Company registration number 07402769 (England and Wales)
SUMMIT FINANCIAL PLANNING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SUMMIT FINANCIAL PLANNING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SUMMIT FINANCIAL PLANNING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
100
817,129
Cash at bank and in hand
92,470
100
909,599
Creditors: amounts falling due within one year
5
(50,706)
Net current assets
100
858,893
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
858,793
Total equity
100
858,893
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 8 July 2025
Mr J W Burns
Director
Company Registration No. 07402769
SUMMIT FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Summit Financial Planning Limited is a private company limited by shares incorporated in England and Wales. The registered office is 160 Aztec, Aztec West, Bristol, BS32 4TU.
1.1
Reporting period
The previous financial year end of 31 October was extended to 31 December 2023, for commercial reasons. Therefore, those financial statements covered a reporting period of 14 months. The company hasn't traded for the period, so it's not comparable.
1.2
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 principle accounting policies adopted are set out below.
1.3
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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
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 balance sheet 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SUMMIT FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
SUMMIT FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
108,086
Amortisation and impairment
At 1 January 2024 and 31 December 2024
108,086
Carrying amount
At 31 December 2024
At 31 December 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
717,690
Other debtors
99,439
100
817,129
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
50,435
Other creditors
271
50,706
6
Related party transactions
At the year end Lucar Group Limited, owed the company £100 (2023 - £315,963). Lucar Group Limited and Summit Financial Planning have a common director.
At the year end Live Life Limited, owed the company £0 (2023 - £401,727). Live Life Limited is the parent company of Summit Financial Planning.
7
Directors' transactions
Dividends totalling £0 (2023 - £4,400) were paid in the year in respect of shares held by the company's director.
8
Parent company
The parent company of Summit Financial Planning Limited is Live Life Ltd and its registered office is 160 Aztec West, Almondsbury, Bristol, Avon, BS32 4TU.