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Registered number: 03583719









SNG GROUP LIMITED
(FORMERLY S.N.G BARRATT GROUP LIMITED)





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
COMPANY INFORMATION


Director
J G Barratt 




Company secretary
J G Barratt



Registered number
03583719



Registered office
The Heritage Building
Stourbridge Road

Bridgnorth

Shropshire

WV15 6AP




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated profit and loss account
 
9
Consolidated statement of comprehensive income
 
10
Consolidated statement of financial position
 
11 - 12
Company statement of financial position
 
13 - 14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Notes to the financial statements
 
17 - 41


 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
SNG Group Limited is a leading supplier of spare parts for Jaguar and other classic car marques.
The Group presents a balanced and comprehensive review of the development and performance of the business during the year and the position at the year end. The review is consistent with the size and non-complex nature of the business in the context of the risks and uncertainties faced.
The Group consider that the key performance indicators and those that communicate the financial performance and position of the group as a whole are turnover, profit margins, net current assets and net assets. During the year under review, the SNG Group’s turnover was £24,024,206 (2022: £25,398,730), whilst profit before tax was £2,209,053 (2022: £2,634,682). 
Whilst the Director is satisfied with the results during a year of significant economic challenge globally, the Group remains focused on driving sales growth and profitability.
Changes have been made within the Group to rationalise and streamline our operation to ensure profitability and top line growth returns and exceeds 2023 performance.
Net current assets of the Group decreased to £8,274,120 as at 31 December 2023 (2022: £8,797,800) and the Group's net assets decreased to £10,319,101 (2022: £10,811,138).
The Group operates in a competitive market in which global, political and economic conditions, actions of competitors, foreign exchange and interest rates all have an impact on the performance of the Group.

Principal risks and uncertainties
 
The Group and Company are subject to the following principal risks and uncertainties.
Brexit
Britain's exit from the EU continues to have an impact on the Group operations in the USA, Netherlands and France. The ability to flexibly purchase inventory and meet customer's demands on a timely basis will continue to be impacted as a result of any further amendments to the UK Governments negotiations.
Competition
There are a number of competitors in what is a highly fragmented market. However, the Group has a loyal but disparate customer base, so the risks associated with any particular customer concentration are automatically limited. The director continually monitors the competitive position to ensure the Group is best placed to serve its customers' needs.
Working Capital Management
The Group's operating model is based upon the ability to have inventory available to customers as and when they need it, meaning that there is a significant amount of gross working capital held in the business. However, this position is continually monitored and assessed by the director, and there continues to be sufficient liquidity available to the Group to ensure that it can be appropriately manage its operating obligations as they fall due.
 
Page 1

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial risk management objectives and policies
The Group's principal financial instruments comprise bank loans and cash at bank. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group does not enter into derivative transactions.
The main risks arising from the Group's financial instruments are foreign currency risk, interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for managing each risk and they are summarised below:
Foreign currency risk
The Group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The Group both buys and sells goods globally and the director considers that the overall risk is not significant. The main foreign currencies in which the Group operates are the Euro and the US Dollar. The Group has both US and European based subsidiaries which can affect the Sterling consolidated statement of financial position, as a result of exchange rate movements. 
Interest rate risk
The Group's exposure to market risk for changes in interest rates relates primarily to the Group's bank loans. The Group does not hedge against interest rate fluctuations.
Liquidity risk 
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and its cash balances.
Credit risk
The Group trades with only recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is not significant.

Other key performance indicators
 
The Group works to a high standard and all operations conform to the quality management system BS EN ISO 9001:2015.
The Group monitors its relationships with key customer and suppliers which continue to be strong.


This report was approved by the board and signed on its behalf.



J G Barratt
Director

Date: 8 July 2024

Page 2

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group and Company in the year under review was that of supplying parts and spares for the classic car industry both in the UK and overseas.

Results and dividends

The profit for the year, after taxation, amounted to £1,610,781 (2022 - £2,125,856).

The total distribution of dividends for the year ended 31 December 2023 was £2,000,000 (2022: £2,000,000).

Director

The director who served during the year was:

J G Barratt 

Future developments

The Group continues to trade in relation to its principal activities and there are no likely future developments which the Director considers relevant.

