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REGISTERED NUMBER: 04485794 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SETSAIL PROPERTIES LIMITED

SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SETSAIL PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Claydon
S Claydon
M Claydon
Z Claydon





SECRETARY: R Claydon





REGISTERED OFFICE: 5 Fourth Avenue
Bluebridge Industrial Estate
Halstead
Essex
CO9 2SY





REGISTERED NUMBER: 04485794 (England and Wales)





ACCOUNTANTS: RE Group Accountants Limited
The Maltings
Rosemary Lane
Halstead
Essex
CO9 1HZ

SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 901,500 901,500

CURRENT ASSETS
Debtors 5 50,846 40,846
Cash at bank 102,301 62,521
153,147 103,367
CREDITORS
Amounts falling due within one year 6 523,244 557,449
NET CURRENT LIABILITIES (370,097 ) (454,082 )
TOTAL ASSETS LESS CURRENT LIABILITIES 531,403 447,418

PROVISIONS FOR LIABILITIES 36,875 36,875
NET ASSETS 494,528 410,543

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 399,229 399,229
Retained earnings 95,199 11,214
SHAREHOLDERS' FUNDS 494,528 410,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2024 and were signed on its behalf by:





S Claydon - Director


SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Setsail Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 901,500
NET BOOK VALUE
At 31 December 2023 901,500
At 31 December 2022 901,500

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2005 190,229
Valuation in 2007 103,500
Valuation in 2014 (228,500 )
Valuation in 2015 28,100
Valuation in 2021 305,900
Cost 502,271
901,500

The directors deem this to be an accurate valuation at the year end.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,163 10,163
Amounts owed by group undertakings - 30,000
Other debtors 40,683 683
50,846 40,846

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 17,133 13,812
Other creditors 506,111 543,637
523,244 557,449

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

SETSAIL PROPERTIES LIMITED (REGISTERED NUMBER: 04485794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 399,229