SUMMIT_REAL_ESTATE_LIMITE - Accounts

SUMMIT REAL ESTATE LIMITED - Company Information

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Company Registration No. 08598644 (England and Wales)

SUMMIT REAL ESTATE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

SUMMIT REAL ESTATE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SUMMIT REAL ESTATE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

5,180

8,320

Current assets

Stocks

7,224,045

7,215,169

Debtors

31,337

35,020

Cash at bank and in hand

1,137

40,373

7,256,519

7,290,562

Creditors: amounts falling due within one year

(8,247,113)

(7,724,912)

Net current liabilities

(990,594)

(434,350)

Total assets less current liabilities

(985,414)

(426,030)

Capital and reserves

Called up share capital

100

Profit and loss account

(985,514)

(426,130)

Shareholders' funds

(985,414)

(426,030)

For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 February 2016

Mr N Sladen

Director

Company Registration No. 08598644

SUMMIT REAL ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company made a loss for the period and has a balance deficit. The company is dependent on the continued support of its creditors.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover and profits

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

33% Straight Line

1.5

Stock

Work in progress is valued at the lower of cost and net realisable value.

SUMMIT REAL ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2014

12,480

Additions

1,530

At 31 August 2015

14,010

Depreciation

At 1 September 2014

4,160

Charge for the year

4,670

At 31 August 2015

8,830

Net book value

At 31 August 2015

5,180

At 31 August 2014

8,320

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary of £1 each

100