Registered number
09604590
Setteo Ltd
Filleted Accounts
31 March 2024
Setteo Ltd
Registered number: 09604590
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 270,430 270,430
Investments 4 21,447 16,266
291,877 286,696
Current assets
Debtors 5 95,699 103,723
Cash at bank and in hand 4,668 10,599
100,367 114,322
Creditors: amounts falling due within one year 6 (160,903) (144,692)
Net current liabilities (60,536) (30,370)
Total assets less current liabilities 231,341 256,326
Creditors: amounts falling due after more than one year 7 (881,512) (489,324)
Net liabilities (650,171) (232,998)
Capital and reserves
Called up share capital 330 330
Share premium 719,180 719,180
Profit and loss account (1,369,681) (952,508)
Shareholders' funds (650,171) (232,998)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Pierre Czaja
Director
Approved by the board on 30 April 2024
Setteo Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 270,430
At 31 March 2024 270,430
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 270,430
At 31 March 2023 270,430
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Investments
Other
investments
£
Cost
At 1 April 2023 16,266
Additions 5,181
At 31 March 2024 21,447
5 Debtors 2024 2023
£ £
Trade debtors 1,065 14,709
Other debtors 94,634 89,014
95,699 103,723
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 88,379 132,511
Taxation and social security costs 16,967 27
Other creditors 55,557 12,154
160,903 144,692
7 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 598,734 314,324
Other creditors 282,778 175,000
881,512 489,324
8 Other information
Setteo Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22
Wenlock Road
London
N1 7GU
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