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

REGISTERED NUMBER: OC329577 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 March 2022

for

Summ.it Assist LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

S J Dunbar

A Jackson

J Sanderson-Brown

LJ Brogden

A Doyle

REGISTERED OFFICE:

2nd Floor, 3 Hardman Square

Spinningfields

Manchester

M3 3EB

REGISTERED NUMBER:

OC329577 (England and Wales)

FIXED ASSETS

Intangible assets

4

68,400

-

Tangible assets

5

62,161

17,649

Investments

6

40,100

30,100

170,661

47,749

CURRENT ASSETS

Debtors

7

415,004

355,763

Investments

8

21,009

33,800

Cash at bank

586,982

528,741

1,022,995

918,304

CREDITORS

Amounts falling due within one year

9

721,856

576,618

NET CURRENT ASSETS

301,139

341,686

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

471,800

389,435

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

471,800

389,435

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

471,800

389,435

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 2022.

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 15 December 2022 and were signed by:

A Jackson - Designated member

J Sanderson-Brown - Designated member

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

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.

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.

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

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 29 (2021 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

72,000

At 31 March 2022

72,000

AMORTISATION

Charge for year

3,600

At 31 March 2022

3,600

NET BOOK VALUE

At 31 March 2022

68,400

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

34,180

Additions

61,870

Disposals

(9,278

)

At 31 March 2022

86,772

DEPRECIATION

At 1 April 2021

16,531

Charge for year

12,676

Eliminated on disposal

(4,596

)

At 31 March 2022

24,611

NET BOOK VALUE

At 31 March 2022

62,161

At 31 March 2021

17,649

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

30,100

Additions

10,000

At 31 March 2022

40,100

NET BOOK VALUE

At 31 March 2022

40,100

At 31 March 2021

30,100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

357,740

319,900

Other debtors

57,264

35,863

415,004

355,763

8.	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 28.20p per share and 40,000 shares at a price of 7.05p per share.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

60,921

47,416

Amounts owed to group undertakings

240,566

259,335

Taxation and social security

201,664

162,939

Other creditors

218,705

106,928

721,856

576,618

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2022

2021

£

£

Amounts owed to members in respect of profits

471,800

389,435

Falling due within one year

471,800

389,435

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

11.	RELATED PARTY DISCLOSURES

During the year, the Company was charged £114,432 (2021 - £152,870 by Summ.IT Accounting (Mauritius) Limited for accounting services. Included in the accounts at the balance sheet date is £240,556 due to Summ.IT Accounting (Mauritius) Limited (2021 - £259,335).

12.	ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the members.