David Summerfield Limited


Director	SMITH, Raymond


Registered Address	70 Parklands
	Ponteland
	Newcastle Upon Tyne
	NE20 9LN


Registered Number	00439774 (England and Wales)

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Short Leasehold Property - Over the term of the lease Fixtures and Fittings - 10% Reducing balance and 20% Straight line or over the term of the lease. Office Equipment - 25% Reducing balance

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Short Leasehold Property   - Over the term of the lease
Fixtures and Fittings          - 10% Reducing balance and 20% Straight line or over the term of the lease.
Office Equipment               - 25% Reducing balance

	Investments
	Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	16		17

3.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 February 24	399,478	-	183,067	128,624	711,169
Additions	-	31,220	5,280	604	37,104
Disposals	(45,718)	-	(27,279)	(635)	(73,632)
At 31 January 25	353,760	31,220	161,068	128,593	674,641
Depreciation and impairment
At 01 February 24	106,260	-	171,281	88,377	365,918
Charge for year	5,149	7,165	2,217	17,494	32,025
On disposals	(45,718)	-	(27,279)	(635)	(73,632)
At 31 January 25	65,691	7,165	146,219	105,236	324,311
Net book value
At 31 January 25	288,069	24,055	14,849	23,357	350,330
At 31 January 24	293,218	-	11,786	40,247	345,251

4.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 February 24	4,800	4,800
At 31 January 25	4,800	4,800
Net book value
At 31 January 25	4,800	4,800
At 31 January 24	4,800	4,800

	Notes
	¹Other investments other than loans

5.	Stocks

	2025	2024
	£	£
Finished goods	3,605,980	3,694,015
Total	3,605,980	3,694,015

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	2,959	2,699
Other debtors	5,344	45,263
Prepayments and accrued income	34,085	51,164
Total	42,388	99,126


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	274,884	337,243
Taxation and social security	56,407	50,940
Finance lease and HP contracts	1,326	-
Other creditors	1,377	1,449
Accrued liabilities and deferred income	16,430	16,318
Total	350,424	405,950


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	28,844	-
Total	28,844	-

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	30,171		-

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	-	25,420
Total	-	25,420

11.	Other commitments
	At 31 January 2025, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £266,667 (2024 – £372,917).

12.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
SMITH, Raymond	7,187	41,415	43,258	5,344
	7,187	41,415	43,258	5,344


	The loan was interest free and repayable on demand. The loan was repaid on 4 April 2025.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		350,330		345,251
Investments	4		4,800		4,800
			355,130		350,051
Current assets
Stocks	5	3,605,980		3,694,015
Debtors	6	42,388		99,126
Cash at bank and on hand		829,779		937,635
		4,478,147		4,730,776
Creditors amounts falling due within one year	7	(350,424)		(405,950)
Net current assets (liabilities)			4,127,723		4,324,826
Total assets less current liabilities			4,482,853		4,674,877
Creditors amounts falling due after one year	8		(28,844)		-
Provisions for liabilities	10		-		(25,420)
Net assets			4,454,009		4,649,457
Capital and reserves
Called up share capital			30,096		30,096
Share premium			2,440		2,440
Other reserves			1,124		1,124
Profit and loss account			4,420,349		4,615,797
Shareholders' funds			4,454,009		4,649,457