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Registered number: 08212714
Set Square Investments Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Meacher-Jones
Chartered Accountants
6 St John's Court
Vicars Lane
Chester
Cheshire
CH1 1QE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08212714
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 119,140 140,957
Tangible Assets 5 153,062 125,765
Investments 6 200 200
272,402 266,922
CURRENT ASSETS
Stocks 7 505,000 591,574
Debtors 8 345,021 240,325
Cash at bank and in hand 137,884 17,960
987,905 849,859
Creditors: Amounts Falling Due Within One Year 9 (838,248 ) (497,518 )
NET CURRENT ASSETS (LIABILITIES) 149,657 352,341
TOTAL ASSETS LESS CURRENT LIABILITIES 422,059 619,263
Creditors: Amounts Falling Due After More Than One Year 10 (54,929 ) (137,413 )
NET ASSETS 367,130 481,850
CAPITAL AND RESERVES
Called up share capital 12 700 1,000
Share premium account 99,000 209,000
Capital redemption reserve 300 -
Profit and Loss Account 267,130 271,850
SHAREHOLDERS' FUNDS 367,130 481,850
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Eduard Sparkes
Director
14 October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Set Square Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08212714 . The registered office is Unit 9 Gledrid, Chirk, Wrexham, Wales, LL14 5DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website and image library. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on cost
Motor Vehicles 10% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 15% & 20% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Comparative figures
The comparative figures have been adjusted to amend the share capital brought forward tangible fixed assets, classification of other debtors and the repayment split of the bank borrowings. Further information can be found in the notes to the accounts.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 218,163
As at 29 February 2024 218,163
Amortisation
As at 1 March 2023 77,206
Provided during the period 21,817
As at 29 February 2024 99,023
Net Book Value
As at 29 February 2024 119,140
As at 1 March 2023 140,957
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Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 95,010 76,535 14,064 60,915 246,524
Additions 33,720 29,221 2,828 5,241 71,010
Disposals - - - (945 ) (945 )
As at 29 February 2024 128,730 105,756 16,892 65,211 316,589
Depreciation
As at 1 March 2023 48,666 21,804 10,006 40,283 120,759
Provided during the period 23,494 10,576 1,681 7,517 43,268
Disposals - - - (500 ) (500 )
As at 29 February 2024 72,160 32,380 11,687 47,300 163,527
Net Book Value
As at 29 February 2024 56,570 73,376 5,205 17,911 153,062
As at 1 March 2023 46,344 54,731 4,058 20,632 125,765
6. Investments
Unlisted
£
Cost
As at 1 March 2023 200
As at 29 February 2024 200
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 200
As at 1 March 2023 200
Unlisted investments include the following wholly owned subsidiaries:
Company name: Promounts Limited

Address: Unit 9 Gledrid Industrial Park, Chirk, Wrexham, LL14 5DG

Class of share held: Ordinary

Percentage held: 100%


Company name: Sliding Systems Limited

Address: Unit 9 Gledrid Industrial Park, Chirk, Wrexham, LL14 5DG

Class of share held: Ordinary

Percentage held: 100%

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Page 6
7. Stocks
2024 2023
£ £
Stock 505,000 591,574
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 273,272 160,316
Prepayments and accrued income 20,326 16,051
Other debtors 48,316 63,558
Other taxes and social security 2,918 -
Net wages 189 400
345,021 240,325
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,986 6,986
Trade creditors 321,868 267,161
Bank loans and overdrafts 238,196 183,779
Other taxes and social security - 7,377
VAT 32,059 24,108
Other creditors 156,249 1,630
Accruals and deferred income 82,890 6,477
838,248 497,518
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,972 20,957
Bank loans 40,957 116,456
54,929 137,413
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,986 6,986
Later than one year and not later than five years 13,972 20,957
20,958 27,943
20,958 27,943
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12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 700 1,000
Page 7