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Registration number: 11681371

SBG Suffolk Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

SBG Suffolk Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 11

 

SBG Suffolk Limited

Company Information

Director

Gavin Sahota

Registered office

Epsilon House West Road
Ransomes Industrial Estate
Ipswich
IP3 9FJ

Accountants

Milton Accountants Ltd
19-21 Eastern Road
Romford
RM1 3NH

 

SBG Suffolk Limited

Director's Report for the Year Ended 30 November 2023

The report and the abridged financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Gavin Sahota

Principal activity

The principal activity of the company is Unlicensed restaurants and cafes

Small companies provision statement

This report has 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.

Approved by the director on 22 July 2024 and signed on its behalf by:

.........................................
Gavin Sahota
Director

   
     
 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
SBG Suffolk Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SBG Suffolk Limited for the year ended 30 November 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that SBG Suffolk Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SBG Suffolk Limited. You consider that SBG Suffolk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SBG Suffolk 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 accounts.

......................................

Milton Accountants Ltd
19-21 Eastern Road
Romford
RM1 3NH

22 July 2024

 

SBG Suffolk Limited

(Registration number: 11681371)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

72,684

90,000

Tangible assets

6

596,792

697,001

 

669,476

787,001

Current assets

 

Stocks

7

26,292

33,029

Debtors

8

1,080,893

654,876

Cash at bank and in hand

 

34,454

86,221

 

1,141,639

774,126

Prepayments and accrued income

 

32,402

32,386

Creditors: Amounts falling due within one year

(460,012)

(417,369)

Net current assets

 

714,029

389,143

Total assets less current liabilities

 

1,383,505

1,176,144

Creditors: Amounts falling due after more than one year

(1,392,394)

(1,116,139)

Accruals and deferred income

 

(17,446)

(43,443)

Net (liabilities)/assets

 

(26,335)

16,562

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(26,435)

16,462

Shareholders' (deficit)/funds

 

(26,335)

16,562

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 22 July 2024
 

 

SBG Suffolk Limited

(Registration number: 11681371)
Abridged Balance Sheet as at 30 November 2023

.........................................
Gavin Sahota
Director

   
     
 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 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:
Epsilon House West Road
Ransomes Industrial Estate
Ipswich
IP3 9FJ
England

These financial statements were authorised for issue by the director on 22 July 2024.

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 abridged 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 abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

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

Office equipment

33.33% straight line

Furniture and Fittings

20% Reducing Balance Method

Motor Vehicle

33.33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangible assets

15% straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 85 (2022 - 104).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

154,971

247,102

Amortisation expense

17,315

17,316

 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

107,316

At 30 November 2023

107,316

Amortisation

At 1 December 2022

17,316

Amortisation charge

17,316

At 30 November 2023

34,632

Carrying amount

At 30 November 2023

72,684

At 30 November 2022

90,000

6

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,562,244

6,202

47,144

1,615,590

Additions

35,196

-

19,330

54,526

At 30 November 2023

1,597,440

6,202

66,474

1,670,116

Depreciation

At 1 December 2022

894,924

5,265

18,400

918,589

Charge for the year

140,503

937

13,295

154,735

At 30 November 2023

1,035,427

6,202

31,695

1,073,324

Carrying amount

At 30 November 2023

562,013

-

34,779

596,792

At 30 November 2022

667,320

937

28,744

697,001

7

Stocks

2023
£

2022
£

Other inventories

26,292

33,029

 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

 

SBG Suffolk Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,000

18,000