SDG Engineering Limited 06907858 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of engineering Digita Accounts Production Advanced 6.30.9574.0 true 06907858 2022-08-01 2023-07-31 06907858 2023-07-31 06907858 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 06907858 core:CurrentFinancialInstruments 2023-07-31 06907858 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06907858 core:FurnitureFittingsToolsEquipment 2023-07-31 06907858 bus:SmallEntities 2022-08-01 2023-07-31 06907858 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06907858 bus:FullAccounts 2022-08-01 2023-07-31 06907858 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06907858 bus:RegisteredOffice 2022-08-01 2023-07-31 06907858 bus:Director2 2022-08-01 2023-07-31 06907858 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06907858 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 06907858 core:PlantMachinery 2022-08-01 2023-07-31 06907858 core:ToolsEquipment 2022-08-01 2023-07-31 06907858 countries:EnglandWales 2022-08-01 2023-07-31 06907858 core:FurnitureFittingsToolsEquipment 2022-07-31 06907858 2021-08-01 2022-07-31 06907858 2022-07-31 06907858 core:AcceleratedTaxDepreciationDeferredTax 2022-07-31 06907858 core:CurrentFinancialInstruments 2022-07-31 06907858 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06907858 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 06907858

Prepared for the registrar

SDG Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

SDG Engineering Limited

(Registration number: 06907858)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,392

31,046

Current assets

 

Debtors

6

187,762

199,228

Cash at bank and in hand

 

211,785

195,246

 

399,547

394,474

Creditors: Amounts falling due within one year

7

(194,142)

(196,184)

Net current assets

 

205,405

198,290

Total assets less current liabilities

 

226,797

229,336

Deferred tax liabilities

 

(4,459)

(6,677)

Net assets

 

222,338

222,659

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

222,238

222,559

Shareholders' funds

 

222,338

222,659

For the financial year ending 31 July 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 has been taken.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 


Mr S Gunn
Director

 

SDG Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

SDG Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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% written down value/10% straight line

Tools

25% written down value

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

SDG Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

4

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

4,459

4,459

2022

Liability
£

Fixed asset timing differences

6,677

6,677

 

SDG Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

5

Tangible assets

Fixtures, fittings and equipment
 £

Cost

At 1 August 2022

338,035

At 31 July 2023

338,035

Depreciation

At 1 August 2022

306,989

Charge for the year

9,654

At 31 July 2023

316,643

Carrying amount

At 31 July 2023

21,392

At 31 July 2022

31,046


 

 

6

Debtors

2023
 £

2022
 £

Trade debtors

185,668

197,481

Prepayments

2,094

1,747

 

187,762

199,228

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

35,139

33,662

Trade creditors

 

29,387

46,711

Social security and other taxes

 

55,965

55,057

Accrued expenses

 

3,686

4,479

Corporation tax liability

69,965

56,275

 

194,142

196,184

 

SDG Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors' loan

35,139

33,662

 

9

Related party transactions

Transactions with directors

At 31 July 2023, the company owed Mr & Mrs S Gunn £17,446 (2022: £16,822) and Mr & Mrs D Gwilliam £17,693 (2022: £16,840) in the form of directors' loan accounts. The loans are unsecured, repayable on demand and no interest is charged.