8 5AU. The registered number is 02792233.

The principal activity of the company is that of air conditioning and heating installation.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of consideration received or receivable for goods and services net of value added tax.

Turnover from contract activities represents the value of work carried out during the year, including amounts not invoiced.

Where the outcome of individual contracts can be estimated reliably, turnover and costs are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreements with the customer.

Provision is made for all known or expected losses on individual contracts once such losses are foreseen.

Turnover in respect of variations to contracts is recognised when it is probable it will be agreed by the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Plant and machinery-reducing balance - 25% and reducing balance - 15%
Motor vehicles -straight line over six years

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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.

Pension
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2024 152,991 198,747 351,738
Additions 173 55,740 55,913
Disposals - (37,840 ) (37,840 )
At 28 February 2025 153,164 216,647 369,811
DEPRECIATION
At 1 March 2024 137,368 125,329 262,697
Charge for year 3,244 28,629 31,873
Eliminated on disposal - (31,643 ) (31,643 )
At 28 February 2025 140,612 122,315 262,927
NET BOOK VALUE
At 28 February 2025 12,552 94,332 106,884
At 29 February 2024 15,623 73,418 89,041

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


5. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 566,186 448,040
Other debtors 68,322 107,472
634,508 555,512

Amounts falling due after more than one year:
Other debtors 5,156 18,224

Aggregate amounts 639,664 573,736

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 10,000 30,000
Hire purchase contracts (see note 8) 24,734 18,149
Trade creditors 294,505 355,897
Taxation and social security 78,121 71,120
Other creditors 25,127 35,639
432,487 510,805

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans - 10,000
Hire purchase contracts (see note 8) 41,676 23,979
41,676 33,979

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 24,734 18,149
Between one and five years 41,676 23,979
66,410 42,128

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2025 2024
£    £   
Within one year 26,798 15,198
Between one and five years 43,675 873
70,473 16,071

9. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 10,000 40,000
Hire purchase contracts 66,410 42,128
76,410 82,128

Bank loans are secured under the terms of the Government's coronavirus business interruption loan scheme ("CBILS").

The obligations under hire purchase contracts are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 21,116 868

Deferred
tax
£   
Balance at 1 March 2024 868
Provided during year 20,248
Balance at 28 February 2025 21,116

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
188 Ordinary shares £1 188 188

SUMMIT DESIGN LIMITED (REGISTERED NUMBER: 02792233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2025 and 29 February 2024:

2025 2024
£    £   
Mr D A Veysey
Balance outstanding at start of year 13,960 (21,178 )
Amounts advanced 236 35,138
Amounts repaid (14,009 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 187 13,960

Interest is charged on the loan at 2.25%.