Company Registration No. 5548764 (England and Wales)
SGI Industries Limited
Unaudited accounts
for the period from 1 September 2024 to 28 February 2025
SGI Industries Limited
Unaudited accounts
Contents
SGI Industries Limited
Company Information
for the period from 1 September 2024 to 28 February 2025
Company Number
5548764 (England and Wales)
Registered Office
Springside
Forest Road
East Horsley
Leatherhead
Surrey
KT24 5AZ
England
SGI Industries Limited
Statement of financial position
as at 28 February 2025
Cash at bank and in hand
18,786
162,691
Creditors: amounts falling due within one year
(860)
(195,292)
Net current assets
383,225
448,024
Net assets
383,225
466,342
Called up share capital
100
100
Profit and loss account
383,125
466,242
Shareholders' funds
383,225
466,342
For the period ending 28 February 2025 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 March 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 period from 1 September 2024 to 28 February 2025
SGI Industries Limited is a private company, limited by shares, registered in England and Wales, registration number 5548764. The registered office is Springside, Forest Road, East Horsley, Leatherhead, Surrey, KT24 5AZ, England.
These financial statements comply with Financial Reporting Standard 102 Section 1A.
Following difficult trading conditions the company ceased trading and a liquidator will be appointed on 11 March 2025. Accordingly, the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes writing down the company's assets to net realisable value. Provision has been made for known costs of terminating the business. No provision has been made for liquidator costs.
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 period from 1 September 2024 to 28 February 2025
3
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2024
57,075
95,414
152,489
At 28 February 2025
57,075
95,414
152,489
At 1 September 2024
38,757
95,414
134,171
Charge for the period
18,318
-
18,318
At 28 February 2025
57,075
95,414
152,489
At 31 August 2024
18,318
-
18,318
Amounts falling due within one year
Trade debtors
4,458
107,206
Amounts due from group undertakings etc.
347,388
232,760
Accrued income and prepayments
6,352
40,848
Other debtors
7,101
42,056
5
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
-
1,570
Taxes and social security
110
57,362
Other creditors
750
28,810
The company has granted a fixed and floating charge on its assets to secure loans and overdrafts and other creditors.
6
Operating lease commitments
2025
2024
At 28 February 2025 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
7
Transactions with related parties
The following material transactions with related parties have not been conducted under normal market conditions:
The amounts owed by group undertakings of £347,388 (2024: £232,760) comprise loans to the company's holding company, Quaystone Investments Limited. This balance is repayable on demand and is not chargeable to interest.
SGI Industries Limited
Notes to the Accounts
for the period from 1 September 2024 to 28 February 2025
The company is a subsidiary, however, no consolidated financial statements are prepared for any group within which the company is a member.
9
Post balance sheet events
As referred to above a liquidator will be appointed on 11 March 2025 and therefore these accounts should be considered with this in mind.
10
Average number of employees
During the period the average number of employees was 6 (2024: 12).