Company No:
Contents
2023 | 2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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64,039 | 63,448 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (3,595) | (2,953) | ||
Total assets less current liabilities | (3,595) | (2,953) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Setred Limited (registered number:
Jon Edward Riekeles
Director |
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.
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.
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.
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.
Plant and machinery |
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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.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Total | ||
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Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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£ | £ | ||
Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with entities in which the entity itself has a participating interest
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£ | £ | ||
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.
Parent Company:
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The company's ultimate controlling party is R-Ships and it's registered office is Hoffsveien 65A 0377, OSLO, Norway. |