Registered number: 12553225

 

 

 

 

 

 

 

 

SETSQUARE CREATIVE LIMITED

 

UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED 30 APRIL 2024

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

COMPANY INFORMATION

 

Directors

Dominik Short

 

 

 

Matthew Clemitson

 

 

 

Christopher Shepherd

 

 

 

Alex Tudor-Hart

 

 

 

Paul Wallis

 

 

Registered number

12553225

 

 

 

 

Registered office

1 Silverthorne Way, Waterlooville, Hampshire, PO7 7XB

 

 

 

 

Accountants

Pomodoro Solutions LTD

 

 

 

124 City Road,

 

London,

 

EC1V 2NX

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2024

 

The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company.

 

In preparing these financial statements, the directors are required to:

 

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and all its updates. They are also responsible for safeguarding the assets of the Company and the Company-and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Directors

 

The directors who served during the year were:

 

Dominik Short

Matthew Clemitson

Christopher Shepherd

Alex Tudor-Hart

Paul Wallis

 

Small companies note

 

In preparing this report, the directors have taken advantage of the small companies' exemptions provided by section 415A of the Companies Act 2006.

 

Director

 

 

 

 

Dominik Short

_____________

 

 

 

Approved on:

30/07/2024

 

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SETSQUARE CREATIVE LIMITED FOR THE PERIOD ENDED 30 APRIL 2024

 

In order to assist you to fulfil your duties under the Companies Act 2006, we17 have prepared for your approval the accounts of Setsquare Creative Limited for the year ended 2024 from the Company's accounting records and from information and explanations you have given us. As a practising member firm of of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

 

This report is made solely to the Board of Directors of Setsquare Creative Limited, as a body, in accordance with the terms of our engagement letter dated 10th of June 2024. Our work has been undertaken solely to prepare for your approval the accounts of Setsquare Creative Limited in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/content/dam/ACCA Global/Technical/fact/technical-factsheet163.pdf

 

It is your duty to ensure that Setsquare Creative Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit ofSetsquare Creative Limited.

 

We have not been instructed to carry out an audit or a review of the accounts of Setsquare Creative 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 accounts.

 

POMODORO SOLUTIONS LTD

 

124 City Road,

London,

EC1V 2NX

 

 

 

 

 

 

Signature: ______________________

 

 

 

 

 

Date:

30/07/2024

 

 

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2024

 

in £

2024

2023

Turnover

6,317,026

7,441,273

Cost of sales

(4,017,868)

(4,712,625)

Gross profit

2,299,158

2,728,648

 

 

 

Administrative expenses

(1,312,305)

(1,087,881)

 

 

Operating profit

986,853

1,640,767

 

 

 

Other Income

4,203

407

Interest payable and similar expenses

(11,398)

(8,880)

 

 

PROFIT BEFORE TAXATION

979,658

1,632,294

Corporation tax

(249,331)

(324,227)

PROFIT FOR THE FINANCIAL YEAR

730,327

1,308,067

 

There were no recognized gains and losses for year 2024 or 2023 other than those included in the statement of comprehensive income.

 

There was no other comprehensive income for year ending 2024 or 2023.

 

The notes on pages 4 to 12 form part of these financial statements.

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2024

 

 

in £

 

2024

2023

Fixed assets

 

 

 

Tangible assets

4

552,634

390,319

Intangible assets

5

879

1,030

TOTAL FIXED AND INTANGIBLE ASSETS

 

553,513

391,349

CURRENT ASSETS

 

 

 

Debtors

6

628,040

577,290

Cash at bank and in hand

 

250,437

663,008

TOTAL CURRENT ASSETS

 

878,477

1,240,298

 

 

 

 

Creditors: amounts falling due within one year

7

(549,157)

(866,786)

 

 

 

NET CURRENT ASSETS/LIABILITIES

 

329,320

373,512

Creditors: amounts falling due after one year

9

(223,938)

-

Deferred Tax

10

(101,929)

(73,353)

NET ASSETS

 

556,966

691,508

 

 

 

 

Called up share capital

11

760

760

Profit and loss account

 

556,205

690,748

NET SHAREHOLDERS FUNDS

 

556,966

691,508

 

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 year in question in accordance with section 476 of 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 were approved and authorized for issue by the board and were signed on its behalf on 30/07/2024.

 

 

 

 

 

Dominik Short

Director

 

The notes on pages 7to 15 form part of these financial statements.

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024

 

 

in £

Called up share capital

Profit and loss account

Total

equity

At 01 May 2022

1,000

693,849

694,849

Profit (Loss) for the year

(240)

1,048,307

1,048,067

Dividend

-

(1,051,408)

(1,051,408)

At 30 April 2023

760

690,748

691,508

Profit for the year

-

730,327

730,327

Dividend

-

(864,870)

(864,870)

At 30 April 2024

760

556,205

556,966

 

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

 

1     GENERAL INFORMATION

 

The company is a private limited company registered in England and Wales. The company's registered office address is 1 Silverthorne Way, Waterlooville, Hampshire, PO7 7XB.

