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Registration number: 2739494

Seto International Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Seto International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Seto International Limited

Company Information

Directors

Mr T Kaneyasu

Mrs M Kaneyasu

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered AccountantsLawford House
Albert Place
London
N3 1QA

 

Seto International Limited

(Registration number: 2739494)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

2,482

3,309

Current assets

 

Stocks

7

5,999

4,627

Debtors

8

22,727

22,319

Cash at bank and in hand

 

2,584

3,938

 

31,310

30,884

Creditors: Amounts falling due within one year

9

(185,155)

(157,149)

Net current liabilities

 

(153,845)

(126,265)

Total assets less current liabilities

 

(151,363)

(122,956)

Creditors: Amounts falling due after more than one year

9

(1,000)

(2,050)

Net liabilities

 

(152,363)

(125,006)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(152,365)

(125,008)

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:

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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Seto International Limited

(Registration number: 2739494)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 26 May 2025 and signed on its behalf by:
 

.........................................
Mrs M Kaneyasu
Director

 

Seto International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the Board on 26 May 2025.

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 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:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

 

Seto International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Computer equipment

25% on reducing balance

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
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.


 Recognition and measurement
Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

3

Staff numbers

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

 

Seto International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

827

1,103

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

15,000

15,000

At 31 August 2024

15,000

15,000

Amortisation

At 1 September 2023

15,000

15,000

At 31 August 2024

15,000

15,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

-

-

 

Seto International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

20,000

14,895

34,895

At 31 August 2024

20,000

14,895

34,895

Depreciation

At 1 September 2023

20,000

11,586

31,586

Charge for the year

-

827

827

At 31 August 2024

20,000

12,413

32,413

Carrying amount

At 31 August 2024

-

2,482

2,482

At 31 August 2023

-

3,309

3,309

7

Stocks

2024
£

2023
£

Closing stock

5,999

4,627

8

Debtors

Current

2024
£

2023
£

Prepayments and accrued income

8,227

7,819

Other debtors

14,500

14,500

 

22,727

22,319

 

Seto International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

10,592

9,728

Trade creditors

 

13,225

19,457

Taxation and social security

 

9,200

9,796

Accruals and deferred income

 

9,626

9,050

Other creditors

 

142,512

109,118

 

185,155

157,149

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans and overdrafts

10

1,000

2,050

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,000

2,050

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,706

1,000

Bank overdrafts

6,886

8,728

10,592

9,728

11

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).