Sete Margate Ltd

Contents

Statement of financial position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Sete Margate Ltd

(Registration number: 14031852)
Statement of financial position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	26,123	32,996
Current assets
Stocks	5	7,000	6,433
Debtors	6	4,634	7,162
Cash at bank and in hand		9,598	6,756
		21,232	20,351
Creditors: Amounts falling due within one year	7	(102,974)	(84,737)
Net current liabilities		(81,742)	(64,386)
Total assets less current liabilities		(55,619)	(31,390)
Creditors: Amounts falling due after more than one year	7	-	(15,000)
Net liabilities		(55,619)	(46,390)
Capital and reserves
Called up share capital	8	100	100
Share premium reserve		14,995	14,995
Retained earnings		(70,714)	(61,485)
Shareholders' deficit		(55,619)	(46,390)

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Income statement.

Sete Margate Ltd

(Registration number: 14031852)
Statement of financial position as at 30 April 2025

Approved and authorised by the director on 10 December 2025
 

......................................... Ms N C Ribbe Director

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

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

The address of its registered office is:
238 Northdown Road
Margate
Kent
CT9 2QD

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 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.

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

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
Leasehold Improvements	20% Straight Line
Plant and Machinery	20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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 income statement 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2024 - 8).

4	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2024	28,492	20,432	48,924
Additions	-	3,640	3,640
At 30 April 2025	28,492	24,072	52,564
Depreciation
At 1 May 2024	8,466	7,462	15,928
Charge for the year	5,698	4,815	10,513
At 30 April 2025	14,164	12,277	26,441
Carrying amount
At 30 April 2025	14,328	11,795	26,123
At 30 April 2024	20,026	12,970	32,996

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

5

Stocks

	2025 £	2024 £
Other inventories	7,000	6,433

6

Debtors

Current	2025 £	2024 £
Trade debtors	192	90
Prepayments	942	3,572
Other debtors	3,500	3,500
	4,634	7,162

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	-	16,228
Trade creditors		16,185	16,126
Taxation and social security		55,779	15,931
Accruals and deferred income		12,800	7,227
Other creditors		18,210	29,225
		102,974	84,737

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	-	15,000

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Sete Margate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Other borrowings	-	15,000

Current loans and borrowings

	2025 £	2024 £
Other borrowings	-	16,228