3 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,377 684 2,061 688 516 1,204 857 689 xbrli:pure xbrli:shares iso4217:GBP 13242982 2023-04-01 2024-03-31 13242982 2024-03-31 13242982 2023-03-31 13242982 2022-04-01 2023-03-31 13242982 2023-03-31 13242982 bus:Director1 2023-04-01 2024-03-31 13242982 core:WithinOneYear 2024-03-31 13242982 core:WithinOneYear 2023-03-31 13242982 core:AfterOneYear 2024-03-31 13242982 core:AfterOneYear 2023-03-31 13242982 core:ShareCapital 2024-03-31 13242982 core:ShareCapital 2023-03-31 13242982 core:RetainedEarningsAccumulatedLosses 2024-03-31 13242982 core:RetainedEarningsAccumulatedLosses 2023-03-31 13242982 bus:SmallEntities 2023-04-01 2024-03-31 13242982 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13242982 bus:FullAccounts 2023-04-01 2024-03-31 13242982 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13242982 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13242982 core:OfficeEquipment 2023-04-01 2024-03-31 13242982 core:OfficeEquipment 2023-03-31 13242982 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 13242982
SGM Financial Management Ltd
Filleted Unaudited Financial Statements
31 March 2024
SGM Financial Management Ltd
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
857
689
Current assets
Debtors
6
9,645
6,593
Cash at bank and in hand
88,946
85,835
--------
--------
98,591
92,428
Creditors: amounts falling due within one year
7
41,506
27,651
--------
--------
Net current assets
57,085
64,777
--------
--------
Total assets less current liabilities
57,942
65,466
Creditors: amounts falling due after more than one year
8
20,406
40,800
--------
--------
Net assets
37,536
24,666
--------
--------
Capital and reserves
Called up share capital
10,200
10,200
Profit and loss account
27,336
14,466
--------
--------
Shareholders funds
37,536
24,666
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SGM Financial Management Ltd
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr S G Gibson
Director
Company registration number: 13242982
SGM Financial Management Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Hale Close, Lincoln, Lincolnshire, LN2 4TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023
1,377
Additions
684
-------
At 31 March 2024
2,061
-------
Depreciation
At 1 April 2023
688
Charge for the year
516
-------
At 31 March 2024
1,204
-------
Carrying amount
At 31 March 2024
857
-------
At 31 March 2023
689
-------
6. Debtors
2024
2023
£
£
Trade debtors
8,455
5,403
Other debtors
1,190
1,190
-------
-------
9,645
6,593
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
38,762
25,262
Social security and other taxes
101
Other creditors
2,744
2,288
--------
--------
41,506
27,651
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
20,406
40,800
--------
--------
9. Directors' advances, credits and guarantees
During the year £20,394 was repaid in respect of the loan from directors. As at 31 March 2024, £69 (2023 £69) is outstanding, which will be repaid before 31 March 2025 and £20,406 (2023 £40,800) is outstanding which will be repaid after 31 March 2025.