Caseware UK (AP4) 2022.0.179 2022.0.179 falseNo description of principal activitytrue2022-01-25false3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13870065 2022-01-24 13870065 2022-01-25 2023-02-28 13870065 2021-01-25 2022-01-24 13870065 2023-02-28 13870065 c:Director1 2022-01-25 2023-02-28 13870065 d:FreeholdInvestmentProperty 2022-01-25 2023-02-28 13870065 d:FreeholdInvestmentProperty 2023-02-28 13870065 d:CurrentFinancialInstruments 2023-02-28 13870065 d:Non-currentFinancialInstruments 2023-02-28 13870065 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13870065 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 13870065 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 13870065 d:ShareCapital 2023-02-28 13870065 d:RetainedEarningsAccumulatedLosses 2023-02-28 13870065 c:OrdinaryShareClass1 2022-01-25 2023-02-28 13870065 c:OrdinaryShareClass1 2023-02-28 13870065 c:OrdinaryShareClass2 2022-01-25 2023-02-28 13870065 c:OrdinaryShareClass2 2023-02-28 13870065 c:OrdinaryShareClass3 2022-01-25 2023-02-28 13870065 c:OrdinaryShareClass3 2023-02-28 13870065 c:FRS102 2022-01-25 2023-02-28 13870065 c:AuditExemptWithAccountantsReport 2022-01-25 2023-02-28 13870065 c:FullAccounts 2022-01-25 2023-02-28 13870065 c:PrivateLimitedCompanyLtd 2022-01-25 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13870065










Setonlea Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 28 February 2023

 
Setonlea Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Setonlea Ltd for the period ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Setonlea Ltd for the period ended 28 February 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Setonlea Ltd, as a body, in accordance with the terms of our engagement letter dated 3 February 2022Our work has been undertaken solely to prepare for your approval the financial statements of Setonlea Ltd  and state those matters that we have agreed to state to the Board of directors of Setonlea Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Setonlea Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Setonlea Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Setonlea Ltd. You consider that Setonlea Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Setonlea Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
23 October 2023
Page 1

 
Setonlea Ltd
Registered number: 13870065

Balance sheet
As at 28 February 2023

2023
Note
£

Fixed assets
  

Investment property
 4 
398,587

  
398,587

Current assets
  

Debtors: amounts falling due within one year
 5 
511

Cash at bank and in hand
  
1,578

  
2,089

Creditors: amounts falling due within one year
 6 
(176,781)

Net current (liabilities)/assets
  
 
 
(174,692)

Total assets less current liabilities
  
223,895

Creditors: amounts falling due after more than one year
 7 
(226,545)

  

Net (liabilities)/assets
  
(2,650)


Capital and reserves
  

Called up share capital 
 9 
3

Profit and loss account
  
(2,653)

  
(2,650)


Page 2

 
Setonlea Ltd
Registered number: 13870065

Balance sheet (continued)
As at 28 February 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A R Adams
Director

Date: 23 October 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

1.


General information

Setonlea Ltd is a private company limited by share capital, incorporated in England and Wales.
The Company was incorporated on 25 January 2022 and commenced its activities from this date.
The registered office address is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company's ability to continue to trade is dependent upon the support of its creditors. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and to reclassify fixed assets as current assets.

 
2.3

Revenue

Revenue represents the value of rental income and all other associated income receivable by the Company.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 5

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 6

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
398,587



At 28 February 2023
398,587

The 2023 valuation was made by the directors, on an open market value for existing use basis.




5.


Debtors

2023
£


Prepayments and accrued income
511

511



6.


Creditors: Amounts falling due within one year

2023
£

Other creditors
174,964

Accruals and deferred income
1,817

176,781


Page 7

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

7.


Creditors: Amounts falling due after more than one year

2023
£

Bank loans
226,545

226,545


The following liabilities were secured:

2023
£



Bank loans
226,545

226,545

Details of security provided:

The loan is secured by a fixed charge over the property held.


8.


Loans


Analysis of the maturity of loans is given below:


2023
£




Amounts falling due after more than 5 years

Bank loans
226,545

226,545



9.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary A share of £1.00
1
1 Ordinary B share of £1.00
1
1 Ordinary C share of £1.00
1

3




Page 8

 
Setonlea Ltd
 

 
Notes to the financial statements
For the period ended 28 February 2023

10.


Related party transactions

The Company received an interest-free, unsecured loan of £174,964 from a connected company during the year, which is repayable on demand. The balance outstanding at the balance sheet date was £174,964.


Page 9