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Set In Hand Specialist Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
The Laurel Partnership Ltd
16 Broad Street
Eye
Suffolk
IP23 7AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01861191
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,560 42,008
36,560 42,008
CURRENT ASSETS
Stocks 5 15,150 15,300
Debtors 6 383,116 357,634
Cash at bank and in hand 102,852 143,777
501,118 516,711
Creditors: Amounts Falling Due Within One Year 7 (204,032 ) (187,799 )
NET CURRENT ASSETS (LIABILITIES) 297,086 328,912
TOTAL ASSETS LESS CURRENT LIABILITIES 333,646 370,920
Creditors: Amounts Falling Due After More Than One Year 8 (14,289 ) (24,087 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,372 ) (8,818 )
NET ASSETS 312,985 338,015
CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Profit and Loss Account 212,985 238,015
SHAREHOLDERS' FUNDS 312,985 338,015
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Page 2
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs T L Davies
Director
01/09/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Set In Hand Specialist Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01861191 . The registered office is Unit 1 & 2 Combs Tannery, Stowmarket, Suffolk, IP14 2EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and includes revenue earned from the rendering of services. Turnover is reduced for estimated customer refunds, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold in accordance with the lease
Plant & Machinery 20% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 47 (2023: 61)
47 61
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 150,770 362,195 45,591 57,752 616,308
As at 31 December 2024 150,770 362,195 45,591 57,752 616,308
Depreciation
As at 1 January 2024 147,413 339,253 39,661 47,973 574,300
Provided during the period 331 3,621 587 909 5,448
As at 31 December 2024 147,744 342,874 40,248 48,882 579,748
Net Book Value
As at 31 December 2024 3,026 19,321 5,343 8,870 36,560
As at 1 January 2024 3,357 22,942 5,930 9,779 42,008
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5. Stocks
2024 2023
£ £
Materials 15,150 15,300
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 334,614 293,708
Prepayments and accrued income 19,992 21,952
Other debtors 28,510 29,010
Corporation tax recoverable assets - 12,964
383,116 357,634
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 94,504 79,199
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 17,590 17,260
VAT 63,194 57,089
Other creditors 4,821 11,248
Accruals and deferred income 12,800 12,800
Directors' loan accounts 2 2
Amounts owed to group undertakings 1,121 201
204,032 187,799
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,289 24,087
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,000 100,000
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 30,208 38,247
Later than one year and not later than five years 42,510 72,801
72,718 111,048
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Set In Hand Ltd . Set In Hand Ltd was incorporated in England and owns 100% of the shares of Set In Hand Specialist Services Limited .
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