Setag Yachts Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Setag Yachts Ltd

(Registration number: 13096558)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	29,545	36,385
Current assets
Stocks	5	20,058	17,740
Debtors	6	89,737	120,956
Cash at bank and in hand		910,784	486,181
		1,020,579	624,877
Creditors: Amounts falling due within one year	7	(871,048)	(656,689)
Net current assets/(liabilities)		149,531	(31,812)
Total assets less current liabilities		179,076	4,573
Provisions for liabilities		(7,386)	-
Net assets		171,690	4,573
Capital and reserves
Called up share capital		100	100
Profit and loss account		171,590	4,473
Shareholders' funds		171,690	4,573

For the financial 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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2025 and signed on its behalf by:
 

Mr C J L Gates Director

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit 5 and 9 Atlantic Building
Queen Anne's Battery
Plymouth
Devon
PL4 0LP

Principal activity

The principal activity of the company is that of design and refit of yachts.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	25% straight line

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 13).

4	Tangible assets

	Fixtures, fittings and equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	11,317	47,092	58,409
Additions	7,343	-	7,343
At 31 December 2024	18,660	47,092	65,752
Depreciation
At 1 January 2024	2,594	19,430	22,024
Charge for the year	2,410	11,773	14,183
At 31 December 2024	5,004	31,203	36,207
Carrying amount
At 31 December 2024	13,656	15,889	29,545
At 31 December 2023	8,723	27,662	36,385

5

Stocks

	2024 £	2023 £
Work in progress	-	469
Finished goods and goods for resale	20,058	17,271
	20,058	17,740

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

	Note	2024 £	2023 £
Trade debtors		40,426	94,385
Amounts owed by related parties	9	16,654	-
Other debtors		7,500	6,017
Prepayments		25,157	18,225
Deferred tax assets >1 year		-	2,329
		89,737	120,956

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	196,696	160,549
Taxation and social security	104,682	54,186
Accruals and deferred income	161,734	337,333
Other creditors	407,936	104,621
	871,048	656,689

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Setag Yachts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	At 31 December 2024 £
Director	(99,800)	(99,800)

2023	At 1 January 2023 £	At 31 December 2023 £
Director	(99,800)	(99,800)

Summary of transactions with other related parties

During the year, Mrs P Gates, the wife of Mr C Gates, undertook marketing activities on behalf of the company for which fees of £16,741 (2023: £83,475) have been accrued. Mrs Gates is a director of Setag Holdings Ltd, the ultimate parent company.

At the end of the year the company was owed £16,654 (2023: nil) from Setag Yachts Spain, a company under common control.