Registered number:
SETSQUARE CREATIVE LIMITED
UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SETSQUARE CREATIVE LIMITED
REGISTERED NUMBER: 12553225
COMPANY INFORMATION
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Registered number | 12553225 |
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Registered office | |
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Accountants | |
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| 124 City Road, |
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| 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
Director
Dominik Short | _____________ |
Approved on: | 30/07/2024 |
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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 |
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SETSQUARE CREATIVE LIMITED
REGISTERED NUMBER: 12553225
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2024
in £ | 2024 | 2023 |
Turnover | ||
Cost of sales | ( | ( |
Gross profit | ||
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Administrative expenses | ( | ( |
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Operating profit | ||
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Other Income | ||
Interest payable and similar expenses | ( | ( |
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PROFIT BEFORE TAXATION | ||
Corporation tax | ( | ( |
PROFIT FOR THE FINANCIAL YEAR |
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 |
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Tangible assets | 4 | ||
Intangible assets | 5 | ||
TOTAL FIXED AND INTANGIBLE ASSETS |
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CURRENT ASSETS |
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Debtors | 6 | ||
Cash at bank and in hand |
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TOTAL CURRENT ASSETS |
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Creditors: amounts falling due within one year | 7 | ( | ( |
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NET CURRENT ASSETS/LIABILITIES |
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Creditors: amounts falling due after one year | 9 | ( | - |
Deferred Tax | 10 | ( | ( |
NET ASSETS |
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Called up share capital | 11 | ||
Profit and loss account |
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NET SHAREHOLDERS FUNDS |
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The financial statements were approved and authorized for issue by
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 | |||
Profit (Loss) for the year | ( | 1,048,067 | |
Dividend | - | ( | ( |
At 30 April 2023 | |||
Profit for the year | - | ||
Dividend | - | ( | ( |
At 30 April 2024 |
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
2 ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The following principal accounting policies have been applied:
2.2 GOING CONCERN
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 -
Other intangible assets
Intangible assets -
2.5 Tangible fixed assets
Depreciation is provided on the following basis:
Fixtures and fittings | - | |
Vehicles | - |
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
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
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
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
2.13 Borrowing Costs
3 Employees
The average monthly number of employees, including directors, during the year was
4 TANGIBLE ASSETS
in £ | Building improvements | Plant and Machinery | Office Equipment | Motor vehicles | Total |
COST |
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Opening Balance as at 01 May 2023 | |||||
Additions | - | ||||
Disposals | - | ( | - | - | ( |
Closing Balance as at 30 April 2024 | |||||
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DEPRECIATION |
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Opening Balance as at 01 May 2023 | |||||
Charge for the year | |||||
Disposals |
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Closing Balance as at 30 April 2024 | |||||
Net Book Value |
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Opening Balance as at 01 May 2023 | |||||
Closing Balance as at 30 April 2024 |
SETSQUARE CREATIVE LIMITED
REGISTERED NUMBER: 12553225
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 30 APRIL 2024
5 INTANGIBLE ASSETS
in £ | Goodwill |
Cost |
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Opening Balance as at 01 May 2023 | |
Additions | |
Closing Balance as at 30 April 2024 | |
Amortisation |
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Opening Balance as at 01 May 2023 | |
Charge for the year | |
Closing Balance as at 30 April 2024 | |
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Net Book Value |
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Opening Balance as at 01 May 2023 | |
Closing Balance as at 30 April 2024 |
6 DEBTORS
in £ | 2024 | 2023 |
Trade debtors | ||
Prepayments | ||
Amounts owed by related companies | - | |
Total |
7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
in £ | 2024 | 2023 |
Trade creditors | ||
Corporate tax | ||
Accruals and deferred income | ( | |
Other taxation and social security | ||
Other creditors | ||
Lease | - | |
Total |
8 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
in £ | 2024 | 2023 |
Lease | ||
Total |
9 SHARE CAPITAL
in £ | 2024 | 2023 |
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 |
in £ | Deferred Tax |
Cost |
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Opening Balance as at 01 May 2023 | |
Provided during the year | |
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Balance as at 30 April 2024 |