7 7 SETsquared Limited 12774234 false 2024-08-01 2026-01-31 2026-01-31 The principal activity of the company is Other business support service activities not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true 12774234 2024-08-01 2026-01-31 12774234 2026-01-31 12774234 core:RetainedEarningsAccumulatedLosses 2026-01-31 12774234 core:ShareCapital 2026-01-31 12774234 core:CurrentFinancialInstruments 2026-01-31 12774234 core:CurrentFinancialInstruments core:WithinOneYear 2026-01-31 12774234 core:Non-currentFinancialInstruments 2026-01-31 12774234 core:Non-currentFinancialInstruments core:AfterOneYear 2026-01-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2026-01-31 12774234 bus:SmallEntities 2024-08-01 2026-01-31 12774234 bus:AuditExemptWithAccountantsReport 2024-08-01 2026-01-31 12774234 bus:FilletedAccounts 2024-08-01 2026-01-31 12774234 bus:SmallCompaniesRegimeForAccounts 2024-08-01 2026-01-31 12774234 bus:RegisteredOffice 2024-08-01 2026-01-31 12774234 bus:Director6 2024-08-01 2026-01-31 12774234 bus:PrivateLimitedCompanyLtd 2024-08-01 2026-01-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-08-01 2026-01-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2024-08-01 2026-01-31 12774234 core:OtherRelatedParties core:RenderingOrReceivingServices 2024-08-01 2026-01-31 12774234 6 2024-08-01 2026-01-31 12774234 countries:EnglandWales 2024-08-01 2026-01-31 12774234 2024-07-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-07-31 12774234 2023-08-01 2024-07-31 12774234 2024-07-31 12774234 core:RetainedEarningsAccumulatedLosses 2024-07-31 12774234 core:ShareCapital 2024-07-31 12774234 core:CurrentFinancialInstruments 2024-07-31 12774234 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 12774234 core:Non-currentFinancialInstruments 2024-07-31 12774234 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-07-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-01 2024-07-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2023-08-01 2024-07-31 12774234 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-08-01 2024-07-31 12774234 2023-07-31 12774234 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 12774234

SETsquared Limited
Annual Report and Unaudited Financial Statements
for the Period from 1 August 2024 to 31 January 2026

SETsquared Limited

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 6

SETsquared Limited

(Registration number: 12774234)
Balance Sheet as at 31 January 2026

| Note | 31 January 2026 £ | 31 July 2024 £
Current assets |  |  |
Debtors | 4 | 597 | 9,163
Cash at bank and in hand |  | 138,077 | 173,204
|  | 138,674 | 182,367
Creditors: Amounts falling due within one year | 5 | (36,493) | (8,944)
Total assets less current liabilities |  | 102,181 | 173,423
Creditors: Amounts falling due after more than one year | 5 | - | (609,793)
Net assets/(liabilities) |  | 102,181 | (436,370)
Capital and reserves |  |  |
Called up share capital |  | 60 | 60
Retained earnings |  | 102,121 | (436,430)
Shareholders' funds/(deficit) |  | 102,181 | (436,370)

For the financial period ending 31 January 2026 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 period 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.

Approved and authorised by the Board on 31 March 2026 and signed on its behalf by:

B Woods Director |  |

SETsquared Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 31 January 2026

1 | General information

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

The company incorporated on 28 July 2020.

These financial statements were authorised for issue by the Board on 31 March 2026.

The address of its registered office is:
University Of Bath
Innovation Centre
Broad Quay
Bath
BA1 1UB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 group. Monetary amounts within the financial statements are rounded to the nearest £.

Going concern

The directors have taken the decision to cease activities and wind up the company. The company is therefore not a going concern and these financial statements have been prepared on a basis other than going concern.

Other grants

Grants are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

SETsquared Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 31 January 2026

Tax

The tax expense for the period comprises 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.

Deferred and current taxation assets or liabilities are not discounted.

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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

SETsquared Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 31 January 2026

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.

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.

Share capital
Dividends and other distributions to the equity holders of the company are recognised as a liability in the statement of changes in equity in the period in which the dividend and other distributions are approved by the shareholders.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the period was 7 (2024 - 7).

4 | Debtors

| 31 January 2026 £ | 31 July 2024 £
Other debtors | 597 | 7,452
Prepayments | - | 1,711
| 597 | 9,163

SETsquared Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 31 January 2026

5 | Creditors

Due within one year | Note | 31 January 2026 £ | 31 July 2024 £
Accruals |  | 6,699 | 8,944
Corporation tax liability |  | 29,794 | -
|  | 36,493 | 8,944
Due after one year |  |  |
Loans and borrowings | 6 | - | 609,793

6 | Loans and borrowings

| 31 January 2026 £ | 31 July 2024 £
Non-current loans and borrowings
Amounts due to associated parties | - | 609,793

SETsquared Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 31 January 2026

7 | Related party transactions

Expenditure with and payables to related parties

2026 | Key management £ | Other related parties £
Rendering of services | 47,213 | 750

2024 | Key management £ | Other related parties £
Rendering of services | 43,435 | 600

Loans from related parties

2026 | Key management £ | Total £
At start of period | 609,793 | 609,793
Loans written off during the year | (609,793) | (609,793)
At end of period | - | -

2024 | Key management £ | Total £
At start of period | 558,629 | 558,629
Interest transactions | 51,164 | 51,164
At end of period | 609,793 | 609,793