Summit Management Consultancy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09215717 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

SUMMIT MANAGEMENT CONSULTANCY LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

6

DIRECTORS:

Mr P A Gates

Mrs H Gates

REGISTERED OFFICE:

Britannic House

657 Liverpool Road

Irlam

Manchester

Greater Manchester

M44 5XD

BUSINESS ADDRESS:

10 Astley Road

Irlam

Manchester

M44 6AB

REGISTERED NUMBER:

09215717 (England and Wales)

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

The directors present their report with the financial statements of the company for the year ended 31 October 2020.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 November 2019 to the date of this report.

The beneficial interests of the directors holding office at 31 October 2020 in the shares of the company, according to the register of directors' interests, were as follows:

31.10.20

1.11.19

Ordinary shares of £1 each

Mr P A Gates

1

1

Mrs H Gates

1

1

These directors did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr P A Gates - Director

27 October 2021

FIXED ASSETS

Property, plant and equipment

4

3,336

1,134

CURRENT ASSETS

Debtors

5

7,760

16,485

Cash at bank

35,436

1,169

43,196

17,654

CREDITORS

Amounts falling due within one year

6

(64,141

)

(17,274

)

NET CURRENT (LIABILITIES)/ASSETS

(20,945

)

380

TOTAL ASSETS LESS CURRENT LIABILITIES

(17,609

)

1,514

PROVISIONS FOR LIABILITIES

(2

)

(215

)

NET (LIABILITIES)/ASSETS

(17,611

)

1,299

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(17,613

)

1,297

SHAREHOLDERS' FUNDS

(17,611

)

1,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2021 and were signed on its behalf by:

Mr P A Gates - Director

1.	STATUTORY INFORMATION

Summit Management Consultancy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 November 2019

3,637

Additions

3,800

At 31 October 2020

7,437

DEPRECIATION

At 1 November 2019

2,503

Charge for year

1,598

At 31 October 2020

4,101

NET BOOK VALUE

At 31 October 2020

3,336

At 31 October 2019

1,134

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Other debtors

7,760

16,485

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

513

-

Taxation and social security

12,999

16,148

Other creditors

629

1,126

64,141

17,274

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

Mr P A Gates and Mrs H Gates

Balance outstanding at start of year

16,485

6,113

Amounts advanced

8,650

50,872

Amounts repaid

(18,000

)

(40,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,135

16,485

8.	ULTIMATE CONTROLLING PARTY

The Company was under the control of its directors throughout the year.