Setminds Limited - Accounts to registrar (filleted) - small 18.2
Setminds Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
SETMINDS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
BALANCE SHEET |
31 MARCH 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
1. | STATUTORY INFORMATION |
Setminds Limited is a |
Registered number: | 04706314 |
Registered office: | Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Notwithstanding significant net current liabilities, the accounts have been prepared on the going concern basis as the directors are confident that, with the forbearance of related party creditors, the company will generate sufficient funds from its activities to meet its obligations as they fall due for at least the next twelve months. |
Preparation of consolidated financial statements |
The financial statements contain information about Setminds Limited as an individual company and do not contain consolidated financial information as the parent of a group. As permitted by Section 398 of the Companies Act 2006, the company has chosen not to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly-owned subsidiaries. |
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
In preparing these financial statements, the directors have exercised judgement in the following principal areas: |
- In valuing the company's investment property, factors taken into consideration include the property's location, future income stream, condition and projected occupancy levels; and |
- In estimating the quantum of doubtful debts, when collection of the full amount is no longer considered probable, the directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection. |
Turnover |
The company lets its investment property and turnover represents the rent received or receivable in the year; it excludes discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Depreciation is not provided on the investment property, which is a departure from the Companies Act 2006. In the opinion of the directors, the property is primarily an investment and so its current value is of more significance than any measure of consumption; consequently, they believe that any depreciation charge would distort the true and fair view presented by the accounts and therefore the accounts do not include a depreciation charge in respect of this property. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment provision is made in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year-end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
These companies act as nominees for the parent and hold the legal title to, and the head lease of, the freehold investment property. |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2020 |
Revaluation in year | (1,400,000 | ) |
At 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
Fair value at 31 March 2021 is represented by: |
£ |
Valuation in 2021 | 4,000,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 4,769,930 | 4,769,930 |
The investment property was valued on an open market basis on 31 March 2021 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 1,188,016 | 1,377,835 |
SETMINDS LIMITED (REGISTERED NUMBER: 04706314) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
10. | RESERVES |
Non-distributable |
reserve |
£ |
At 1 April 2020 |
Eliminated on revaluation | (630,070 | ) |
At 31 March 2021 |