Caseware UK (AP4) 2023.0.135 2023.0.135 32023-03-01falseNo description of principal activity3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13870065 2023-03-01 2024-02-29 13870065 2022-01-25 2023-02-28 13870065 2024-02-29 13870065 2023-02-28 13870065 c:Director1 2023-03-01 2024-02-29 13870065 d:FreeholdInvestmentProperty 2024-02-29 13870065 d:FreeholdInvestmentProperty 2023-02-28 13870065 d:CurrentFinancialInstruments 2024-02-29 13870065 d:CurrentFinancialInstruments 2023-02-28 13870065 d:Non-currentFinancialInstruments 2024-02-29 13870065 d:Non-currentFinancialInstruments 2023-02-28 13870065 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 13870065 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13870065 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 13870065 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 13870065 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 13870065 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 13870065 d:ShareCapital 2024-02-29 13870065 d:ShareCapital 2023-02-28 13870065 d:RetainedEarningsAccumulatedLosses 2024-02-29 13870065 d:RetainedEarningsAccumulatedLosses 2023-02-28 13870065 c:OrdinaryShareClass1 2023-03-01 2024-02-29 13870065 c:OrdinaryShareClass1 2024-02-29 13870065 c:OrdinaryShareClass1 2023-02-28 13870065 c:OrdinaryShareClass2 2023-03-01 2024-02-29 13870065 c:OrdinaryShareClass2 2024-02-29 13870065 c:OrdinaryShareClass2 2023-02-28 13870065 c:OrdinaryShareClass3 2023-03-01 2024-02-29 13870065 c:OrdinaryShareClass3 2024-02-29 13870065 c:OrdinaryShareClass3 2023-02-28 13870065 c:FRS102 2023-03-01 2024-02-29 13870065 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13870065 c:FullAccounts 2023-03-01 2024-02-29 13870065 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13870065 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13870065










Setonlea Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 29 February 2024

 
Setonlea Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Setonlea Ltd for the year ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Setonlea Ltd for the year ended 29 February 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Setonlea Ltd, as a body, in accordance with the terms of our engagement letter dated 3 February 2022Our work has been undertaken solely to prepare for your approval the financial statements of Setonlea Ltd and state those matters that we have agreed to state to the Board of directors of Setonlea Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Setonlea Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Setonlea Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Setonlea Ltd. You consider that Setonlea Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Setonlea Ltd. 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 financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
3 October 2024
Page 1

 
Setonlea Ltd
Registered number: 13870065

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
398,587
398,587

  
398,587
398,587

Current assets
  

Debtors: amounts falling due within one year
 5 
1,500
511

Cash at bank and in hand
  
2,801
1,578

  
4,301
2,089

Creditors: amounts falling due within one year
 6 
(173,362)
(176,781)

Net current liabilities
  
 
 
(169,061)
 
 
(174,692)

Total assets less current liabilities
  
229,526
223,895

Creditors: amounts falling due after more than one year
 7 
(226,545)
(226,545)

  

Net assets/(liabilities)
  
2,981
(2,650)


Capital and reserves
  

Called up share capital 
 9 
3
3

Profit and loss account
  
2,978
(2,653)

  
2,981
(2,650)


Page 2

 
Setonlea Ltd
Registered number: 13870065

Balance sheet (continued)
As at 29 February 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A R Adams
Director

Date: 3 October 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Setonlea Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Setonlea Ltd is a private company limited by share capital, incorporated in England and Wales.
The registered office address is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents the value of rental income and all other associated income receivable by the Company.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Page 4

 
Setonlea Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
Page 5

 
Setonlea Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
398,587



At 29 February 2024
398,587

The 2024 valuation was made by the directors, on an open market value for existing use basis.



Page 6

 
Setonlea Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
1,500
-

Prepayments and accrued income
-
511

1,500
511



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Corporation tax
781
-

Other creditors
170,464
174,964

Accruals and deferred income
2,117
1,817

173,362
176,781



7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
226,545
226,545

226,545
226,545


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
226,545
226,545

226,545
226,545

Details of security provided:

The loan is secured by a fixed charge over the property held.

Page 7

 
Setonlea Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

8.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
226,545
226,545

226,545
226,545



9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary A share of £1.00
1
1
1 (2023 - 1) Ordinary B share of £1.00
1
1
1 (2023 - 1) Ordinary C share of £1.00
1
1

3

3



10.


Related party transactions

The Company continued to receive an interest-free, unsecured loan from a connected company during the year, which is repayable on demand. The balance outstanding at the balance sheet date was £168,964 (2023 - £174,964).


Page 8