Page 3

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Qualifying third party indemnity provisions

The Group had provided a qualifying third party indemnity provision in respect of the director in force during the year and at the date of this report.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

The trade and net liabilites of Holden Vintage and Classic Limited were transferred into SNG Group Limited in January 2024.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




J G Barratt
Director

Date: 8 July 2024

Page 4

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

Opinion


We have audited the financial statements of SNG Group Limited (Formerly S.N.G Barratt Group Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED) (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 7

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED) (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
22 July 2024
Page 8

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,024,206
25,398,730

Cost of sales
  
(12,966,856)
(14,132,113)

Gross profit
  
11,057,350
11,266,617

Administrative expenses
  
(8,841,164)
(8,629,598)

Other operating income
 5 
-
231

Operating profit
 6 
2,216,186
2,637,250

Interest receivable and similar income
 10 
-
792

Interest payable and similar expenses
 11 
(7,133)
(3,360)

Profit before tax
  
2,209,053
2,634,682

Tax on profit
 12 
(598,272)
(508,826)

Profit for the financial year
  
1,610,781
2,125,856

Profit for the year attributable to:
  

Owners of the parent
  
1,610,781
2,125,856

  
1,610,781
2,125,856

The notes on pages 17 to 41 form part of these financial statements.

Page 9

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£


Profit for the financial year

  

1,610,781
2,125,856

Other comprehensive income
  


Currency translation differences
  
(102,818)
90,145

Other comprehensive income for the year
  
(102,818)
90,145

Total comprehensive income for the year
  
1,507,963
2,216,001

Profit for the year attributable to:
  


Owners of the parent Company
  
1,610,781
2,125,856

  
1,610,781
2,125,856

The notes on pages 17 to 41 form part of these financial statements.

Page 10

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
REGISTERED NUMBER: 03583719

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
140,904
158,517

Tangible assets
 15 
2,119,936
2,139,123

  
2,260,840
2,297,640

Current assets
  

Stocks
 17 
5,722,139
5,834,228

Debtors: amounts falling due within one year
 18 
3,765,473
3,999,107

Cash at bank and in hand
 19 
955,492
2,078,433

  
10,443,104
11,911,768

Creditors: amounts falling due within one year
 20 
(2,168,984)
(3,113,968)

Net current assets
  
 
 
8,274,120
 
 
8,797,800

Total assets less current liabilities
  
10,534,960
11,095,440

Creditors: amounts falling due after more than one year
 21 
(116,636)
(141,352)

Provisions for liabilities
  

Deferred taxation
 24 
(99,223)
(142,950)

  
 
 
(99,223)
 
 
(142,950)

Net assets
  
10,319,101
10,811,138

Page 11

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
REGISTERED NUMBER: 03583719
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 25 
4
4

Profit and loss account
 26 
10,319,097
10,811,134

  
10,319,101
10,811,138


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G Barratt
Director

Date: 8 July 2024

The notes on pages 17 to 41 form part of these financial statements.

Page 12

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
REGISTERED NUMBER: 03583719

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,686,828
1,793,634

Investments
 16 
79,792
299,510

  
1,766,620
2,093,144

Current assets
  

Stocks
 17 
5,304,974
5,372,980

Debtors: amounts falling due within one year
 18 
3,489,103
4,030,304

Cash at bank and in hand
 19 
632,234
1,499,740

  
9,426,311
10,903,024

Creditors: amounts falling due within one year
 20 
(4,070,061)
(5,453,275)

Net current assets
  
 
 
5,356,250
 
 
5,449,749

Total assets less current liabilities
  
7,122,870
7,542,893

  

Creditors: amounts falling due after more than one year
 21 
(87,526)
(116,947)

Provisions for liabilities
  

Deferred taxation
 24 
(82,769)
(137,107)

  
 
 
(82,769)
 
 
(137,107)

Net assets
  
6,952,575
7,288,839

Page 13

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
REGISTERED NUMBER: 03583719
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 25 
4
4

Profit and loss account
 26 
6,952,571
7,288,835

  
6,952,575
7,288,839


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G Barratt
Director

Date: 8 July 2024

The notes on pages 17 to 41 form part of these financial statements.

Page 14

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
4
10,595,133
10,595,137


Comprehensive income for the year

Profit for the year

-
2,125,856
2,125,856

Currency translation differences
-
90,145
90,145


Other comprehensive income for the year
-
90,145
90,145


Total comprehensive income for the year
-
2,216,001
2,216,001


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)



At 1 January 2023
4
10,811,134
10,811,138


Comprehensive income for the year

Profit for the year

-
1,610,781
1,610,781

Currency translation differences
-
(102,818)
(102,818)


Other comprehensive income for the year
-
(102,818)
(102,818)


Total comprehensive income for the year
-
1,507,963
1,507,963


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)


At 31 December 2023
4
10,319,097
10,319,101


The notes on pages 17 to 41 form part of these financial statements.

