Registered number
07529472
Set3 Solutions Limited
Filleted Accounts
31 January 2024
Set3 Solutions Limited
Registered number: 07529472
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 99,786 164,264
Current assets
Stocks - 53,269
Debtors 4 616,432 791,554
Investments held as current assets 5 280 280
Cash at bank and in hand 644,984 824,869
1,261,696 1,669,972
Creditors: amounts falling due within one year 6 (611,260) (938,360)
Net current assets 650,436 731,612
Total assets less current liabilities 750,222 895,876
Creditors: amounts falling due after more than one year 7 (53,737) (95,522)
Net assets 696,485 800,354
Capital and reserves
Called up share capital 6 6
Profit and loss account 696,479 800,348
Shareholders' funds 696,485 800,354
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.
C Blackmore
Director
Approved by the board on 6 September 2024
Set3 Solutions Limited
Notes to the Accounts
for the year ended 31 January 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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
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 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 37,072 429,012 466,084
Additions 9,072 - 9,072
Disposals - (123,561) (123,561)
At 31 January 2024 46,144 305,451 351,595
Depreciation
At 1 February 2023 31,484 270,336 301,820
Charge for the year 3,138 70,412 73,550
On disposals - (123,561) (123,561)
At 31 January 2024 34,622 217,187 251,809
Net book value
At 31 January 2024 11,522 88,264 99,786
At 31 January 2023 5,588 158,676 164,264
4 Debtors 2024 2023
£ £
Trade debtors 617,515 792,876
Other debtors (1,083) (1,322)
616,432 791,554
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 280 280
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 430,787 766,691
Taxation and social security costs 179,434 170,206
Other creditors 1,039 1,463
611,260 938,360
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 53,737 95,522
8 Other information
Set3 Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Kings Court
Harwood Road
Horsham
RH13 5UR
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