Setminds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04706314 (England and Wales)

SETMINDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

2

2

Investment property

5

2,450,000

2,450,000

2,450,002

2,450,002

CURRENT ASSETS

Debtors

6

232,024

255,431

Cash at bank

361,772

323,977

593,796

579,408

CREDITORS

Amounts falling due within one year

7

946,262

940,402

NET CURRENT LIABILITIES

(352,466

)

(360,994

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,097,536

2,089,008

CREDITORS

Amounts falling due after more than one year

8

1,559,419

1,732,300

NET ASSETS

538,117

356,708

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

528,117

346,708

SHAREHOLDERS' FUNDS

538,117

356,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2024 and were signed on its behalf by:

LS Pinkney - Director

1.	STATUTORY INFORMATION

Setminds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

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 2 (2022 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

2

NET BOOK VALUE

At 31 March 2023

2

At 31 March 2022

2

These companies act as nominees for the parent and hold the legal title to, and the head lease of, the freehold investment property.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

2,450,000

NET BOOK VALUE

At 31 March 2023

2,450,000

At 31 March 2022

2,450,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

2,450,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

4,769,930

4,769,930

The investment property was valued on an open market basis on 12 October 2021 by Evaluate Chartered Surveyors & Valuers .

The directors consider that the market value of the property of £2.45m remains applicable at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

177,202

203,203

Other debtors

54,822

52,228

232,024

255,431

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

172,882

165,896

Trade creditors

568,725

568,726

Taxation and social security

42,553

59,804

Other creditors

162,102

145,976

946,262

940,402

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,559,419

1,732,300

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

565,664

989,716

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

1,732,301

1,898,196