Page 15

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
4
8,934,280
8,934,284


Comprehensive income for the year

Profit for the year
-
354,555
354,555
Total comprehensive income for the year
-
354,555
354,555


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)



At 1 January 2023
4
7,288,835
7,288,839


Comprehensive income for the year

Profit for the year
-
1,663,736
1,663,736
Total comprehensive income for the year
-
1,663,736
1,663,736


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)


At 31 December 2023
4
6,952,571
6,952,575


The notes on pages 17 to 41 form part of these financial statements.

Page 16

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SNG Group Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is located at The Heritage Building, Stourbridge Road, Bridgnorth, Shropshire, WV15 6AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

  
2.3

Financial reporting standard 102 - reduced disclosure exemptions

The Company and Group have taken advantage of the following disclosure exemptions in preparing these financial statements permitted by the FRS 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland":
• The requirements of sections 7 Statement of Cash Flows
• The requirements of sections 3 Financial Statement Presentation paragraph 3.17(d)
This information is included in the consolidated financial statements of Olphine Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House or the registered office, which is located at The Heritage Building, Stourbridge Road, Bridgnorth, Shropshire, WV15 6AP. 

Page 17

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The Group's business activities, together with the factors likely to affect the future development, performance and position, are set out in the Group Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are also described. The Group has considerable financial resources including cash and unutilised banking facilities, which gives the Director confidence that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 
2.5

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at average exchange rates for the accounting period. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 18

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life, which is deemed to be 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold and leasehold property
-
10%
Plant and machinery
-
5 - 25%
Motor vehicles
-
20%
Fixtures and fittings
-
25%
Classic cars
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Classic cars are not depreciated on the basis that their residual value is considered to be in excess of their cost.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 21

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 23

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Valuation of Inventory
Inventory is carried at the lower of cost or net realisable value, with cost being determined using actual cost at an individual item level. Net realisable value is calculated based on a formula which provides against the cost of an item depending on the last time that item (or that line of items) was purchased. This method of valuation can be impacted by consumer demand, availability of the inventory, the length of time that the inventory is held, and other external market factors. Management monitors the level of provision applied through this formula, which has been consistently applied year on year, and makes further adjustments where changes in the above factors would mean that it is appropriate to do so. The application of this estimation technique in applying the inventory provisioning policy represents a significant judgement in the preparation of the financial statements, as items may be ultimately sold at amounts which differ from their carrying value, and management continually reviews the appropriateness of this technique to ensure that it continues to represent their best estimate of net realisable value of inventory.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,259,967
11,769,539

Rest of Europe
8,232,400
9,053,520

Rest of the world
4,531,839
4,575,671

24,024,206
25,398,730



5.


Other operating income

2023
2022
£
£

Other operating income
-
231

-
231


Page 25

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
75,821
38,443

Other operating lease rentals
29,275
28,238

Profit on sale of tangible assets
(72,795)
(44,885)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,025
23,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,301,112
4,101,316

Social security costs
503,270
495,204

Cost of defined contribution scheme
173,726
164,120

4,978,108
4,760,640


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Monthly Employees
124
127
94
95

Page 26

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Director's remuneration

2023
2022
£
£

Director's emoluments
-
1,464

-
1,464



10.


Interest receivable

2023
2022
£
£


Other interest receivable
-
792

-
792


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
7,001
3,360

Finance leases and hire purchase contracts
132
-

7,133
3,360

Page 27

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£


Foreign tax


Foreign tax on income for the year
641,999
551,527

641,999
551,527

Total current tax
641,999
551,527

Deferred tax


Origination and reversal of timing differences
(43,727)
(42,701)

Total deferred tax
(43,727)
(42,701)


Taxation on profit on ordinary activities
598,272
508,826
Page 28

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,209,053
2,634,682


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
519,127
500,590

Effects of:


Non-tax deductible amortisation of goodwill and impairment
4,139
6,308

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,132
17,728

Timing differences net of movement in tax rates
(27,726)
(113,527)

Foreign tax credits
95,476
79,447

Book profit on tangible fixed assets
(17,107)
(6,809)

Unrelieved tax losses carried forward
-
8,166

Group relief
21,231
16,923

Total tax charge for the year
598,272
508,826


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


Dividends paid on ordinary share capital
2,000,000
2,000,000

2,000,000
2,000,000


14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
24,008
176,130
200,138


Foreign exchange movement
(55)
-
(55)



