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REGISTERED NUMBER: 05546033 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

S & GM CLEMENTS LTD

S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


S & GM CLEMENTS LTD

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: S Clements
Mrs G M Clements





SECRETARY: Mrs G M Clements





REGISTERED OFFICE: 1 Birklands
Beadlam
York
North Yorkshire
YO62 7ST





REGISTERED NUMBER: 05546033 (England and Wales)

S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

STATEMENT OF FINANCIAL POSITION
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 93,974 82,183
93,974 82,183

CURRENT ASSETS
Inventories 8,646 9,816
Debtors 6 92,728 115,619
Prepayments and accrued income 1,868 2,628
Cash at bank 78,962 11,372
182,204 139,435
CREDITORS
Amounts falling due within one year 7 155,987 128,186
NET CURRENT ASSETS 26,217 11,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,191

93,432

CREDITORS
Amounts falling due after more than one
year

8

(22,159

)

(15,286

)

PROVISIONS FOR LIABILITIES (23,494 ) (20,546 )
NET ASSETS 74,538 57,600

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 74,535 57,597
SHAREHOLDERS' FUNDS 74,538 57,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

STATEMENT OF FINANCIAL POSITION - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





S Clements - Director


S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023


1. STATUTORY INFORMATION

S & GM Clements Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have considered the financial resources and commitments of the company and have concluded that there are sufficient resources in place to continue operating for the foreseeable future. The directors therefore consider it appropriate to continue to prepare the accounts on the going concern basis.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has now been amortised in full.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 10% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a straight line basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 36,000
AMORTISATION
At 1 June 2022
and 31 May 2023 36,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


5. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2022 189,314 3,675 192,989
Additions 44,204 - 44,204
Disposals (27,810 ) - (27,810 )
At 31 May 2023 205,708 3,675 209,383
DEPRECIATION
At 1 June 2022 107,826 2,980 110,806
Charge for year 24,607 173 24,780
Eliminated on disposal (20,177 ) - (20,177 )
At 31 May 2023 112,256 3,153 115,409
NET BOOK VALUE
At 31 May 2023 93,452 522 93,974
At 31 May 2022 81,488 695 82,183

The net book value of property, plant and equipment includes £ 75,244 (2022 - £ 66,699 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 92,728 115,619

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 4,939
Hire purchase contracts 13,415 18,371
Trade creditors 27,525 20,304
Taxation and social security 26,024 27,139
Other creditors 89,023 57,433
155,987 128,186

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 22,159 15,286

S & GM CLEMENTS LTD (REGISTERED NUMBER: 05546033)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 4,939
Hire purchase contracts 35,574 33,657
35,574 38,596

The directors have provided a personal guarantee to the bank and the hire purchase agreements are secured on the assets under the agreement.