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Sete Margate Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

Registration number: 14031852

 

Sete Margate Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Sete Margate Ltd

(Registration number: 14031852)
Statement of financial position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,996

24,575

Current assets

 

Stocks

5

6,433

7,000

Debtors

6

7,162

8,415

Cash at bank and in hand

 

6,756

12,067

 

20,351

27,482

Creditors: Amounts falling due within one year

7

(84,737)

(62,609)

Net current liabilities

 

(64,386)

(35,127)

Total assets less current liabilities

 

(31,390)

(10,552)

Creditors: Amounts falling due after more than one year

7

(15,000)

(10,000)

Net liabilities

 

(46,390)

(20,552)

Capital and reserves

 

Called up share capital

8

100

2

Share premium reserve

14,995

-

Retained earnings

(61,485)

(20,554)

Shareholders' deficit

 

(46,390)

(20,552)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

 

Sete Margate Ltd

(Registration number: 14031852)
Statement of financial position as at 30 April 2024

Approved and authorised by the director on 21 January 2025
 

.........................................
Ms N C Ribbe
Director

 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
238 Northdown Road
Margate
Kent
CT9 2QD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

20% Straight Line

Plant and Machinery

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 1).

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

13,843

16,875

30,718

Additions

-

18,206

18,206

At 30 April 2024

13,843

35,081

48,924

Depreciation

At 1 May 2023

2,768

3,375

6,143

Charge for the year

5,698

4,087

9,785

At 30 April 2024

8,466

7,462

15,928

Carrying amount

At 30 April 2024

5,377

27,619

32,996

At 30 April 2023

11,075

13,500

24,575

 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

6,433

7,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

90

2,645

Prepayments

3,572

-

Other debtors

3,500

5,770

 

7,162

8,415

 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16,228

12,846

Trade creditors

 

16,126

195

Taxation and social security

 

15,931

369

Accruals and deferred income

 

7,227

14,647

Other creditors

 

29,225

34,552

 

84,737

62,609

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,000

10,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

2

2

       
 

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

15,000

10,000

Current loans and borrowings

2024
£

2023
£

Other borrowings

16,228

12,846