Company Registration No. 5548764 (England and Wales)
SGI Industries Limited
Unaudited accounts
for the year ended 31 August 2024
SGI Industries Limited
Unaudited accounts
Contents
SGI Industries Limited
Company Information
for the year ended 31 August 2024
Company Number
5548764 (England and Wales)
Registered Office
17 Maybrook Road
Minworth
Sutton Coldfield
B76 1AL
SGI Industries Limited
Statement of financial position
as at 31 August 2024
Tangible assets
18,318
27,266
Cash at bank and in hand
162,691
107,620
Creditors: amounts falling due within one year
(195,292)
(177,395)
Net current assets
448,024
359,556
Net assets
466,342
386,822
Called up share capital
100
100
Profit and loss account
466,242
386,722
Shareholders' funds
466,342
386,822
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 January 2025 and were signed on its behalf by
J W Traynor
Director
Company Registration No. 5548764
SGI Industries Limited
Notes to the Accounts
for the year ended 31 August 2024
SGI Industries Limited is a private company, limited by shares, registered in England and Wales, registration number 5548764. The registered office is 17 Maybrook Road, Minworth, Sutton Coldfield, B76 1AL.
These financial statements comply with Financial Reporting Standard 102 Section 1A.
Revenue, described as turnover, is the value of goods (net of VAT) provided to customers during the year. Revenue is recognised on the sale of goods when the goods are delivered and title has passed.
Tangible fixed assets policy
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings
20% per annum straight line or over remaining length of lease straight line
Computer equipment
33% per annum straight line
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is the average cost of the stock held at the balance sheet date. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying value is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit before tax.
Transactions denominated in foreign currencies (primarily purchases from overseas suppliers) are initially recorded at the rate of exchange as at the date of the transaction. Year end assets and liabilities are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension costs charge represents contributions payable for the period by the company to the fund.
Trade debtors subject to invoice discounting are included on the balance sheet within trade debtors. The proceeds received from the invoice discounting provider are included as secured liabilities. Invoice discounting charges are recognised as they accrue and included within administration costs and interest payable as appropriate.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.
SGI Industries Limited
Notes to the Accounts
for the year ended 31 August 2024
3
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2023
57,075
95,414
152,489
At 31 August 2024
57,075
95,414
152,489
At 1 September 2023
29,809
95,414
125,223
Charge for the year
8,948
-
8,948
At 31 August 2024
38,757
95,414
134,171
At 31 August 2024
18,318
-
18,318
At 31 August 2023
27,266
-
27,266
Amounts falling due within one year
Trade debtors
107,206
113,138
Amounts due from group undertakings etc.
232,760
127,849
Accrued income and prepayments
40,848
51,649
Other debtors
42,056
41,656
5
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
1,570
1,923
Trade creditors
107,550
99,486
Amounts owed to group undertakings and other participating interests
-
38,898
Taxes and social security
57,362
29,875
Other creditors
28,810
7,213
The company has granted a fixed and floating charge on its assets to secure loans and overdrafts and other creditors.
6
Operating lease commitments
2024
2023
At 31 August 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
269,990
321,620
SGI Industries Limited
Notes to the Accounts
for the year ended 31 August 2024
7
Transactions with related parties
The following material transactions with related parties have not been conducted under normal market conditions:
The amounts owed to group undertakings of £NIL (2023: £38,898) comprise loans from the company's sister company, P-Wave Distributors Limited, secured under cross guarantees. This balance is repayable on demand and is not chargeable to interest.
The amounts owed by group undertakings of £232,760 (2023: £127,849) comprise loans to the company's holding company, Quaystone Investments Limited. This balance is repayable on demand and is not chargeable to interest.
The company is a subsidiary, however, no consolidated financial statements are prepared for any group within which the company is a member.
9
Average number of employees
During the year the average number of employees was 6 (2023: 6).