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Registration number: NI626807

SG HIRE LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SG HIRE LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SG HIRE LIMITED

Company Information

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 HIRE LIMITED

(Registration number: NI626807)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,026

44,792

Current assets

 

Debtors

5

1

1

Cash at bank and in hand

 

353,833

301,431

 

353,834

301,432

Creditors: Amounts falling due within one year

6

(99,374)

(67,051)

Net current assets

 

254,460

234,381

Net assets

 

295,486

279,173

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

295,485

279,172

Shareholders' funds

 

295,486

279,173

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 April 2025
 

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

   
     
 

SG HIRE 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 director on 8 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.

Going concern

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 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.

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.

 

SG HIRE LIMITED

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

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

Scaffolding

10% Reducing Balance

Office Equipment

20% Reducing Balance

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

SG HIRE LIMITED

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

-

106,318

106,318

Additions

891

-

891

At 30 September 2024

891

106,318

107,209

Depreciation

At 1 October 2023

-

61,526

61,526

Charge for the year

178

4,479

4,657

At 30 September 2024

178

66,005

66,183

Carrying amount

At 30 September 2024

713

40,313

41,026

At 30 September 2023

-

44,792

44,792

5

Debtors

Current

2024
£

2023
£

Other debtors

1

1

 

1

1

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

10,567

5,283

Accruals and deferred income

5,760

1,460

Other creditors

83,047

60,308

99,374

67,051

7

Share capital

Allotted, called up and fully paid shares

 

SG HIRE LIMITED

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

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Related party transactions

 

SG HIRE LIMITED

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

Transactions with the director

2024

At 1 October 2023
£

Repayments by director
£

At 30 September 2024
£

Mr Seamus Graham

Directors Loan

140

24,846

24,987

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr Seamus Graham

Directors Loan

28,981

(53,000)

24,159

140

 

SG HIRE LIMITED

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

11,235