REGISTERED NUMBER: 01324365 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Summit Chairs Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D J Simpson

REGISTERED OFFICE:

County Gate

County Way

Trowbridge

Wiltshire

BA14 7FJ

REGISTERED NUMBER:

01324365 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,249,047

1,282,280

CURRENT ASSETS

Debtors

5

15,045

112,650

Cash at bank

4,073

8,315

19,118

120,965

CREDITORS

Amounts falling due within one year

6

155,990

316,683

NET CURRENT LIABILITIES

(136,872

)

(195,718

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,112,175

1,086,562

CREDITORS

Amounts falling due after more than one year

7

83,179

81,053

NET ASSETS

1,028,996

1,005,509

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,028,896

1,005,409

SHAREHOLDERS' FUNDS

1,028,996

1,005,509

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 director acknowledges his 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 director and authorised for issue on 30 September 2025 and were signed by:

D J Simpson - Director

1.	STATUTORY INFORMATION

Summit Chairs 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements 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.

Going Concern

At the time of approving the financial statements, the director has assessed the Statement of Financial Position and likely future cash flows. The director notes that at the balance sheet date the company had net current liabilities but overall net assets.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and Value Added Tax. Revenue is recognised when title to the goods passes to the customer, normally on despatch.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised in the current year.

Patents and licences

Expenditure on patents and licences is amortised over three years on a straight line basis.

Tangible fixed assets

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

Long leasehold

-

over period of lease

Improvements to property

-

25% on reducing balance

Financial instruments

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.

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 balance sheet date.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 1 (2023 - 70 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Long

to

leasehold

property

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

1,368,262

242,153

1,610,415

DEPRECIATION

At 1 January 2024

145,944

182,191

328,135

Charge for year

18,243

14,990

33,233

At 31 December 2024

164,187

197,181

361,368

NET BOOK VALUE

At 31 December 2024

1,204,075

44,972

1,249,047

At 31 December 2023

1,222,318

59,962

1,282,280

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Taxation recoverable

15,045

67,650

Prepayments and accrued income

-

45,000

15,045

112,650

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

35,047

28,932

Trade creditors

17,361

-

Tax

12,855

-

VAT

10,600

-

Other creditors

-

6,437

Amounts due to related undertaking

51,097

264,314

Directors' current accounts

18,030

-

Accrued expenses

11,000

17,000

155,990

316,683

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

36,808

29,701

Bank loans - 2-5 years

34,969

51,352

Bank loans - more than 5 years

11,402

-

83,179

81,053

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

11,402

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

118,226

109,985

Bank borrowings are secured by first legal charges over the company's leasehold property and by a fixed and floating charge over the assets and undertaking of the company.

Hire purchase liabilities are secured on the assets to which the contracts relate.

9.	RELATED PARTY DISCLOSURES

As at the balance sheet date, amounts due to related undertakings includes £51,097 due to a related entity held under common control. The amounts due do not bear an interest charge and are repayable on demand.

During the year premises rent of £120,000 (2023: £45,000) was charged to a company under common control.