Set the Scene Design Limited Filleted accounts for Companies House (small and micro)

SET THE SCENE DESIGN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05636961

Set the Scene Design Limited

Filleted Unaudited Financial Statements

31 January 2020

Set the Scene Design Limited

Financial Statements

Year ended 31 January 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Set the Scene Design Limited

Statement of Financial Position

31 January 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	1,303	496

Current assets

Debtors	6	39,455	50,492
Cash at bank and in hand		14,176	32,428
		--------	--------
		53,631	82,920

Creditors: amounts falling due within one year	7	5,976	5,495
		--------	--------
Net current assets		47,655	77,425
		--------	--------
Total assets less current liabilities		48,958	77,921
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	47,958	76,921
	--------	--------
Shareholders funds	48,958	77,921
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2020 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 January 2021 , and are signed on behalf of the board by:

Ms L J Griffiths
Director

Company registration number: 05636961

Set the Scene Design Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Dan Y Coed, St Clears, Camarthen, SA33 4JR, Dyfed.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line

Impairment of fixed assets

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 February 2019	19,079	10,122	29,201
Additions	507	1,318	1,825
	--------	--------	--------
At 31 January 2020	19,586	11,440	31,026
	--------	--------	--------
Depreciation
At 1 February 2019	19,066	9,639	28,705
Charge for the year	264	754	1,018
	--------	--------	--------
At 31 January 2020	19,330	10,393	29,723
	--------	--------	--------
Carrying amount
At 31 January 2020	256	1,047	1,303
	--------	--------	--------
At 31 January 2019	13	483	496
	--------	--------	--------

6. Debtors

	2020	2019
	£	£
Other debtors	39,455	50,492
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	2,308	2,476
Social security and other taxes	1,383	1,451
Other creditors	2,285	1,568
	-------	-------
	5,976	5,495
	-------	-------

8. Director's advances, credits and guarantees

At the start of the year a balance of £19,591 was owed to the company by its director Ms L J Griffiths . The aggregate of advances to the director during the year was £18,213, whilst the aggregate of repayments was £34,256 leaving a balance outstanding at the year end of £3,548 after interest of £679 has been charged on the overdrawn balance. The closing balance has no fixed repayment date.