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2021-02-28 08212714 dpl-frs:Item5 2020-03-01 2021-02-28 08212714 dpl-frs:Item5 2020-02-29 08212714 dpl-frs:Item5 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item5 2020-03-01 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item5 2020-02-29 08212714 dpl-frs:CostSales dpl-frs:Item5 2021-02-28 08212714 dpl-frs:DistributionCosts dpl-frs:Item5 2020-03-01 2021-02-28 08212714 dpl-frs:AdministrativeExpenses dpl-frs:Item5 2020-03-01 2021-02-28 08212714 dpl-frs:Item6 2020-03-01 2021-02-28 08212714 dpl-frs:Item6 2020-02-29 08212714 dpl-frs:Item6 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item6 2020-03-01 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item6 2020-02-29 08212714 dpl-frs:CostSales dpl-frs:Item6 2021-02-28 08212714 dpl-frs:DistributionCosts dpl-frs:Item6 2020-03-01 2021-02-28 08212714 dpl-frs:AdministrativeExpenses dpl-frs:Item6 2020-03-01 2021-02-28 08212714 dpl-frs:Item7 2020-03-01 2021-02-28 08212714 dpl-frs:Item7 2020-02-29 08212714 dpl-frs:Item7 2021-02-28 08212714 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dpl-frs:Item11 2020-03-01 2021-02-28 08212714 dpl-frs:Item12 2020-03-01 2021-02-28 08212714 dpl-frs:Item12 2020-02-29 08212714 dpl-frs:Item12 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item12 2020-03-01 2021-02-28 08212714 dpl-frs:CostSales dpl-frs:Item12 2020-02-29 08212714 dpl-frs:CostSales dpl-frs:Item12 2021-02-28 08212714 dpl-frs:DistributionCosts dpl-frs:Item12 2020-03-01 2021-02-28 08212714 dpl-frs:AdministrativeExpenses dpl-frs:Item12 2020-03-01 2021-02-28 08212714 1 2020-03-01 2021-02-28 08212714 frs-countries:EnglandWales 2020-03-01 2021-02-28
Registered number: 08212714
Set Square Investments Limited
Financial Statements
For The Year Ended 28 February 2022
Meacher-Jones

Chartered Accountants

Meacher-Jones, 6 St John's Court
Vicars Lane
Chester
Cheshire
CH1 1QE
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08212714
2022 2021
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 136,041 138,184
Tangible Assets 4 109,553 85,365
Investments 5 200 -
245,794 223,549
CURRENT ASSETS
Stocks 6 555,529 519,545
Debtors 7 216,804 175,328
Cash at bank and in hand 28,313 127,532
800,646 822,405
Creditors: Amounts Falling Due Within One Year 8 (441,185 ) (232,715 )
NET CURRENT ASSETS (LIABILITIES) 359,461 589,690
TOTAL ASSETS LESS CURRENT LIABILITIES 605,255 813,239
Creditors: Amounts Falling Due After More Than One Year 9 (296,977 ) (379,222 )
NET ASSETS 308,278 434,017
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Share premium account 209,000 209,000
Profit and Loss Account 98,278 224,017
SHAREHOLDERS' FUNDS 308,278 434,017
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Eduard Sparkes
Director
5 April 2022
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website and image library. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on cost
Motor Vehicles 10% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 15% & 20% on cost
1.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
1.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11. Comparative figures
The comparative figures have been adjusted to amend the share capital brought forward tangible fixed assets, classification of other debtors and the repayment split of the bank borrowings. Further information can be found in the notes to the accounts.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 10 (2021: 10)
10 10
3. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 March 2021 83,331 174,431 257,762
Additions - 17,000 17,000
Disposals (83,331) - (83,331 )
As at 28 February 2022 - 191,431 191,431
Amortisation
As at 1 March 2021 83,331 36,247 119,578
Provided during the period - 19,143 19,143
Disposals (83,331) - (83,331 )
As at 28 February 2022 - 55,390 55,390
Net Book Value
As at 28 February 2022 - 136,041 136,041
As at 1 March 2021 - 138,184 138,184
Page 4
Page 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2021 54,746 26,485 10,144 58,135 149,510
Additions 12,533 31,563 3,648 3,907 51,651
Disposals - - - (3,216 ) (3,216 )
As at 28 February 2022 67,279 58,048 13,792 58,826 197,945
Depreciation
As at 1 March 2021 20,484 8,346 7,282 28,033 64,145
Provided during the period 11,566 5,804 1,342 6,281 24,993
Disposals - - - (746 ) (746 )
As at 28 February 2022 32,050 14,150 8,624 33,568 88,392
Net Book Value
As at 28 February 2022 35,229 43,898 5,168 25,258 109,553
As at 1 March 2021 34,262 18,139 2,862 30,102 85,365
5. Investments
Unlisted
£
Cost
As at 1 March 2021 -
Additions 200
As at 28 February 2022 200
Provision
As at 1 March 2021 -
As at 28 February 2022 -
Net Book Value
As at 28 February 2022 200
As at 1 March 2021 -
Unlisted investments include the following wholly owned subsidiaries:
Company name: Promounts Limited

Address: Unit 9 Gledrid Industrial Park, Chirk, Wrexham, LL14 5DG

Class of share held: Ordinary

Percentage held: 100%


Company name: Sliding Systems Limited

Address: Unit 9 Gledrid Industrial Park, Chirk, Wrexham, LL14 5DG

Class of share held: Ordinary

Percentage held: 100%

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6. Stocks
2022 2021
£ £
Stock - materials and work in progress 555,529 519,545
555,529 519,545
7. Debtors
2022 2021
£ £
Due within one year
Trade debtors 163,675 72,713
Prepayments and accrued income 8,790 -
Other debtors 44,339 33,457
Corporation tax recoverable assets - 64,577
VAT - 4,581
216,804 175,328
8. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts 6,986 -
Trade creditors 87,678 156,531
Bank loans and overdrafts 145,350 68,376
Other taxes and social security 8,780 7,708
VAT 1,122 -
Other creditors 185,975 -
Accruals and deferred income 5,294 100
441,185 232,715
9. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Net obligations under finance lease and hire purchase contracts 27,943 -
Bank loans 269,034 379,222
296,977 379,222
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10. Obligations Under Finance Leases and Hire Purchase
2022 2021
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 6,986 -
Between one and five years 27,943 -
34,929 -
34,929 -
11. Share Capital
2022 2021
Allotted, Called up and fully paid 1,000 1,000
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2022 2021
£ £
Within 1 year 25,417 24,417
Between 1 and 5 years 10,833 36,417
36,250 60,834
13. FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14. Prior period adjustments
The comparative figures have been adjusted to amend the classification of other debtors, the repayment split of the bank borrowing and the classification of share premium. In addition, the prior period figures have been ammended to correct the brought forward tangible asset classification and carrying value. This resulted in an additional charge to the profit and loss account of £122 in 2021 which has reduced the brought forward reserves in 2022 from £224,017 to £223,895.
15. Audit Information
The auditors report on the account of Set Square Investments Limited for the year ended 28 February 2022 was unqualified
The auditor's report was signed by Alastair Jeffcott (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited , Statutory Auditor
Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9PX
16. General Information
Set Square Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08212714 . The registered office is 2 Cedar Court Brynkinallt, Chirk, Wrexham, LL14 5NS.
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