Company Registration No. 10261616 (England and Wales)
Summerhouse Inc Ltd
Unaudited
Financial Statements
for the year ended 31 July 2020
PAGES FOR FILING WITH REGISTRAR
Summerhouse Inc Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Summerhouse Inc Ltd
Statement Of Financial Position
as at 31 July 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,980
9,307
Current assets
Debtors
4
14,863
10,841
Cash at bank and in hand
19,714
27,047
34,577
37,888
Creditors: amounts falling due within one year
5
(22,864)
(18,659)
Net current assets
11,713
19,229
Total assets less current liabilities
18,693
28,536
Creditors: amounts falling due after more than one year
6
(3,975)
(6,133)
Net assets
14,718
22,403
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
14,717
22,402
Total equity
14,718
22,403
Summerhouse Inc Ltd
Statement Of Financial Position (continued)
as at 31 July 2020
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2020
A J Spencer
Director
Company Registration No. 10261616
Summerhouse Inc Ltd
Notes to the financial statements
for the year ended 31 July 2020
- 3 -
1
Accounting policies
Accounting convention
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover
represents
the fair value of the consideration received for goods and services provided in the normal course of business
, and
is shown net of VAT
.
Turnover is recognised on the supply of goods and services.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
less
depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
2020
2019
Number
Number
Total
1
1
Summerhouse Inc Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2020
- 4 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 August 2019 and 31 July 2020
12,950
Depreciation and impairment
At 1 August 2019
3,643
Depreciation charged in the year
2,327
At 31 July 2020
5,970
Carrying amount
At 31 July 2020
6,980
At 31 July 2019
9,307
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
14,863
10,160
Other debtors
-
681
14,863
10,841
5
Creditors: amounts falling due within one year
2020
2019
£
£
Obligation under finance lease
2,148
2,148
Corporation tax
12,099
10,739
Other taxation and social security
5,052
2,958
Other creditors
2,165
1,414
Accruals and deferred income
1,400
1,400
22,864
18,659
Obligation under finance lease are secured.
Summerhouse Inc Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2020
- 5 -
6
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Obligation under finance lease
3,975
6,133
Obligation under finance lease are secured.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
Company information
Summerhouse Inc Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.