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S G C Build Limited
Unaudited financial statements
31 December 2024
Company Registration Number 07822042
S G C Build Limited
Financial statements
year ended 31 December 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
S G C Build Limited
Balance sheet
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
89,751
119,593
Current assets
Debtors
6
585,009
191,559
Cash at bank and in hand
509,784
840,875
------------
------------
1,094,793
1,032,434
Creditors: amounts falling due within one year
7
206,622
128,981
------------
------------
Net current assets
888,171
903,453
---------
------------
Total assets less current liabilities
977,922
1,023,046
Provisions
15,230
21,108
---------
------------
Net assets
962,692
1,001,938
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
962,592
1,001,838
---------
------------
Shareholders funds
962,692
1,001,938
---------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S G C Build Limited
Balance sheet (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr S Cody
Director
Company registration number: 07822042
S G C Build Limited
Notes to the financial statements
year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 39 Main Road, Dowsby, Bourne, Lincolnshire.
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
3.1 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.
3.2 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.
3.3 Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
3.4 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
3.5 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:
Tools & equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
3.6 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 .
3.7 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
3.8 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 7 (2023: 9 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,982
174,070
3,693
180,745
-------
---------
-------
---------
Depreciation
At 1 January 2024
2,408
56,207
2,537
61,152
Charge for the year
86
29,466
290
29,842
-------
---------
-------
---------
At 31 December 2024
2,494
85,673
2,827
90,994
-------
---------
-------
---------
Carrying amount
At 31 December 2024
488
88,397
866
89,751
-------
---------
-------
---------
At 31 December 2023
574
117,863
1,156
119,593
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
192,920
77,852
Other debtors
392,089
113,707
---------
---------
585,009
191,559
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,056
7,805
Corporation tax
132,992
60,461
Social security and other taxes
51,730
45,057
Other creditors
15,844
15,658
---------
---------
206,622
128,981
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Cody
431,017
( 175,145)
255,872
----
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Cody
----
----
----
----
The director had a loan that was interest free and repayable upon demand. The loan was taken in February 2024.