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 2023

Set the Scene Design Limited

Financial Statements

Year ended 31 January 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Set the Scene Design Limited

Statement of Financial Position

31 January 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	22	22

Current assets

Debtors	6	371	35,621
Cash at bank and in hand		10,469	3
		--------	--------
		10,840	35,624

Creditors: amounts falling due within one year	7	6,348	24,001
		--------	--------
Net current assets		4,492	11,623
		-------	--------
Total assets less current liabilities		4,514	11,645

Creditors: amounts falling due after more than one year	8	2,357	2,722
		-------	--------
Net assets		2,157	8,923
		-------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,157	7,923
	-------	-------
Shareholders funds	2,157	8,923
	-------	-------

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 2023 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 .

Set the Scene Design Limited

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 11 May 2023 , 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 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71 Pyle Inn Way, Pyle, Bridgend, CF33 6LP.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

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 (2022: 1 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 February 2022 and 31 January 2023	19,586	11,440	31,026
	--------	--------	--------
Depreciation
At 1 February 2022 and 31 January 2023	19,583	11,421	31,004
	--------	--------	--------
Carrying amount
At 31 January 2023	3	19	22
	--------	--------	--------
At 31 January 2022	3	19	22
	--------	--------	--------

6. Debtors

	2023	2022
	£	£
Other debtors	371	35,621
	----	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	792	3,226
Social security and other taxes	–	425
Other creditors	5,556	20,350
	-------	--------
	6,348	24,001
	-------	--------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	2,357	2,722
	-------	-------

9. Director's advances, credits and guarantees

At the beginning of the year Ms L J Griffiths , who is the company's sole director, was owed £20,455 by the company. The aggregate of advances to the director during the year was £25,895 and the aggregate of total credits to her account with the company was £10,119 leaving a balance owing to Ms L J Griffiths of £4,679 at 31 January 2023. The closing balance is not interest bearing and has no fixed repayment date. The balance payable by the company to the director is included in Other creditors under Creditors: amounts falling due within one year.