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COMPANY REGISTRATION NUMBER: 07459889
SG WILLIAMS UK LIMITED
Filleted Unaudited Financial Statements
31 December 2023
SG WILLIAMS UK LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
7,109
11,502
Current assets
Stocks
290
Debtors
5
9,952
Cash at bank and in hand
47
849
-------
-------
9,999
1,139
Creditors: amounts falling due within one year
6
22,252
14,662
--------
--------
Net current liabilities
12,253
13,523
--------
--------
Total assets less current liabilities
( 5,144)
( 2,021)
-------
-------
Net liabilities
( 5,144)
( 2,021)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 5,244)
( 2,121)
-------
-------
Shareholders deficit
( 5,144)
( 2,021)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SG WILLIAMS UK LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
DR V ICHEKU
Director
Company registration number: 07459889
SG WILLIAMS UK LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 54 BARMESTON ROAD, CATFORD, LONDON, SE6 3BH, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% straight line
Motor Vehicle
-
25% straight line
Office Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,667
27,250
2,326
31,243
-------
--------
-------
--------
Depreciation
At 1 January 2023
1,525
16,078
2,138
19,741
Charge for the year
142
4,063
188
4,393
-------
--------
-------
--------
At 31 December 2023
1,667
20,141
2,326
24,134
-------
--------
-------
--------
Carrying amount
At 31 December 2023
7,109
7,109
-------
--------
-------
--------
At 31 December 2022
142
11,172
188
11,502
-------
--------
-------
--------
5. Debtors
2023
2022
£
£
Other debtors
9,952
-------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
21,524
30,194
Corporation tax
271
Other creditors
728
( 15,803)
--------
--------
22,252
14,662
--------
--------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
DR V ICHEKU
16,531
( 6,579)
9,952
--------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
DR V ICHEKU
23,309
( 6,778)
16,531
--------
-------
--------
Director's advances disclosed as follows:(a) its amounts to £9,952.48; (b) at the interest rate of 2.8% APR; (c) to be repaid within 5years; and (d) repayment of credits commence first month after the end of the accounting period.
8. Related party transactions
The company was under the control of Dr Vincent & Mrs Chinelo ICHEKU throughout the current and previous year. Dr Vincent & Mrs Chinelo ICHEKU is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities 2015.