Setminds Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04706314 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Setminds Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

LS Pinkney

M Shah

SECRETARY:

LS Pinkney

REGISTERED OFFICE:

C/o 1st Floor Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

REGISTERED NUMBER:

04706314 (England and Wales)

ACCOUNTANTS:

Nicholsons, Chartered Accountants

1st Floor, Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

FIXED ASSETS

Investments

4

2

2

Investment property

5

5,400,000

5,400,000

5,400,002

5,400,002

CURRENT ASSETS

Debtors

6

99,629

35,377

Cash at bank

116,302

52,575

215,931

87,952

CREDITORS

Amounts falling due within one year

7

(498,947

)

(483,099

)

NET CURRENT LIABILITIES

(283,016

)

(395,147

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,116,986

5,004,855

CREDITORS

Amounts falling due after more than one year

8

(2,492,228

)

(2,476,077

)

NET ASSETS

2,624,758

2,528,778

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Non-distributable reserve

11

630,070

630,070

Retained earnings

1,984,688

1,888,708

SHAREHOLDERS' FUNDS

2,624,758

2,528,778

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 December 2017 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 can be found on the Company Information

page.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 the company will generate sufficient funds from its

activities to satisfy 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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement.

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 (INCLUDING DIRECTORS)

The average number of employees during the year was NIL (2016 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

2

NET BOOK VALUE

At 31 March 2017

2

At 31 March 2016

2

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Setminds 1 Limited

Registered office:

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

2017

2016

£

£

Aggregate capital and reserves

1

1

Setminds 2 Limited

Registered office:

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

2017

2016

£

£

Aggregate capital and reserves

1

1

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 2016

and 31 March 2017

5,400,000

NET BOOK VALUE

At 31 March 2017

5,400,000

At 31 March 2016

5,400,000

Fair value at 31 March 2017 is represented by:

£

Valuation in 2015

5,400,000

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

cost:

2017

2016

£

£

Cost

4,769,930

4,769,930

The investment property was valued on an open market basis on 31 March 2017 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

94,007

29,755

Other debtors

5,622

5,622

99,629

35,377

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

132,733

199,479

Trade creditors

53,697

50,820

Taxation and social security

35,069

60,554

Other creditors

277,448

172,246

498,947

483,099

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,492,228

2,476,077

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,624,961

2,675,556

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,000

Ordinary

£1

10,000

10,000

11.

RESERVES

Non-distributable

reserve

£

At 1 April 2016

and 31 March 2017

630,070

12.	RELATED PARTY DISCLOSURES

The Company is a subsidiary of Prime UK Properties, a company controlled by the directors, who

therefore control Setminds Limited.

During the year, in support of the refinancing of the Company's bank loan, a fellow subsidiary gave the

lender a fixed and floating charge over its assets, for which it charged a facilitation fee of £75,000

(2016: £nil) to the Company. The full amount of this fee was outstanding at the year-end and no terms

have been set regarding payment of this sum or interest on this loan.

Also during the year, the Company:

- was charged property management fees of £8,487 (2016: £15,769) by a company in which one of the

directors has an interest. At the balance sheet date, these fees remained unpaid, increasing the

amount owed by that company to £25,919 (2016: £17,432); and

- was charged fees of £5,200 (2015: £nil) by, and paid £5,600 (2015: £nil) to, a corporate shareholder

of the Company in which one of the directors has an interest. At the balance sheet date the amount

owed to that company was £18,100 (2016: £18,500)

No terms have been laid down as to payment of interest or repayment of capital on these loans.