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 PERIOD ENDED 31 AUGUST 2014

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 2014

- 1 -

2014

Notes

Fixed assets

Tangible assets

8,320

Current assets

Stocks

7,215,169

Debtors

35,020

Cash at bank and in hand

40,373

7,290,562

Creditors: amounts falling due within one year

(7,724,912)

Net current liabilities

(434,350)

Total assets less current liabilities

(426,030)

Capital and reserves

Called up share capital

100

Profit and loss account

(426,130)

Shareholders' funds

(426,030)

For the financial Period ended 31 August 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the Period 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 27 November 2014

Mr Nicholas Sladen

Director

Company Registration No. 08598644

SUMMIT REAL ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 AUGUST 2014

- 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).

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.

1.3

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

1.4

Stock

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

Fixed assets

Tangible assets

Cost

At 5 July 2013

Additions

12,480

At 31 August 2014

12,480

Depreciation

At 5 July 2013

Charge for the period

4,160

At 31 August 2014

4,160

Net book value

At 31 August 2014

8,320

SUMMIT REAL ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2014

- 3 -

Share capital

2014

Allotted, called up and fully paid

100 Ordinary of £1 each

100