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COMPANY REGISTRATION NUMBER: 09278082
SGA Management Limited
Filleted Unaudited Financial Statements
31 March 2024
SGA Management Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
926,059
1,007,956
Investments
6
1,646,685
1,646,685
------------
------------
2,572,744
2,654,641
Current assets
Stocks
56,410
4,850
Debtors
7
1,663,503
1,651,474
Cash at bank and in hand
15,567
104,771
------------
------------
1,735,480
1,761,095
Creditors: amounts falling due within one year
8
1,039,567
873,582
------------
------------
Net current assets
695,913
887,513
------------
------------
Total assets less current liabilities
3,268,657
3,542,154
Creditors: amounts falling due after more than one year
9
1,733,290
2,112,820
Provisions
Taxation including deferred tax
38,586
249,685
------------
------------
Net assets
1,496,781
1,179,649
------------
------------
Capital and reserves
Called up share capital
19,290
19,290
Profit and loss account
1,477,491
1,160,359
------------
------------
Shareholders funds
1,496,781
1,179,649
------------
------------
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 income and retained earnings 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 .
SGA Management Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
A Bennett
Director
Company registration number: 09278082
SGA Management Limited
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 Barley House, Sopers Road, EN6 4RY.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Assets acquired from Barley Print LLP and Baines Partnership are included at the net book value from those businesses. All subsequent additions are recorded at cost.
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:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 16 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
27,477
1,084,170
68,098
313,448
1,493,193
Additions
600
24,062
24,662
--------
------------
--------
----------
------------
At 31 March 2024
27,477
1,084,770
92,160
313,448
1,517,855
--------
------------
--------
----------
------------
Depreciation
At 1 April 2023
114,767
66,715
303,755
485,237
Charge for the year
97,000
6,361
3,198
106,559
--------
------------
--------
----------
------------
At 31 March 2024
211,767
73,076
306,953
591,796
--------
------------
--------
----------
------------
Carrying amount
At 31 March 2024
27,477
873,003
19,084
6,495
926,059
--------
------------
--------
----------
------------
At 31 March 2023
27,477
969,403
1,383
9,693
1,007,956
--------
------------
--------
----------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1,646,685
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
1,646,685
------------
At 31 March 2023
1,646,685
------------
The company owns 100% of the issued share capital of the company below.
Aggregate capital and reserves
2024
2023
£
£
Tams Packaging Limited
140,415
199,714
Operating profit and (loss) since acquistion
2024
2023
£
£
Tams Packaging Limited
451,800
277,704
Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7. Debtors
2024
2023
£
£
Trade debtors
997,412
943,169
Amounts owed by group undertakings and undertakings in which the company has a participating interest
548,205
411,009
Other debtors
117,886
297,296
------------
------------
1,663,503
1,651,474
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
882,604
708,639
Social security and other taxes
11,618
60,532
Other creditors
145,345
104,411
------------
----------
1,039,567
873,582
------------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
914,790
1,229,320
Other creditors
818,500
883,500
------------
------------
1,733,290
2,112,820
------------
------------
The Directors have collectively agreed to defer repayment of up to £400,000 of loans for at least twelve months if repayment would adversely affect the operation of the Group.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A Bennett
( 268,950)
( 268,950)
S Bennett
( 540,322)
65,000
( 475,322)
G Middleton
( 78,599)
( 78,599)
----------
--------
----------
( 887,871)
65,000
( 822,871)
----------
--------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A Bennett
( 271,629)
2,680
(268,949)
S Bennett
( 71,272)
( 469,051)
(540,323)
G Middleton
( 78,599)
( 78,599)
----------
----------
----------
( 421,500)
( 466,371)
( 887,871)
----------
----------
----------
11. Related party transactions
The company was under the control of the Directors throughout the period. The company rents premises at full market rent from A & S Bennett , the rent paid in the period was £233,775 (2023 - £129,000).