The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Standset Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is Wilmoths, 91-93 Eastbourne Road, Willingdon, Eastbourne, BN20 9NR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The results of the company are consolidated into the financial statements of its ultimate parent, Wilmoths Holdings Limited. The group consolidated financial statements can be obtained from 90-93 Eastbourne Road, Lower Willingdon, Eastbourne, East Sussex, BN20 9NR.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a non-trading holding company, and being in a net asset position, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Accumulated fair value gains/losses are subsequently transferred to the Investment Property Fair Value Reserve as a memorandum of non-distributable reserves, as defined by the Companies Act 2006.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, and measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

For assets carried at fair value, management recognise the need to undertake revaluations with sufficient regularity to ensure that the carrying amount does not differ significantly from its fair. The fair value of land and buildings is routinely determined by professionally qualified valuers. Furthermore, management regularly review local property trends to ensure that the carrying amounts of such assets are materially accurate.

The audit fees for the current and prior year were borne by the ultimate parent, Wilmoths Holdings Limited. A disaggregation of audit and non-audit fees is disclosed in the group financial statements.

The company had no paid employees during the year.

The two (2023: two) directors were not remunerated by the company. Disclosure of directors’ emoluments is included in the group financial statements of Wilmoths Holdings Limited.

Investment property comprises three sections of land in Southampton. The land is leased rent-free to its immediate parent, Jarretts Motors Limited for use within its trade in the automotive sector.

The fair value of the investment property has been arrived at on the basis of a valuation carried out in January 2022 by Mark Taylor MRICS and James Elliott MRICS (Chartered Surveyors) of CBRE Limited. The individuals are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider the value of the land to have altered materially between the valuation date and 31 December 2024.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Events after the reporting date

* Freeborn Garages Limited was dissolved on 14 May 2024. Freeborn Garages Limited had been dormant for several years and the cost of investment had already been impaired in full in a previous year (carrying value at 31 December 2023 and 31 December 2022: £Nil).

The share premium account represents the amounts paid for share capital in excess of nominal value.

The capital contribution reserve represents the waiver of an historic inter-group loan balance.

The profit and loss account reserve represents cumulative profits and losses net of dividends paid and other adjustments.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.true

The company's immediate parent is Jarretts Motors Limited.

The company's ultimate parent is Wilmoths Holdings Limited, a company registered in England and Wales. Wilmoths Holdings Limited prepares group financial statements into which the company's accounts are consolidated into. The group financial statements can be obtained from 90-93 Eastbourne Road, Lower Willingdon, Eastbourne, East Sussex, BN20 9NR. The group financial statements are publicly available from Companies House.

The ultimate controlling party is J Wilmoth, by virtue of his controlling share-holding in Wilmoths Holdings Limited.