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REGISTERED NUMBER: 04918574 (England and Wales)












S G M 2003 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 669,731 860,012

CURRENT ASSETS
Stocks 1,500 1,500
Debtors 5 61,241 243,130
Cash at bank and in hand 37,360 95,396
100,101 340,026
CREDITORS
Amounts falling due within one year 6 219,503 271,460
NET CURRENT (LIABILITIES)/ASSETS (119,402 ) 68,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

550,329

928,578

CREDITORS
Amounts falling due after more than one
year

7

(211,029

)

(305,147

)

PROVISIONS FOR LIABILITIES (64,026 ) (112,207 )
NET ASSETS 275,274 511,224

CAPITAL AND RESERVES
Called up share capital 10 4 4
Retained earnings 275,270 511,220
SHAREHOLDERS' FUNDS 275,274 511,224

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

BALANCE SHEET - continued
31 OCTOBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mr S G Morris - Director


S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

S G M 2003 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04918574

Registered office: 152 Newton Road
Great Barr
Birmingham
B43 6BU

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% and 10% p.a. reducing balance
Fixtures and fittings - 33% on straight line
Motor vehicles - 25% reducing balance

Stocks
Stock and work in progress represent an estimate of work done and not invoiced at the year end, valued at cost and a proportion of overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 1,474,116
Additions 152,138
Disposals (319,409 )
At 31 October 2023 1,306,845
DEPRECIATION
At 1 November 2022 614,104
Charge for year 97,358
Eliminated on disposal (74,348 )
At 31 October 2023 637,114
NET BOOK VALUE
At 31 October 2023 669,731
At 31 October 2022 860,012

S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,524 167,514
Other debtors 18,717 75,616
61,241 243,130

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 106,943 158,470
Trade creditors 58,930 84,038
Taxation and social security 46,965 24,713
Other creditors 6,665 4,239
219,503 271,460

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 211,029 305,147

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 106,943 158,470
Between one and five years 211,029 305,147
317,972 463,617

Non-cancellable operating leases
2023 2022
£    £   
Within one year 16,760 25,140
Between one and five years - 16,760
16,760 41,900

9. SECURED DEBTS

Hire purchase contracts totalling £317,972 (2022: £463,617) are secured by charges over the assets concerned.

S G M 2003 LIMITED (REGISTERED NUMBER: 04918574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary shares £1 4 4