Company registration number 03001863 (England and Wales)
SETA Training & Advisory Services Limited
Unaudited financial statements
For the year ended 31 July 2024
SETA Training & Advisory Services Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SETA Training & Advisory Services Limited
Balance sheet
As at 31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,994
2,950
Debtors
3
397,231
297,841
Cash at bank and in hand
13,628
64,949
413,853
365,740
Creditors: amounts falling due within one year
4
(342,077)
(293,964)
Net current assets
71,776
71,776
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
70,776
70,776
Total equity
71,776
71,776
For the financial year ended 31 July 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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr R G Howarth
Director
Company registration number 03001863 (England and Wales)
SETA Training & Advisory Services Limited
Statement of changes in equity
For the year ended 31 July 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
1,000
76,212
77,212
Year ended 31 July 2023:
Profit and total comprehensive income
-
144,627
144,627
Distributions to parent charity under gift aid
-
(150,063)
(150,063)
Balance at 31 July 2023
1,000
70,776
71,776
Year ended 31 July 2024:
Profit and total comprehensive income
-
104,490
104,490
Distributions to parent charity under gift aid
-
(104,490)
(104,490)
Balance at 31 July 2024
1,000
70,776
71,776
SETA Training & Advisory Services Limited
Notes to the financial statements
For the year ended 31 July 2024
- 3 -
1
Accounting policies
Company information
SETA Training & Advisory Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Hammond Avenue, Whitehill Industrial Estate, South Reddish, Stockport, Cheshire, United Kingdom, SK4 1PQ.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment they have considered a period of 12 months from the date of approval. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
SETA Training & Advisory Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SETA Training & Advisory Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
24
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
64,867
76,878
Amounts owed by group undertakings
326,989
213,402
Other debtors
5,375
7,561
397,231
297,841
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
182,989
89,245
Other creditors
159,088
204,719
342,077
293,964
SETA Training & Advisory Services Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
- 6 -
5
Outstanding charges
The Royal Bank of Scotland PLC holds fixed and floating charges, dated 26 October 2006, over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery in respect of all monies due or to become due from the company to the chargee on any account whatsoever.
Stockport Engineering Training Association Limited holds a fixed charge, dated 4 December 1997, over all book and other debts and other monetary claims of whatsoever nature both present and future belonging to the company in respect of all monies due or to become due from the company to the chargee on any account whatsoever
6
Related party transactions
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.
7
Parent company
SETA Training & Advisory Services Limited is a subsidiary company of ultimate parent charity Stockport Engineering Training Association Limited, 18 Hammond Avenue, Whitehill Industrial Estate, Stockport, SK4 1PQ, a charitable company registered in England & Wales who produce consolidated financial statements for the group.
There is no ultimate controlling party.