At 31 December 2023

23,953
176,130
200,083



Amortisation


At 1 January 2023
24,008
17,613
41,621


Charge for the year on owned assets
-
17,613
17,613


Foreign exchange movement
(55)
-
(55)



At 31 December 2023

23,953
35,226
59,179



Net book value



At 31 December 2023
-
140,904
140,904



At 31 December 2022
-
158,517
158,517



Page 30

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Classic cars
(As restated)
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
752,188
1,842,856
691,507
1,114,441
390,734
4,791,726


Additions
29
117,581
144,072
152,085
-
413,767


Disposals
-
-
(174,740)
-
-
(174,740)


Exchange adjustments
(6,840)
(5,907)
(569)
(4,996)
-
(18,312)



At 31 December 2023

745,377
1,954,530
660,270
1,261,530
390,734
5,012,441



Depreciation


At 1 January 2023
484,381
954,795
327,269
886,158
-
2,652,603


Charge for the year on owned assets
48,754
117,954
94,568
69,926
-
331,202


Charge for the year on financed assets
-
20,445
-
-
-
20,445


Disposals
-
-
(100,452)
-
-
(100,452)


Exchange adjustments
(4,514)
(2,532)
(85)
(4,162)
-
(11,293)



At 31 December 2023

528,621
1,090,662
321,300
951,922
-
2,892,505



Net book value



At 31 December 2023
216,756
863,868
338,970
309,608
390,734
2,119,936



At 31 December 2022
267,807
888,061
364,238
228,283
390,734
2,139,123

Page 31

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
171,188
191,633

Motor vehicles
14,280
-

185,468
191,633

Page 32

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Classic cars
(As restated)
Total

£
£
£
£
£
£

Cost or valuation


At 1 January 2023
578,457
1,543,615
625,537
826,996
390,734
3,965,339


Additions
29
27,300
144,072
82,074
-
253,475


Disposals
-
-
(171,434)
-
-
(171,434)



At 31 December 2023

578,486
1,570,915
598,175
909,070
390,734
4,047,380



Depreciation


At 1 January 2023
369,711
817,186
317,373
667,435
-
2,171,705


Charge for the year on owned assets
32,149
97,894
81,488
54,017
-
265,548


Charge for the year on financed assets
-
20,445
-
-
-
20,445


Disposals
-
-
(97,146)
-
-
(97,146)



At 31 December 2023

401,860
935,525
301,715
721,452
-
2,360,552



Net book value



At 31 December 2023
176,626
635,390
296,460
187,618
390,734
1,686,828



At 31 December 2022
208,746
726,429
308,164
159,561
390,734
1,793,634

The prior year restatement relates to the reallocation of £390,734 of classic cars previously held in heritage assets to tangible fixed assets, there has been no other impact on the financial statements.

Page 33

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
171,188
191,633

171,188
191,633


16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
299,510



At 31 December 2023
299,510



Impairment


Charge for the period
219,718



At 31 December 2023

219,718



Net book value



At 31 December 2023
79,792



At 31 December 2022
299,510

Page 34

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

S.N.G Barratt Limited
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
100%
B.A Distributors Inc.
92 Londonderry Turnpike, Manchester, NH 03104, United States
Ordinary
100%
S.N.G Barratt BV
Sneeuwhaas 4 5236 NX, 's-Hertogenbosch, Noord-Brabant, Netherlands
Ordinary
100%
S.N.G Barratt France EURL
62 Che du Bois D'Alier, 71850 Charnay-Les-Macon, France
Ordinary
100%
Holden Vintage & Classic Limited
Unit 1c & 2a Stanmore Business Park, Bridgnorth, England, WV15 5HR
Ordinary
100%

Holden Vintage & Classic Limited is exempt from the requirements of the Act relating to the audit of individual accounts by virtue of S479A of the Companies Act 2006. As part of the requirements fulfilling the exemption requirements Olphine Holdings Limited has provided the Company with a S479C guarantee.


17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
5,722,139
5,834,228
5,304,974
5,372,980

5,722,139
5,834,228
5,304,974
5,372,980


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Impairment losses totalling £149,406 (2022 - £179,790) were recognised in profit and loss against stock during the year by the Group and Company in relation to slow-moving and obsolete stock.