 

The principal activity of the company is activities of exhibition and fair organizers.

 

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 accounts have been prepared on a going concern basis as the director has agreed to continue to provide his financial support for the foreseeable future.

true

 

2.3     REVENUE

 

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:

 

SALE OF GOODS

 

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

 

the Company has transferred the significant risks and rewards of ownership to the buyer;

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

the amount of revenue can be measured reliably;

it is probable that the Company will receive the consideration due under the transaction; and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

 

2.     Accounting policies (continued)

 

2.4     Intangible Assets

 

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liablities of the acquiree at the date of acquisition. After initial recognition, goodwill is measured at cost less accumulated amortization and accumulated impairment losses. Goodwill is amortized on a straight-line basis to the Statement of Comprehensive income over its useful economic life.

 

Goodwill - 10 years

 

Other intangible assets

Intangible assets are initially recognized at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

Intangible assets - 5 years

 

2.5     Tangible fixed assets

 

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

 

Depreciation is provided on the following basis:

Fixtures and fittings

-

5 years

Vehicles

-

5 years

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

 

2.6     STOCKS

 

stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each reporting date, stocks are assessed for impairment. if stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 

2.7     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.

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

 

2.     Accounting policies (continued)

 

2.     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.

 

2.9     Financial Instruments

 

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinaryshares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are

 

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

2.10     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.

 

2.11     Operating Leases: The Company As Lessee

 

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

 

2.     Accounting policies (continued)

 

2.12     Holiday Pay Accrual

 

A liability is recognized to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

 

2.13     Borrowing Costs

 

All borrowing costs are recognized in the Statement of comprehensive income in the year in which they are incurred.

 

3     Employees

 

The average monthly number of employees, including directors, during the year was 21 (2023: 20).

 

4     TANGIBLE ASSETS

 

in £

Building improvements

Plant and Machinery

Office Equipment

Motor vehicles

Total

COST

 

 

 

 

 

Opening Balance as at 01 May 2023

104,945

88,409

34,822

240,725

468,901

Additions

63,178

205,498

21,263

-

289,939

Disposals

-

(38,900)

-

-

(38,900)

Closing Balance as at 30 April 2024

168,123

255,007

56,085

240,725

719,940

 

 

 

 

 

 

DEPRECIATION

 

 

 

 

 

Opening Balance as at 01 May 2023

8,038

28,131

13,464

28,949

78,582

Charge for the year

15,167

31,191

12,031

59,510

117,899

Disposals

 

(29,175)

 

 

(29,175)

Closing Balance as at 30 April 2024

23,205

30,147

25,495

88,459

167,306

Net Book Value

 

 

 

 

 

Opening Balance as at 01 May 2023

96,907

60,278

21,358

211,776

390,319

Closing Balance as at 30 April 2024

144,918

224,860

30,590

152,266

552,634

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 30 APRIL 2024

 

5     INTANGIBLE ASSETS

 

in £

Goodwill

Cost

 

Opening Balance as at 01 May 2023

2,300

Additions

290

Closing Balance as at 30 April 2024

2,590

Amortisation

 

Opening Balance as at 01 May 2023

1,270

Charge for the year

441

Closing Balance as at 30 April 2024

1,711

 

 

Net Book Value

 

Opening Balance as at 01 May 2023

1,030

Closing Balance as at 30 April 2024

879

 

6     DEBTORS

in £

2024

2023

Trade debtors

387,094

376,450

Prepayments

138,345

200,840

Amounts owed by related companies

102,600

-

Total

628,040

577,290

 

7     CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

 

in £

2024

2023

Trade creditors

134,493

503,177

Corporate tax

220,755

276,322

Accruals and deferred income

32,657

(68,222)

Other taxation and social security

44,778

145,757

Other creditors

26,885

9,752

Lease

89,589

-

Total

549,157

866,786

 

8     CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

 

in £

2024

2023

Lease

223,938

47,645

Total

223,938

47,645

 

9     SHARE CAPITAL

 

in £

2024

2023

760 Ordinary shares, £1 each

760

760

Total

760

760

SETSQUARE CREATIVE LIMITED

REGISTERED NUMBER: 12553225

 

NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 30 APRIL 2024

 

10     DEFFERED TAX

 

in £

2024

2023

Deferred tax

101,929

73,353

Total

101,929

73,353

 

in £

Deferred Tax

Cost

 

Opening Balance as at 01 May 2023

73,353

Provided during the year

28,576

 

 

Balance as at 30 April 2024

101,929