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Registration number: 12806024

SG Accountancy Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

SG Accountancy Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

SG Accountancy Solutions Ltd

Company Information

Director

Mr Simon Gibb

Company secretary

Mr Simon Gibb

Registered office

106 Dunstable Road
Studham
Bedfordshire
LU6 2QL

Accountants

SG Accountancy Solutions Ltd
Chartered Accountant
106 Dunstable Road
Studham
Bedfordshire
LU6 2QL

 

SG Accountancy Solutions Ltd

(Registration number: 12806024)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

480

710

Tangible assets

5

1,385

549

 

1,865

1,259

Current assets

 

Debtors

6

56

449

Cash at bank and in hand

 

3,825

3,026

 

3,881

3,475

Creditors: Amounts falling due within one year

7

(2,205)

(2,511)

Net current assets

 

1,676

964

Total assets less current liabilities

 

3,541

2,223

Creditors: Amounts falling due after more than one year

7

(9,500)

(10,000)

Net liabilities

 

(5,959)

(7,777)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(5,960)

(7,778)

Shareholders' deficit

 

(5,959)

(7,777)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 October 2024
 

 

SG Accountancy Solutions Ltd

(Registration number: 12806024)
Balance Sheet as at 30 April 2024 (continued)

.........................................
Mr Simon Gibb
Company secretary and director

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
106 Dunstable Road
Studham
Bedfordshire
LU6 2QL
United Kingdom

These financial statements were authorised for issue by the director on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Equipment - Office Equipment

20% Straight Line

Plant & Equipment - Computer Equipment

33% Straight Line

Intangible assets

Goodwill on initial franchise is written off over a period to reflect the average period over which fees are collected

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill - Franchise Fee

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

1,150

1,150

At 30 April 2024

1,150

1,150

Amortisation

At 1 May 2023

440

440

Amortisation charge

230

230

At 30 April 2024

670

670

Carrying amount

At 30 April 2024

480

480

At 30 April 2023

710

710

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

2,436

2,436

Additions

1,555

1,555

At 30 April 2024

3,991

3,991

Depreciation

At 1 May 2023

1,887

1,887

Charge for the year

719

719

At 30 April 2024

2,606

2,606

Carrying amount

At 30 April 2024

1,385

1,385

At 30 April 2023

549

549

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

56

449

 

56

449

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

18

Taxation and social security

846

861

Accruals and deferred income

580

1,612

Other creditors

779

20

2,205

2,511

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

9,500

10,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

9,500

10,000

10

Related party transactions

 

SG Accountancy Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,963

10,750