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COMPANY REGISTRATION NUMBER: 05296291
SETDRIVE LIMITED
Filleted Unaudited Financial Statements
30 November 2023
SETDRIVE LIMITED
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
100,858
100,858
Current assets
Debtors
5
28,194
Creditors: amounts falling due within one year
6
23,248
17,891
--------
--------
Net current assets/(liabilities)
4,946
( 17,891)
---------
---------
Total assets less current liabilities
105,804
82,967
---------
--------
Capital and reserves
Called up share capital
82,967
82,967
Profit and loss account
22,837
---------
--------
Shareholders funds
105,804
82,967
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 August 2024 , and are signed on behalf of the board by:
S. Agace (as nominee for Bazmore Enterprise Limited)
Director
Company registration number: 05296291
SETDRIVE LIMITED
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 128 Exeter Road, Harrow, Middlesex, HA2 9PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents service charges receivable from the residential lessees.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 1 December 2022 and 30 November 2023
100,858
---------
Carrying amount
At 30 November 2023
100,858
---------
At 30 November 2022
100,858
---------
5. Debtors
2023
2022
£
£
Other debtors
28,194
--------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,357
Other creditors
17,891
17,891
--------
--------
23,248
17,891
--------
--------
7. Related party transactions
The company was under the control of Bazmore Enterprise Limited throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities (effective January 2007).
8. Other spare note 99 heading