Summ.it Assist LLP - Accounts to registrar (filleted) - small 18.2

Summ.it Assist LLP - Accounts to registrar (filleted) - small 18.2

SUMM.IT ASSIST LLP - Company Information

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REGISTERED NUMBER: OC329577 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 March 2020

for

Summ.it Assist LLP
Summ.it Assist LLP (Registered number: OC329577)






Contents of the Financial Statements
For The Year Ended 31 March 2020




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Summ.it Assist LLP

General Information
For The Year Ended 31 March 2020







DESIGNATED MEMBERS: S J Dunbar
A Jackson
J Sanderson-Brown





REGISTERED OFFICE: 2nd Floor, 3 Hardman Square
Spinningfields
Manchester
M3 3EB





REGISTERED NUMBER: OC329577 (England and Wales)





Page 1
Summ.it Assist LLP (Registered number: OC329577)

Statement of Financial Position
31 March 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,101 17,145
Investments 5 90,100 101,100
108,201 118,245

CURRENT ASSETS
Debtors 6 253,735 251,877
Investments 7 33,800 22,800
Cash at bank 383,323 295,146
670,858 569,823
CREDITORS
Amounts falling due within one year 8 495,919 506,396
NET CURRENT ASSETS 174,939 63,427
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
283,140
181,672

LOANS AND OTHER DEBTS DUE TO
MEMBERS
9
283,140
181,672

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 283,140 181,672

The notes form part of these financial statements

Page 2 continued...
Summ.it Assist LLP (Registered number: OC329577)

Statement of Financial Position - continued
31 March 2020


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2020.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 8 December 2020 and were signed by:




A Jackson - Designated member




J Sanderson-Brown - Designated member


The notes form part of these financial statements

Page 3
Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements
For The Year Ended 31 March 2020

1. STATUTORY INFORMATION

Summ.it Assist LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Summ.it Assist LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Furniture & Fittings10% Reducing balance
Computer Equipment33% Reducing balance

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme for its staff members. Contributions payable to the LLP's pension scheme are charged to the profit and loss account in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 19 (2019 - 18 ) .

Page 4 continued...
Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2020

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2019 47,517
Additions 10,525
Disposals (23,908 )
At 31 March 2020 34,134
DEPRECIATION
At 1 April 2019 30,372
Charge for year 7,038
Eliminated on disposal (21,377 )
At 31 March 2020 16,033
NET BOOK VALUE
At 31 March 2020 18,101
At 31 March 2019 17,145

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2019
and 31 March 2020 90,100
NET BOOK VALUE
At 31 March 2020 90,100
At 31 March 2019 90,100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 208,618 214,118
Other debtors 45,117 37,759
253,735 251,877

7. CURRENT ASSET INVESTMENTS

The current asset investments represent shares held in 2 listed companies. As at the balance sheet date, the LLP held 64,500 shares at a price of 14p per share and 40,000 shares at a price of 11p per share representing a market rate valuation at the balance sheet date of £13,430 (2019: £33,062).

Page 5 continued...
Summ.it Assist LLP (Registered number: OC329577)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2020

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 28,898 26,697
Amounts owed to group undertakings 221,739 228,190
Taxation and social security 154,962 144,111
Other creditors 90,320 107,398
495,919 506,396

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2020 2019
£    £   
Amounts owed to members in respect of profits 283,140 181,672

Falling due within one year 283,140 181,672

In the event of a winding up the amounts included in 'Loans and other debts due to members' will rank equally with unsecured creditors.

10. RELATED PARTY DISCLOSURES

During the year, the Company was charged £132,829 (2019 - £159,954) by Summ.IT Accounting (Mauritius) Limited for accounting services. Included in the accounts at the balance sheet date is £221,739 due to Summ.IT Accounting (Mauritius) Limited (2019 - £228,190).

11. ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the members.

Page 6