Setaway Limited
Registered number: 14106513
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 109,811 75,973
Current assets
Debtors 4 112,176 116,879
Cash at bank and in hand 46,028 94,907
158,204 211,786
Creditors: amounts falling due within one year 5 (195,646) (194,371)
Net current (liabilities)/assets (37,442) 17,415
Total assets less current liabilities 72,369 93,388
Creditors: amounts falling due after more than one year 6 (58,294) (35,643)
Provisions for liabilities (14,071) (18,993)
Net assets 4 38,752
Capital and reserves
Called up share capital 1 1
Profit and loss account 3 38,751
Shareholders' funds 4 38,752
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
J Harris
Director
Approved by the board on 31 March 2025
Setaway Limited
Notes to the Accounts
for the year ended 30 September 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 rendering of services. Turnover from the rendering of services is recognised when the service is provided.
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:
Motor vehicles over 4 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 24,839 72,985 97,824
Additions 4,221 84,939 89,160
Disposals - (40,990) (40,990)
At 30 September 2024 29,060 116,934 145,994
Depreciation
At 1 October 2023 3,980 17,871 21,851
Charge for the year 6,648 23,909 30,557
On disposals - (16,225) (16,225)
At 30 September 2024 10,628 25,555 36,183
Net book value
At 30 September 2024 18,432 91,379 109,811
At 30 September 2023 20,859 55,114 75,973
During the year, a motor vehicle was sold resulting in a profit on disposal of £3,235.
4 Debtors 2024 2023
£ £
Trade debtors 50,471 62,801
Other debtors 61,705 54,078
112,176 116,879
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 36,071 25,502
Trade creditors 46,193 35,391
Taxation and social security costs 70,022 91,988
Other creditors 43,360 41,490
195,646 194,371
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 58,294 35,643
58,294 35,643
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 189,950 139,844
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Harris - 684 - 684
S Laughlin - 684 - 684
A McKenzie - 575 - 575
I Foster - 575 - 575
- 2,518 - 2,518
The amounts were fully repaid prior to the signing of these accounts.
9 Controlling party
Setaway Limited is controlled by J Harris, I Foster, S Laughlin and A McKenzie who together hold the entire share capital of the company.
10 Other information
Setaway Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Park Place
Newdigate Road
Harefield
Middlesex
UB9 6EJ
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