David Summerfield Limited


Directors	SMITH, Faye Lucy
	SMITH, Raymond
	SMITH, Tom Benjamin


Registered Address	70 Parklands
	Ponteland
	Newcastle Upon Tyne
	NE20 9LN


Registered Number	00439774 (England and Wales)

Statement of Financial Position
31 January 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		330,576		350,330
Investments	4		4,800		4,800
			335,376		355,130
Current assets
Stocks	5	3,907,115		3,605,980
Debtors	6	39,096		42,393
Cash at bank and on hand		679,573		829,779
		4,625,784		4,478,152
Creditors amounts falling due within one year	7	(254,530)		(350,428)
Net current assets (liabilities)			4,371,254		4,127,724
Total assets less current liabilities			4,706,630		4,482,854
Creditors amounts falling due after one year	8		(27,441)		(28,844)
Provisions for liabilities	10		(21,749)		-
Net assets			4,657,440		4,454,010
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			4,623,780		4,420,350
Shareholders' funds			4,657,440		4,454,010

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2026, and are signed on its behalf by:

SMITH, Raymond
Director
Registered Company No. 00439774

David Summerfield Limited

Notes to the Financial Statements
for the year ended 31 January 2026

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


		2026		2025
	Average number of employees during the year	14		16

3.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 February 25	353,760	31,220	161,068	128,593	674,641
Additions	-	-	4,096	-	4,096
At 31 January 26	353,760	31,220	165,164	128,593	678,737
Depreciation and impairment
At 01 February 25	65,691	7,165	146,219	105,236	324,311
Charge for year	5,143	6,013	2,994	9,700	23,850
At 31 January 26	70,834	13,178	149,213	114,936	348,161
Net book value
At 31 January 26	282,926	18,042	15,951	13,657	330,576
At 31 January 25	288,069	24,055	14,849	23,357	350,330

4.	Fixed asset investments

	Other investments¹	Total
	£	£
Cost or valuation
At 01 February 25	4,800	4,800
At 31 January 26	4,800	4,800
Net book value
At 31 January 26	4,800	4,800
At 31 January 25	4,800	4,800

	Notes
	¹Other investments other than loans

5.	Stocks

	2026	2025
	£	£
Finished goods	3,907,115	3,605,980
Total	3,907,115	3,605,980

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	3,025	2,959
Other debtors	195	5,349
Prepayments and accrued income	35,876	34,085
Total	39,096	42,393


	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

	2026	2025
	£	£
Trade creditors / trade payables	149,939	274,893
Taxation and social security	85,715	56,407
Finance lease and HP contracts	1,403	1,326
Other creditors	5,212	1,373
Accrued liabilities and deferred income	12,261	16,429
Total	254,530	350,428


	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

	2026	2025
	£	£
Other creditors	27,441	28,844
Total	27,441	28,844

9.	Obligations under finance leases

		2026		2025
		£		£
	Finance lease and HP contracts	28,844		30,171

10.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	21,749	-
Total	21,749	-

11.	Other commitments
	At 31 January 2026, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £166,667 (2025 – £266,667).

12.	Directors advances, credits and guarantees
	On 1 February 2025, the director owed the company £5,344. During the period the directors were advanced a further £4,263 and repaid £14,820. As at 31 January 2026 the company owed the directors £5,213.