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Registration number: 08091063

SMGV 12 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

SMGV 12 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

SMGV 12 Limited

Company Information

Directors

Mrs Susan Margaret Vickery

Miss Sarah Vickery

Mrs Jessica Louise Vickery-Price

Registered office

The Old Shire Inn
Pendarves Road
CAMBORNE
Cornwall
TR14 0RT

 

SMGV 12 Limited

(Registration number: 08091063)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

133,687

150,937

Tangible assets

5

338,023

354,809

 

471,710

505,746

Current assets

 

Stocks

6

14,340

18,176

Debtors

7

116,967

69,149

Cash at bank and in hand

 

267,459

235,848

 

398,766

323,173

Creditors: Amounts falling due within one year

8

(221,859)

(195,440)

Net current assets

 

176,907

127,733

Total assets less current liabilities

 

648,617

633,479

Creditors: Amounts falling due after more than one year

8

(167,633)

(197,239)

Provisions for liabilities

(10,863)

(13,174)

Net assets

 

470,121

423,066

Capital and reserves

 

Called up share capital

2

2

Retained earnings

470,119

423,064

Shareholders' funds

 

470,121

423,066

For the financial 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.

Directors' 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 directors acknowledge their 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.

 

SMGV 12 Limited

(Registration number: 08091063)
Balance Sheet as at 31 August 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

Mrs Susan Margaret Vickery

Director

Miss Sarah Vickery

Director

Mrs Jessica Louise Vickery-Price

Director

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
The Old Shire Inn
Pendarves Road
CAMBORNE
Cornwall
TR14 0RT
United Kingdom

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

Freehold property

2% Straight line

Furniture and fixtures

25% Straight line

Computer equipment

33% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

5% 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.

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 31).

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

345,000

345,000

At 31 August 2024

345,000

345,000

Amortisation

At 1 September 2023

194,063

194,063

Amortisation charge

17,250

17,250

At 31 August 2024

211,313

211,313

Carrying amount

At 31 August 2024

133,687

133,687

At 31 August 2023

150,937

150,937

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

398,217

168,033

6,076

572,326

Additions

-

2,639

-

2,639

At 31 August 2024

398,217

170,672

6,076

574,965

Depreciation

At 1 September 2023

75,847

135,594

6,076

217,517

Charge for the year

7,964

11,461

-

19,425

At 31 August 2024

83,811

147,055

6,076

236,942

Carrying amount

At 31 August 2024

314,406

23,617

-

338,023

At 31 August 2023

322,370

32,439

-

354,809

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Included within the net book value of land and buildings above is £314,406 (2023 - £322,370) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

14,340

18,176

7

Debtors

Current

2024
£

2023
£

Trade debtors

10,506

8,146

Prepayments

1,737

1,634

Other debtors

104,724

59,369

 

116,967

69,149

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

27,754

27,754

Trade creditors

 

55,233

50,724

Taxation and social security

 

113,028

92,386

Accruals and deferred income

 

11,162

14,102

Other creditors

 

14,682

10,474

 

221,859

195,440

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

24,308

50,014

Deferred income

 

143,325

147,225

 

167,633

197,239

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

24,000

46,000

Hire purchase contracts

308

4,014

24,308

50,014

Current loans and borrowings

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2024
£

2023
£

Bank borrowings

24,000

24,000

Bank overdrafts

49

49

Hire purchase contracts

3,705

3,705

27,754

27,754

10

Related party transactions

SMJV 2005 Limited is a related company in which S M Vickery is also a director and shareholder.

Amounted owed by related party SMJV 2005 Limited in 2024 was £4,302 (£5,235 in 2023).

The balance in non interest bearing and payable on demand.

 

SMGV 12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 August 2024
£

Mrs Susan Margaret Vickery

Payable on demand, Interest rate 2.25%.

54,131

51,134

(58,700)

1,286

47,851

Mrs Jessica Louise Vickery-Price

Payable on demand. Interest rate 2.25%.

-

51,992

-

429

52,421

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 August 2023
£

Mrs Susan Margaret Vickery

Payable on demand, Interest rate 2.25%.

50,591

57,799

(55,517)

1,258

54,131