Registered number
10322375
SG Group & Sons Limited
Filleted Accounts
30 August 2023
SG Group & Sons Limited
Registered number: 10322375
Balance Sheet
as at 30 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 113,437 138,826
Current assets
Stocks 470,009 495,009
Debtors 4 61,299 87,304
531,308 582,313
Creditors: amounts falling due within one year 5 (289,725) (266,946)
Net current assets 241,583 315,367
Total assets less current liabilities 355,020 454,193
Creditors: amounts falling due after more than one year 6 (106,661) (160,270)
Provisions for liabilities (6,784) (7,338)
Net assets 241,575 286,585
Capital and reserves
Called up share capital 1 1
Profit and loss account 241,574 286,584
Shareholders' funds 241,575 286,585
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.
Mr J Grant
Director
Approved by the board on 29 August 2024
SG Group & Sons Limited
Notes to the Accounts
for the period from 1 September 2022 to 30 August 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 3 to 5 years
Motor vehicles 25% 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 111,165 74,895 21,208 207,268
Additions 3,341 658 - 3,999
At 30 August 2023 114,506 75,553 21,208 211,267
Depreciation
At 1 September 2022 10,960 48,203 9,279 68,442
Charge for the period 11,500 14,906 2,982 29,388
At 30 August 2023 22,460 63,109 12,261 97,830
Net book value
At 30 August 2023 92,046 12,444 8,947 113,437
At 31 August 2022 100,205 26,692 11,929 138,826
4 Debtors 2023 2022
£ £
Trade debtors 50,049 74,658
Other debtors 11,250 12,646
61,299 87,304
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 146,823 105,349
Trade creditors 68,190 106,613
Taxation and social security costs 34,497 44,675
Other creditors 40,215 10,309
289,725 266,946
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 106,661 160,270
7 Other information
SG Group & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Woodruff Avenue
Hove
BN3 6PF
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