Registration number:
Seto International Limited
for the Year Ended 31 August 2024
Seto International Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Seto International Limited
Company Information
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Directors |
Mr T Kaneyasu Mrs M Kaneyasu |
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Registered office |
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Accountants |
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Seto International Limited
(Registration number: 2739494)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
(152,365) |
(125,008) |
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Shareholders' deficit |
(152,363) |
(125,006) |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Seto International Limited
(Registration number: 2739494)
Balance Sheet as at 31 August 2024
Approved and authorised by the
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Seto International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 balance sheet 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.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% on reducing balance |
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Fixtures and fittings |
25% on reducing balance |
Seto International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Computer equipment |
25% on reducing balance |
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Short leasehold |
25% on cost |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 profit and loss account 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Seto International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Loss before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Amortisation |
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At 1 September 2023 |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
- |
- |
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At 31 August 2023 |
- |
- |
Seto International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
- |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
- |
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At 31 August 2023 |
- |
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Stocks |
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2024 |
2023 |
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Closing stock |
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Debtors |
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Current |
2024 |
2023 |
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Prepayments and accrued income |
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Other debtors |
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Seto International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Bank loans and overdrafts |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Related party transactions |
At the balance sheet date, the company owed the directors, Mr and Mrs Kaneyasu, the sum of £135,580 (2023 - £103,706).