Registered number: 08612521
SGC Property Developments Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
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SGC Property Developments Limited
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of SGC Property Developments Limited for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SGC Property Developments Limited for the year ended 31 March 2023 which comprise the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of SGC Property Developments Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SGC Property Developments Limited and state those matters that we have agreed to state to the director of SGC Property Developments Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SGC Property Developments Limited and its director for our work or for this report.
It is your duty to ensure that SGC Property Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SGC Property Developments Limited. You consider that SGC Property Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of SGC Property Developments 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 financial statements.
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
29 November 2023
Page 1
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SGC Property Developments Limited
Registered number: 08612521
Statement of Financial Position
As at 31 March 2023
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 2
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SGC Property Developments Limited
Registered number: 08612521
Statement of Financial Position (continued)
As at 31 March 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S G Chesters
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The notes on pages 4 to 8 form part of these financial statements.
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SGC Property Developments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
SGC Property Developments Limited is a company limited by share capital incorporated in England and Wales.
The registered office address is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The company's ability to
continue to trade is dependent upon the support of its director. If this assumption proves to be
inappropriate, adjustments may have to be made to adjust the value of assets to their recoverable
amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current
assets.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 4
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SGC Property Developments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Investments in an unincorporated partnership are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
Page 5
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SGC Property Developments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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Charge for the year on owned assets
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Page 6
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SGC Property Developments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Current asset investments
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 7
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SGC Property Developments Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Page 8
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