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Registration number: NI604735

SG SCAFFOLDING LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SG SCAFFOLDING LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

SG SCAFFOLDING LIMITED

Company Information

Company secretary

Mrs Grainne Graham

Registered office

28 Carrowbane Road
Camlough
Newry
County Down
BT35 7HP

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

SG SCAFFOLDING LIMITED

(Registration number: NI604735)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

8,740

2,395

Current assets

 

Debtors

6

114,852

98,315

Cash at bank and in hand

 

131,730

152,531

 

246,582

250,846

Creditors: Amounts falling due within one year

7

(90,311)

(104,910)

Net current assets

 

156,271

145,936

Total assets less current liabilities

 

165,011

148,331

Creditors: Amounts falling due after more than one year

7

(8,210)

(18,325)

Provisions for liabilities

(2,185)

-

Net assets

 

154,616

130,006

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

154,615

130,005

Shareholders' funds

 

154,616

130,006

For the financial year ending 30 September 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 and 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 2 April 2025 and signed on its behalf by:
 

.........................................
Mr Seamus Graham
Director

   
     
 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
28 Carrowbane Road
Camlough
Newry
County Down
BT35 7HP

These financial statements were authorised for issue by the Board on 2 April 2025.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

Motor Vehicles

15% Reducing Balance

Plant and Machinery

20% Reducing Balance

Office Equipment

12% Reducing Balance

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

25% 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.

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

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.

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.

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.

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

40,000

40,000

At 30 September 2024

40,000

40,000

Amortisation

At 1 October 2023

40,000

40,000

At 30 September 2024

40,000

40,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

3,747

2,150

5,897

Additions

1,200

7,116

8,316

At 30 September 2024

4,947

9,266

14,213

Depreciation

At 1 October 2023

1,803

1,699

3,502

Charge for the year

457

1,514

1,971

At 30 September 2024

2,260

3,213

5,473

Carrying amount

At 30 September 2024

2,687

6,053

8,740

At 30 September 2023

1,944

451

2,395

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

624

21,401

Amounts owed by related parties

11

75,061

60,168

Other debtors

 

39,167

16,746

   

114,852

98,315

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

25,090

17,090

Taxation and social security

 

20,249

28,952

Accruals and deferred income

 

33,060

32,582

Other creditors

 

1,912

16,286

 

90,311

104,910

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,210

18,325

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,210

18,325

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank borrowings

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Bounce Back Loan is denominated in Pounds Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £18,210 (2023 - £28,325).

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £31,000.00 (2023 - £37,000.00) per each Ordinary Shares

31,000

37,000

 

 

11

Related party transactions

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr Seamus Graham

Director Loan

12,515

(63,418)

49,626

(1,277)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr Seamus Graham

Director Loan

448

(94,529)

106,595

12,515

 

SG SCAFFOLDING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Dividends paid to directors

2024
£

2023
£

Mr Seamus Graham

Dividends

31,000

37,000

 

 

Summary of transactions with all entities with joint control or significant interest

Inter company transactions with SG Hire Ltd where Seamus is a person with significant control.
Balance to be repaid to SG Scaffolding Ltd at 30th September 2024 is £58,060 in comparison with £60,168 as at 30th September 2023

Inter company transactions with CFG Developments Ltdwhere Seamus is a director and shareholder
Balance to be repaid to SG Scaffolding Ltd at 30th September 2024 is £17,001(Sep23 - £nil)