Registered number
07129653
Setford and Company Limited
Unaudited Filleted Accounts
30 June 2024
Setford and Company Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Setford and Company Limited
Company Information
Director
Mr D P Setford
Mr C Arnott (appointed 11 April 2024)
Secretary
Mr D P Setford
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Bushy Down Farm
Droxford
Southampton
SO32 3QW
Registered number
07129653
Setford and Company Limited
Registered number: 07129653
Director's Report
The director presents his report and accounts for the year ended 30 June 2024.
Principal activities
The company's principal activity during the year continued to be that of restoration of cars and race support.
Directors
The following persons served as directors during the year:
Mr D P Setford
Mr C Arnott (appointed 11 April 2024)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 10 December 2024 and signed on its behalf.
Mr D Setford
Director
Setford and Company Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Setford and Company Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Setford and Company Limited for the year ended 30 June 2024 which comprise of the Profit and Loss Account, 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
18 December 2024
Setford and Company Limited
Registered number: 07129653
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 78,473 88,923
Current assets
Stocks 120,302 70,000
Debtors 4 408,368 402,448
Cash at bank and in hand 295,877 185,395
824,547 657,843
Creditors: amounts falling due within one year 5 (141,021) (105,798)
Net current assets 683,526 552,045
Total assets less current liabilities 761,999 640,968
Provisions for liabilities (13,009) (12,562)
Net assets 748,990 628,406
Capital and reserves
Called up share capital 100 100
Profit and loss account 748,890 628,306
Shareholder's funds 748,990 628,406
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 member has 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.
Mr D Setford
Director
Approved by the board on 10 December 2024
Setford and Company Limited
Notes to the Accounts
for the year ended 30 June 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Improvements to property 10% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Office equipment 33% reducing balance
Motor vehicles 25% reducing 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 54,905 116,781 171,686
Additions - 10,746 10,746
Disposals (1,203) - (1,203)
At 30 June 2024 53,702 127,527 181,229
Depreciation
At 1 July 2023 27,057 55,706 82,763
Charge for the year 2,733 17,945 20,678
On disposals (685) - (685)
At 30 June 2024 29,105 73,651 102,756
Net book value
At 30 June 2024 24,597 53,876 78,473
At 30 June 2023 27,848 61,075 88,923
4 Debtors 2024 2023
£ £
Trade debtors 372,923 359,562
Other debtors 35,445 42,886
408,368 402,448
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 20,549 46,916
Taxation and social security costs 107,572 47,257
Other creditors 12,900 11,625
141,021 105,798
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D P Setford
DCA 17,255 17,255
17,255 - - 17,255
7 Other information
Setford and Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bushy Down Farm
Droxford
Southampton
SO32 3QW
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