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Registration number: 11681371

SBG Suffolk Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2022

 

SBG Suffolk Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

SBG Suffolk Limited

Company Information

Director

Gavin Sahota

Registered office

Epsilon House West Road
Ransomes Industrial Estate
Ipswich
IP3 9FJ

Accountants

Milton Accountants Ltd
19-21 Eastern Road
Romford
RM1 3NH

 

SBG Suffolk Limited

(Registration number: 11681371)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

90,000

216,313

Tangible assets

5

697,001

628,801

 

787,001

845,114

Current assets

 

Stocks

6

33,029

49,679

Debtors

7

687,262

620,556

Cash at bank and in hand

 

86,221

85,928

 

806,512

756,163

Creditors: Amounts falling due within one year

8

(460,812)

(209,017)

Net current assets

 

345,700

547,146

Total assets less current liabilities

 

1,132,701

1,392,260

Creditors: Amounts falling due after more than one year

8

(1,116,139)

(1,232,840)

Net assets

 

16,562

159,420

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

16,462

159,320

Shareholders' funds

 

16,562

159,420

For the financial year ending 30 November 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 November 2023
 

 

SBG Suffolk Limited

(Registration number: 11681371)
Balance Sheet as at 30 November 2022

.........................................
Gavin Sahota
Director

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Epsilon House West Road
Ransomes Industrial Estate
Ipswich
IP3 9FJ
England

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Furniture and Fittings

20% Reducing Balance Method

Motor Vehicle

33.33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangible assets

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 104 (2021 - 128).

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2021

-

107,316

107,316

At 30 November 2022

-

107,316

107,316

Amortisation

Amortisation charge

-

17,316

17,316

At 30 November 2022

-

17,316

17,316

Carrying amount

At 30 November 2022

-

90,000

90,000

At 30 November 2021

129,412

86,901

216,313

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2021

1,389,654

6,202

13,429

1,409,285

Additions

172,590

-

33,715

206,305

At 30 November 2022

1,562,244

6,202

47,144

1,615,590

Depreciation

At 1 December 2021

665,604

3,198

2,686

671,488

Charge for the year

229,320

2,067

15,714

247,101

At 30 November 2022

894,924

5,265

18,400

918,589

Carrying amount

At 30 November 2022

667,320

937

28,744

697,001

At 30 November 2021

615,054

3,004

10,743

628,801

6

Stocks

2022
£

2021
£

Other inventories

33,029

49,679

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

7

Debtors

2022
£

2021
£

Trade debtors

47,500

-

Prepayments

32,386

22,291

Other debtors

607,376

598,265

687,262

620,556

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

248,084

113,908

Taxation and social security

167,387

67,093

Accruals and deferred income

43,443

25,666

Other creditors

1,898

2,350

460,812

209,017

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

283,155

408,712

Other non-current financial liabilities

 

832,984

824,128

 

1,116,139

1,232,840

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

283,155

408,712

 

SBG Suffolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

11

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

18,000

36,000