REGISTERED NUMBER: 10527788 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Summit Accountants Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G P Jelley

S R Tyson

REGISTERED OFFICE:

M.01 Tomorrow

Mediacityuk

Salford

Greater Manchester

M50 2AB

REGISTERED NUMBER:

10527788 (England and Wales)

FIXED ASSETS

Tangible assets

4

20,204

15,166

CURRENT ASSETS

Debtors

5

412,364

301,032

Investments

6

550,000

250,000

Prepayments and accrued income

13,716

146,331

Cash at bank

97,355

275,772

1,073,435

973,135

CREDITORS

Amounts falling due within one year

7

276,125

250,738

NET CURRENT ASSETS

797,310

722,397

TOTAL ASSETS LESS CURRENT LIABILITIES

817,514

737,563

CREDITORS

Amounts falling due after more than one year

8

(418,699

)

(360,306

)

PROVISIONS FOR LIABILITIES

(5,051

)

(3,791

)

NET ASSETS

393,764

373,466

CAPITAL AND RESERVES

Called up share capital

200

200

Revaluation reserve

10

(38,219

)

(38,219

)

Retained earnings

431,783

411,485

393,764

373,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

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 27 September 2025 and were signed on its behalf by:

G P Jelley - Director

S R Tyson - Director

1.	STATUTORY INFORMATION

Summit Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is recognised when, and to the extent that, the company obtains the right to consideration. The point of recognition is after the service has been performed, when the risk and rewards associated with the goods/services have been transferred or in accordance with contractual terms. Turnover excludes value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 20% on cost

Taxation

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

31,227

Additions

12,473

Disposals

(844

)

At 31 December 2024

42,856

DEPRECIATION

At 1 January 2024

16,061

Charge for year

6,898

Eliminated on disposal

(307

)

At 31 December 2024

22,652

NET BOOK VALUE

At 31 December 2024

20,204

At 31 December 2023

15,166

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

155,993

125,237

Amounts owed by group undertakings

2,105

-

Amounts owed by associates

187,557

115,999

Other debtors

66,709

59,796

412,364

301,032

6.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Shares in group undertakings

550,000

250,000

Investments are held at cost.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

139,455

135,630

Trade creditors

48,656

24,674

Amounts owed to associates

6,726

-

Taxation and social security

74,872

85,787

Other creditors

6,416

4,647

276,125

250,738

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

418,699

360,306

9.	SECURED DEBTS

The companies assets are secured by a fixed and floating charge held by National Westminster Bank PLC.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

(38,219

)

11.	CONTINGENT LIABILITIES

As part of the acquisition of a subsidiary, additional consideration of up to £250,000 is payable to the vendors dependent upon the achievement of specified performance targets.

At the balance sheet date, the conditions for payment had not yet been met and accordingly no provision has been recognised. The potential liability will be recognised as an increase to the cost of investment (and corresponding liability) in the period in which the conditions are satisfied and the obligation to pay becomes unavoidable.