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Registration number: 08481502

SG Services Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

SG Services Hire Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 10

 

SG Services Hire Limited

Company Information

Directors

Mr John Russell Greenhalgh

Mr Liam Greenhalgh

Registered office

Unit 8 Park Road
Bury
England
BL95BQ

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

SG Services Hire Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr John Russell Greenhalgh

Mr Liam Greenhalgh

Principal activity

The principal activity of the company is that of metal fabrication.

Small companies provision statement

This report has 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.

Approved by the Board on 16 November 2023 and signed on its behalf by:

.........................................
Mr John Russell Greenhalgh
Director

   
     
 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SG Services Hire Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SG Services Hire Limited for the year ended 28 February 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of SG Services Hire Limited, as a body, in accordance with the terms of our engagement letter dated 13 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of SG Services Hire Limited and state those matters that we have agreed to state to the Board of Directors of SG Services Hire Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SG Services Hire Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SG Services Hire Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SG Services Hire Limited. You consider that SG Services Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SG Services Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

16 November 2023

 

SG Services Hire Limited

(Registration number: 08481502)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,318

40,425

Current assets

 

Stocks

5

45,500

67,500

Debtors

6

126,314

86,765

Cash at bank and in hand

 

497,052

367,544

 

668,866

521,809

Creditors: Amounts falling due within one year

7

(262,477)

(142,726)

Net current assets

 

406,389

379,083

Total assets less current liabilities

 

436,707

419,508

Creditors: Amounts falling due after more than one year

7

(112,500)

(162,500)

Provisions for liabilities

(5,761)

(7,681)

Net assets

 

318,446

249,327

Capital and reserves

 

Called up share capital

8

102

102

Retained earnings

318,344

249,225

Shareholders' funds

 

318,446

249,327

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 and Directors' Report has been taken.

 

SG Services Hire Limited

(Registration number: 08481502)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
Mr John Russell Greenhalgh
Director

   
     
 

SG Services Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office and principal place of business is:
Unit 8 Park Road
Bury
England
BL95BQ

These financial statements were authorised for issue by the Board on 16 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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.

 

SG Services Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Furniture and fittings

25% Reducing Balance

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.

 

SG Services Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

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 directors) during the year, was 9 (2022 - 10).

 

SG Services Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

4,497

8,000

91,837

104,334

At 28 February 2023

4,497

8,000

91,837

104,334

Depreciation

At 1 March 2022

2,443

5,328

56,138

63,909

Charge for the year

514

668

8,925

10,107

At 28 February 2023

2,957

5,996

65,063

74,016

Carrying amount

At 28 February 2023

1,540

2,004

26,774

30,318

At 28 February 2022

2,054

2,672

35,699

40,425

5

Stocks

2023
£

2022
£

Work in progress

45,500

67,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

108,163

80,960

Prepayments

6,825

4,109

Other debtors

11,326

1,696

 

126,314

86,765

 

SG Services Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

2023
£

2022
£

Due within one year

 

Loans and borrowings

50,000

50,000

Trade creditors

 

47,763

25,909

Taxation and social security

 

46,750

23,319

Accruals and deferred income

 

6,127

6,852

Other creditors

 

111,837

36,646

 

262,477

142,726

2023
£

2022
£

Due after one year

 

Loans and borrowings

112,500

162,500

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary Class A of £1 each

1

1

1

1

Ordinary Class B of £1 each

1

1

1

1

 

102

102

102

102

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,833 (2022 - £17,083). The balance relates to the undiscounted minimum future payments due under non-cancellable operating leases, no security has been provided.