Company registration number 07246021 (England and Wales)
SETTER AND SAUNDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
SETTER AND SAUNDERS LIMITED
COMPANY INFORMATION
Directors
Mr T J Cosgrove
Mrs J Cosgrove
Company number
07246021
Registered office
Fishers Bridge Mills
Bridge Hill
Topsham
Exeter
Devon
England
EX3 0QQ
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
SETTER AND SAUNDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SETTER AND SAUNDERS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
7,500
Tangible assets
4
88,647
90,750
88,647
98,250
Current assets
Stocks
2,072
2,280
Debtors
5
139,823
101,887
Cash at bank and in hand
9,385
99,816
151,280
203,983
Creditors: amounts falling due within one year
6
(139,379)
(111,581)
Net current assets
11,901
92,402
Total assets less current liabilities
100,548
190,652
Creditors: amounts falling due after more than one year
7
(43,355)
(60,150)
Provisions for liabilities
(10,665)
(10,935)
Net assets
46,528
119,567
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
50
50
Retained earnings
45,978
119,017
Total equity
46,528
119,567
SETTER AND SAUNDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 December 2024 and are signed on its behalf by:
Mr T J Cosgrove
Mrs J Cosgrove
Director
Director
Company registration number 07246021 (England and Wales)
SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Setter and Saunders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fishers Bridge Mills, Bridge Hill, Topsham, Exeter, Devon, England, EX3 0QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% reducing balance
Fixtures and fittings
20% reducing balance
Computers
3 years on cost
Motor vehicles
25% reducing balance

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
100,000
Amortisation and impairment
At 1 June 2023
92,500
Amortisation charged for the year
7,500
At 31 May 2024
100,000
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
7,500
SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
174,422
Additions
15,725
Disposals
(606)
At 31 May 2024
189,541
Depreciation and impairment
At 1 June 2023
83,672
Depreciation charged in the year
17,673
Eliminated in respect of disposals
(451)
At 31 May 2024
100,894
Carrying amount
At 31 May 2024
88,647
At 31 May 2023
90,750
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
74,436
62,623
Other debtors
65,387
39,264
139,823
101,887
SETTER AND SAUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
8,723
Trade creditors
98,321
42,815
Taxation and social security
9,956
26,550
Other creditors
21,102
33,493
139,379
111,581
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,167
25,443
Other creditors
29,188
34,707
43,355
60,150
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
9,725
13,615
9
Related party transactions

Included in other debtors are amounts loaned to the directors of £225. Interest is charged at HM

Revenue & Customs' official rate of interest and there are no fixed terms of repayment.

 

2024-05-312023-06-01false02 January 2025CCH SoftwareCCH Accounts Production 2024.210The principal activity in the year was that of the construction of domestic buildings.
Mr T J CosgroveMrs J Cosgrovefalsefalse
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