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REGISTERED NUMBER: 10557114 (England and Wales)


















SGR ESTATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


SGR ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: G Song
K Smith





REGISTERED OFFICE: 74-78 Park Road
Whitchurch
Cardiff
CF14 7BR





REGISTERED NUMBER: 10557114 (England and Wales)





ACCOUNTANTS: MHA
Chartered Accountants
MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,991 1,893

CURRENT ASSETS
Stocks 589,730 3,035,000
Debtors 5 116,721 70,629
Cash at bank 6,325 429,363
712,776 3,534,992
CREDITORS
Amounts falling due within one year 6 1,171,393 2,998,711
NET CURRENT (LIABILITIES)/ASSETS (458,617 ) 536,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

(456,626

)

538,174

CREDITORS
Amounts falling due after more than one
year

7

(51,298

)

(73,350

)

PROVISIONS FOR LIABILITIES (360 ) (360 )
NET (LIABILITIES)/ASSETS (508,284 ) 464,464

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (509,284 ) 463,464
(508,284 ) 464,464

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

BALANCE SHEET - continued
31 MARCH 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





K Smith - Director


SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

These financial statements have been presented for a period of longer than one year in order to correspond with the accounting period of other companies under common control. As such comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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

Revenue is recognised on the provision of property development services.

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 etc - 25% on cost

Stocks
Stocks represent land and property in the course of construction or, in respect of completed construction, that which is held with the intention of resale.

Stocks are stated at the lower of cost and net realisable value (the estimated open market value). Where cost exceeds the value of the property, then adjustments are made to write down the carrying value accordingly.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future payments discounted at a market rate of
interest.


SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


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

Current or deferred taxation assets and liabilities are not discounted.

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

Going concern
In preparing the financial statements, the directors have considered the financial position of the company and have concluded that it is appropriate to prepare the financial statements on a going concern basis.

The company is reliant upon the continued support of its bankers, loan providers and directors, including its related parties. The director considers that this support will continue for the foreseeable future.

After making enquiries the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective
evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Grants
Grants are recognised when the company has unconditional entitlement to the resource.

In the event that grant income is subject to conditions that require a level of performance before the company is entitled to the funds, the income is deferred and not recognised in full until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the company.

3. EMPLOYEES AND DIRECTORS

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

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 3,403
Additions 1,110
At 31 March 2023 4,513
DEPRECIATION
At 1 April 2022 1,510
Charge for year 1,012
At 31 March 2023 2,522
NET BOOK VALUE
At 31 March 2023 1,991
At 31 March 2022 1,893

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 116,721 70,629

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 18,163 784,273
Trade creditors 18,541 128,057
Amounts owed to group undertakings 966,450 536,667
Taxation and social security 2,035 2,035
Other creditors 166,204 1,547,679
1,171,393 2,998,711

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 51,298 73,350

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 16,258

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 18,163 784,273

Amounts falling due between one and two years:
Bank loans - 1-2 years 18,163 14,273

Amounts falling due between two and five years:
Bank loans - 2-5 years 33,135 42,819

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 16,258

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 69,461 857,623

The bank loans have been secured against the corresponding property acquired as a result of these loans.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
G Song
Balance outstanding at start of year (1,220,856 ) (1,944,585 )
Amounts advanced 1,483,343 723,776
Amounts repaid (221,073 ) (47 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,414 (1,220,856 )

SGR ESTATES LTD (REGISTERED NUMBER: 10557114)

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


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

K Smith
Balance outstanding at start of year - -
Amounts advanced 37,871 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,871 -

The debtors balance for the year includes a directors loan account due from the director of £79,286 (2022: £1,220,856 owed to the director). This is interest free and repayable on demand.