Registered number
SC580672
SG NEWS LTD
79 West Blackhall Street
Greenock
Filleted Accounts
for the year ended 30 November 2023
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: S511/SA
SG NEWS LTD
Registered number: SC580672
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 42,286 42,286
Tangible assets 4 2,126 2,362
44,412 44,648
Current assets
Stocks 14,823 13,841
Debtors 5 25,192 25,181
Cash at bank and in hand 7,633 14,285
47,648 53,307
Creditors: amounts falling due within one year 6 (4,454) (5,089)
Net current assets 43,194 48,218
Total assets less current liabilities 87,606 92,866
Creditors: amounts falling due after more than one year 7 (94,752) (99,820)
Net assets/(liabilities) (7,146) (6,954)
Capital and reserves
Called up share capital 100 100
Profit and loss account (7,246) (7,054)
Shareholders' funds (7,146) (6,954)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Yasmin Rana
Director
Approved by the board on 16 July 2024
SG NEWS LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 42,286
At 30 November 2023 42,286
4 Tangible fixed assets
Fixtures & fittings etc
£
Cost
At 1 December 2022 4,000
At 30 November 2023 4,000
Depreciation
At 1 December 2022 1,638
Charge for the year 236
At 30 November 2023 1,874
Net book value
At 30 November 2023 2,126
At 30 November 2022 2,362
5 Debtors 2023 2022
£ £
Trade debtors 192 181
Other debtors 25,000 25,000
25,192 25,181
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,845 4,478
Other creditors 609 611
4,454 5,089
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 90,532 96,685
Director's Loan Account 4,220 3,135
94,752 99,820
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