Page 35

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
704,469
594,319
488,616
429,459

Amounts owed by group undertakings
2,649,871
2,903,060
2,777,121
3,199,039

Other debtors
107,437
81,770
31,889
53,122

Prepayments and accrued income
295,280
411,542
183,061
340,268

Tax recoverable
8,416
8,416
8,416
8,416

3,765,473
3,999,107
3,489,103
4,030,304


Impairment losses of £12,840 (2022: reversals of £109,771) were recognised against trade debtors during the year by the Group, with £10,179 (2022: reversals of £103,988) being recognised by the Company.
Amounts owed by group undertakings are unsecured and are repayable on demand. No interest is charged on these amounts as they are trading balances with normal commercial terms.


19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
955,492
2,078,433
632,234
1,499,740

955,492
2,078,433
632,234
1,499,740


Page 36

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
10,000
9,762
-
-

Trade creditors
1,659,470
2,153,714
1,405,567
1,751,400

Amounts owed to group undertakings
-
-
2,412,918
3,330,126

Corporation tax
26,192
258,744
-
-

Other taxation and social security
99,286
115,902
86,218
73,402

Obligations under finance lease and hire purchase contracts
43,752
77,061
32,544
39,378

Other creditors
76,922
59,689
18,088
-

Accruals and deferred income
253,362
439,096
114,726
258,969

2,168,984
3,113,968
4,070,061
5,453,275


Amounts owed by group undertakings are unsecured and are repayable on demand. No interest is charged on these amounts as they are trading balances with normal commercial terms.
The amount due under finance lease and hire purchase contracts are secured on the assets to which they relate.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
14,167
24,405
-
-

Net obligations under finance leases and hire purchase contracts
102,469
116,947
87,526
116,947

116,636
141,352
87,526
116,947


The amount due under finance lease and hire purchase contracts are secured on the assets to which they relate.

Page 37

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
9,762


10,000
9,762

Amounts falling due 1-2 years

Bank loans
10,000
9,762


10,000
9,762

Amounts falling due 2-5 years

Bank loans
4,167
14,643


4,167
14,643


24,167
34,167


Included within bank loans is a secured Bounce Back Loan from Lloyds TSB which is expect to be repaid by the end of 2025. Interest is charged on the balance at 2.5% per annum.


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
73,046
77,061
32,544
39,378

Between 1-5 years
87,526
116,947
87,526
116,947

160,572
194,008
120,070
156,325

Page 38

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Deferred taxation


Group



2023


£






At beginning of year
(142,950)


Charged to profit or loss
43,727



At end of year
(99,223)

Company


2023


£






At beginning of year
(137,107)


Charged to profit or loss
54,338



At end of year
(82,769)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(103,744)
(142,950)
(87,290)
(137,107)

Short term timing differences
4,521
-
4,521
-

(99,223)
(142,950)
(82,769)
(137,107)


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,000,000 (2022 - 4,000,000) Ordinary shares of £0.000001 each
4
4


Page 39

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Reserves

Profit and loss account

The profit and loss account contains all current and prior period profit and losses, net of dividends paid and currency translation differences on consolidation.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £187,315 (2022: £164,120). Contributions totalling £26,750 (2022: £9,161) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
28,359
47,842
28,359
47,842

Later than 1 year and not later than 5 years
31,818
11,339
31,818
11,339

60,177
59,181
60,177
59,181

Page 40

 
SNG GROUP LIMITED (FORMERLY S.N.G BARRATT GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Related party transactions

During the year the Group paid a market rent of €nil (2022: €17,190) for its use of the premises at 62 Chemin due Bois D'Alier, Charney Les Macon, France to Mr J G Barratt, director and ultimate shareholder of the Company.
The Group also paid rent of £30,000 (2022: £30,000) during the year to Mr J G Barratt for its use of the premises at Caynham Hill House, Ludlow, Shropshire. 
At 31st December 2023, Olphine Holdings Limited, the ultimate parent company, owed the Group £1,305,089 (2022: £1,957,268). 
At 31st December 2023, Chottie Limited, the parent company, owed the group £994,509 (2022: £691,602). 
The Company has taken advantage of the exemption in section 33 of Financial Reporting Standard 102 from disclosing transactions with wholly owned members of the Group.


30.


Controlling party

The ultimate parent company of SNG Group Limited is Olphine Holdings Limited.
Olphine Holdings Limited is incorporated in the United Kingdom and is the largest group of which the Company is a member. Its registered office is located at The Heritage Building, Stourbridge Road, Bridgnorth, England, WV15 6AP. 
The Company is ultimately controlled by J G Barratt by virtue of his shareholding in the ultimate parent company.

 
Page 41