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Company No: 05156944 (England and Wales)

SETRED LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SETRED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SETRED LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SETRED LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
2023 2022
£ £
Current assets
Debtors 4 1,897 1,306
Cash at bank and in hand 62,142 62,142
64,039 63,448
Creditors: amounts falling due within one year 5 ( 67,634) ( 66,401)
Net current liabilities (3,595) (2,953)
Total assets less current liabilities (3,595) (2,953)
Net liabilities ( 3,595) ( 2,953)
Capital and reserves
Called-up share capital 6 825,003 825,003
Profit and loss account ( 828,598 ) ( 827,956 )
Total shareholder's deficit ( 3,595) ( 2,953)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Setred Limited (registered number: 05156944) were approved and authorised for issue by the Director on 16 September 2024. They were signed on its behalf by:

Jon Edward Riekeles
Director
SETRED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SETRED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Setred Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Llp Birchin Court, 20 Birchin Lane, London, EC3V 9DU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The accounting reference date is 29 December, however these accounts have been made up to 31 December under the 7 day rule.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £3,595. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 January 2023 3,400 3,400
At 31 December 2023 3,400 3,400
Accumulated depreciation
At 01 January 2023 3,400 3,400
At 31 December 2023 3,400 3,400
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Debtors

2023 2022
£ £
Other debtors 1,897 1,306

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 1,826
Amounts owed to Group undertakings 65,709 59,819
Other creditors 1,925 4,756
67,634 66,401

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
825,003 Ordinary shares of £ 1.00 each 825,003 825,003

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
The following balances were due to other companies within the group at the year end 65,709 59,819

This is treated as a loan which is interest free and there are no fixed repayment terms.

8. Ultimate controlling party

Parent Company:

The parent company of Setred Limited is Setred Medical Technology AS and it's registered office is Hoffsveien65A 0377, OSLO, Norway.
The company's ultimate controlling party is R-Ships and it's registered office is Hoffsveien 65A 0377, OSLO, Norway.