Setter Limited
Registered number: 03323879
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 66,653 22,264
Current assets
Stocks 136,700 51,000
Debtors 4 141,155 51,245
Cash at bank and in hand 25,363 105,180
303,218 207,425
Creditors: amounts falling due within one year 5 (346,087) (199,427)
Net current (liabilities)/assets (42,869) 7,998
Total assets less current liabilities 23,784 30,262
Creditors: amounts falling due after more than one year 6 (19,675) (24,157)
Net assets 4,109 6,105
Capital and reserves
Called up share capital 2 2
Profit and loss account 4,107 6,103
Shareholders' funds 4,109 6,105
The director is 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 director acknowledges his 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.
J Bhowmick
Director
Approved by the board on 9 October 2024
Setter Limited
Notes to the Accounts
for the year ended 31 March 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 declining balance
Motor vehicles over 4 years declining balance
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 18 15
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 84,420 76,171 160,591
Additions - 74,182 74,182
Disposals - (30,223) (30,223)
At 31 March 2024 84,420 120,130 204,550
Depreciation
At 1 April 2023 78,982 59,345 138,327
Charge for the year 2,335 26,459 28,794
On disposals - (29,224) (29,224)
At 31 March 2024 81,317 56,580 137,897
Net book value
At 31 March 2024 3,103 63,550 66,653
At 31 March 2023 5,438 16,826 22,264
4 Debtors 2024 2023
£ £
Trade debtors 131,269 40,658
Other debtors 9,886 10,587
141,155 51,245
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,233 10,648
Obligations under finance lease and hire purchase contracts 12,468 5,382
Trade creditors 139,564 125,977
Corporation tax 4,587 19,255
Other taxes and social security costs 74,861 18,221
Other creditors 83,374 19,944
346,087 199,427
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,768 21,720
Obligations under finance lease and hire purchase contracts 7,907 2,437
19,675 24,157
7 Other information
Setter Limited is a private company limited by shares and incorporated in England. Its registered office is:
1a Melbourn Street
Royston
Herts
SG8 7BP
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