Company registration number 10686787 (England and Wales)
SUMMITK2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SUMMITK2 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SUMMITK2 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,134
16,121
Tangible assets
4
192,213
165,132
205,347
181,253
Current assets
Stocks
1,910
1,910
Debtors
5
2,372
2,235
Cash at bank and in hand
79,821
92,533
84,103
96,678
Creditors: amounts falling due within one year
6
(76,896)
(52,189)
Net current assets
7,207
44,489
Total assets less current liabilities
212,554
225,742
Creditors: amounts falling due after more than one year
7
(3,497)
(13,354)
Provisions for liabilities
(36,520)
(31,375)
Net assets
172,537
181,013
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
172,437
180,913
Total equity
172,537
181,013
SUMMITK2 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 January 2026 and are signed on its behalf by:
V H Hobbs
Director
Company registration number 10686787 (England and Wales)
SUMMITK2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

SummitK2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is K2 Gym, Main Avenue, Brackla Industrial Estate, Bridgend, CF31 2AG.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
1.5
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

SUMMITK2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
29,869
Amortisation and impairment
At 1 April 2024
13,748
Amortisation charged for the year
2,987
At 31 March 2025
16,735
Carrying amount
At 31 March 2025
13,134
At 31 March 2024
16,121
SUMMITK2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
320,093
Additions
78,128
At 31 March 2025
398,221
Depreciation and impairment
At 1 April 2024
154,961
Depreciation charged in the year
51,047
At 31 March 2025
206,008
Carrying amount
At 31 March 2025
192,213
At 31 March 2024
165,132
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,372
2,235
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
1,836
1,836
Corporation tax
1,867
2,443
Other taxation and social security
49,260
30,980
Other creditors
13,933
6,930
76,896
52,189
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,497
13,354
2025-03-31 2024-04-01 false false false 06 January 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Vicky Hobbs Mr G Cooper 10686787 2024-04-01 2025-03-31 10686787 2025-03-31 10686787 2024-03-31 10686787 core:NetGoodwill 2025-03-31 10686787 core:NetGoodwill 2024-03-31 10686787 core:OtherPropertyPlantEquipment 2025-03-31 10686787 core:OtherPropertyPlantEquipment 2024-03-31 10686787 core:WithinOneYear 2025-03-31 10686787 core:WithinOneYear 2024-03-31 10686787 core:AfterOneYear 2025-03-31 10686787 core:AfterOneYear 2024-03-31 10686787 core:CurrentFinancialInstruments 2025-03-31 10686787 core:CurrentFinancialInstruments 2024-03-31 10686787 core:ShareCapital 2025-03-31 10686787 core:ShareCapital 2024-03-31 10686787 core:RetainedEarningsAccumulatedLosses 2025-03-31 10686787 core:RetainedEarningsAccumulatedLosses 2024-03-31 10686787 bus:Director1 2024-04-01 2025-03-31 10686787 core:Goodwill 2024-04-01 2025-03-31 10686787 core:PlantMachinery 2024-04-01 2025-03-31 10686787 core:FurnitureFittings 2024-04-01 2025-03-31 10686787 2023-04-01 2024-03-31 10686787 core:NetGoodwill 2024-03-31 10686787 core:NetGoodwill 2024-04-01 2025-03-31 10686787 core:OtherPropertyPlantEquipment 2024-03-31 10686787 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 10686787 core:Non-currentFinancialInstruments 2025-03-31 10686787 core:Non-currentFinancialInstruments 2024-03-31 10686787 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10686787 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10686787 bus:FRS102 2024-04-01 2025-03-31 10686787 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 10686787 bus:Director2 2024-04-01 2025-03-31 10686787 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP