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REGISTERED NUMBER: NI044495 (Northern Ireland)















SETANTA LTD

Unaudited Financial Statements for the Year Ended 30 April 2024






SETANTA LTD (REGISTERED NUMBER: NI044495)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SETANTA LTD

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mark Gribbin
Niall Gribbin





REGISTERED OFFICE: Ronan Valley Business Park
58-60 Ballyronan Road
Magherafelt
Co. Derry
BT45 6EW





REGISTERED NUMBER: NI044495 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

SETANTA LTD (REGISTERED NUMBER: NI044495)

Statement of Financial Position
30 APRIL 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 33,020 39,995
33,020 39,995

CURRENT ASSETS
Inventories 818,894 753,900
Receivables 7 89,354 326,175
Cash at bank 70,527 72,976
978,775 1,153,051
PAYABLES
Amounts falling due within one year 8 (307,678 ) (396,200 )
NET CURRENT ASSETS 671,097 756,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

704,117

796,846

PAYABLES
Amounts falling due after more than
one year

9

-

(106,700

)

PROVISIONS FOR LIABILITIES (7,869 ) (7,600 )
NET ASSETS 696,248 682,546

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 686,248 672,546
SHAREHOLDERS' FUNDS 696,248 682,546

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

SETANTA LTD (REGISTERED NUMBER: NI044495)

Statement of Financial Position - continued
30 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:




Mark Gribbin - Director



Niall Gribbin - Director


SETANTA LTD (REGISTERED NUMBER: NI044495)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Setanta Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & machinery- 20% straight line
Fixtures & fittings- 20% straight line
Motor vehicles - 25% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories and Work in Progress are valued at the lower of cost and net realisable value. Cost in respect of finished goods represents direct materials, direct labour and a proportion of appropriate overheads. Net realisable value is the price at which inventory can be realised in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective inventory.

Work in Progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the valuation of Work in Progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

SETANTA LTD (REGISTERED NUMBER: NI044495)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 21 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 May 2023
and 30 April 2024 14,922
AMORTISATION
At 1 May 2023
and 30 April 2024 14,922
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

SETANTA LTD (REGISTERED NUMBER: NI044495)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 May 2023 354,178 25,005 113,333 492,516
Additions 3,425 3,568 - 6,993
At 30 April 2024 357,603 28,573 113,333 499,509
DEPRECIATION
At 1 May 2023 327,819 18,324 106,378 452,521
Charge for year 8,608 2,785 2,575 13,968
At 30 April 2024 336,427 21,109 108,953 466,489
NET BOOK VALUE
At 30 April 2024 21,176 7,464 4,380 33,020
At 30 April 2023 26,359 6,681 6,955 39,995

7. RECEIVABLES
2024 2023
£ £
Trade receivables 40,178 90,790
Amounts owed by group undertakings - 230,657
Other receivables 49,176 4,728
89,354 326,175

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts - 95,105
Hire purchase contracts 2,507 2,900
Trade payables 223,079 226,234
Amounts owed to group undertakings 58,278 -
Taxation and social security 1,544 49,678
Other payables 22,270 22,283
307,678 396,200

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans - 104,003
Hire purchase contracts - 2,697
- 106,700

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10,000 Ordinary 1 10,000 10,000

SETANTA LTD (REGISTERED NUMBER: NI044495)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.