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REGISTERED NUMBER: 05260896 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SETTSIDE PROJECTS LIMITED

SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SETTSIDE PROJECTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Mrs S Hughes
J Hughes
C Hughes





SECRETARY: J Hughes





REGISTERED OFFICE: 3 Mellor Road
Cheadle Hulme
Cheadle
Cheshire
SK8 5AT





REGISTERED NUMBER: 05260896 (England and Wales)





ACCOUNTANTS: Moss & Williamson Limited
Chartered Accountants
3 Mellor Road
Cheadle Hulme
Cheadle
Cheshire
SK8 5AT

SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)

ABRIDGED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,289 1,051
Investment property 5 1,950,000 1,950,000
1,951,289 1,951,051

CURRENT ASSETS
Debtors 120,000 -
Cash at bank 2,191 233,867
122,191 233,867
CREDITORS
Amounts falling due within one year (89,181 ) (171,950 )
NET CURRENT ASSETS 33,010 61,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,984,299

2,012,968

CREDITORS
Amounts falling due after more than one
year

6

(592,365

)

(620,582

)

PROVISIONS FOR LIABILITIES (164,996 ) (125,397 )
NET ASSETS 1,226,938 1,266,989

CAPITAL AND RESERVES
Called up share capital 36 36
Non-distributable reserve 8 662,931 702,530
Retained earnings 563,971 564,423
SHAREHOLDERS' FUNDS 1,226,938 1,266,989

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)

ABRIDGED BALANCE SHEET - continued
31 October 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 July 2024 and were signed on its behalf by:





J Hughes - Director


SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Settside Projects 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.

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.

The accounts have been prepared on a going concern basis in the knowledge that continued financial support has been obtained from the Directors.

Turnover
Turnover represents the net invoiced amounts of goods services and rents during the year excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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 3 (2022 - 3 ) .

SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 1,595
Additions 819
At 31 October 2023 2,414
DEPRECIATION
At 1 November 2022 544
Charge for year 581
At 31 October 2023 1,125
NET BOOK VALUE
At 31 October 2023 1,289
At 31 October 2022 1,051

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 1,950,000
NET BOOK VALUE
At 31 October 2023 1,950,000
At 31 October 2022 1,950,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2005 25,202
Valuation in 2006 16,092
Valuation in 2007 9,487
Valuation in 2011 22,569
Valuation in 2013 87,479
Valuation in 2014 120,000
Valuation in 2015 (50,000 )
Valuation in 2021 597,098
Cost 1,122,073
1,950,000

If the fixed asset investment had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,122,073 1,122,073

The investment properties are valued on an open market basis. The directors view is the valuation in the accounts is a true and fair reflection of this.

SETTSIDE PROJECTS LIMITED (REGISTERED NUMBER: 05260896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 479,800 512,710

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank Loans 619,843 647,267

8. RESERVES
Non-distributable
reserve
£   
At 1 November 2022 702,530
Deferred tax provision (39,599 )

At 31 October 2023 662,931

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SETTSIDE PROJECTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Settside Projects Limited for the year ended 31 October 2023 which comprise the Abridged Income Statement, Abridged 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Settside Projects Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Settside Projects Limited and state those matters that we have agreed to state to the Board of Directors of Settside Projects Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Settside Projects Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Settside Projects Limited 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 Settside Projects Limited. You consider that Settside Projects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Settside Projects Limited. 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.






Moss & Williamson Limited
Chartered Accountants
3 Mellor Road
Cheadle Hulme
Cheadle
Cheshire
SK8 5AT


30 July 2024