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REGISTERED NUMBER: 05097235 (England and Wales)










Financial Statements for the Year Ended 31 October 2024

for

SGB Electrical Services Limited

SGB Electrical Services Limited (Registered number: 05097235)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


SGB Electrical Services Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: S G Beighton
D Forster
B S Fox
C Miller





REGISTERED OFFICE: 7 Abbey Way
North Anston Trading Estate
Sheffield
South Yorkshire
S25 4JL





REGISTERED NUMBER: 05097235 (England and Wales)

SGB Electrical Services Limited (Registered number: 05097235)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 134,698 135,051
134,698 135,051

CURRENT ASSETS
Stocks 75,303 25,251
Debtors 6 800,561 551,999
Cash at bank 695,357 295,579
1,571,221 872,829
CREDITORS
Amounts falling due within one year 7 811,546 517,886
NET CURRENT ASSETS 759,675 354,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

894,373

489,994

CREDITORS
Amounts falling due after more than one
year

8

(159,518

)

(176,173

)

PROVISIONS FOR LIABILITIES (9,970 ) (12,709 )
NET ASSETS 724,885 301,112

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 724,785 301,012
SHAREHOLDERS' FUNDS 724,885 301,112

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





B S Fox - Director


SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

SGB Electrical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue in respect of electrical contracts is recognised as the company performs its obligations and when the outcome of the transaction can be estimated reliably. The company is able to reliably estimate the outcome of a construction contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Where the company renders invoices in advance of work performed, the sale is deferred in the balance sheet as deferred income and is presented within creditors falling due within one year until the revenue recognition criteria in FRS 102, Section 23 Revenue is met.

Goodwill
Goodwill was purchased in 2004. This has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company pays employer contributions to employee personal pension plans in accordance with auto enrolement legislation, where employees have not opted out.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Retirement benefits
The company pays employer contributions to employee personal pension plans in accordance with auto enrolement legislation, where employees have not opted out.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 1
AMORTISATION
At 1 November 2023
and 31 October 2024 1
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 263,069
Additions 34,317
Disposals (10,895 )
At 31 October 2024 286,491
DEPRECIATION
At 1 November 2023 128,018
Charge for year 34,182
Eliminated on disposal (10,407 )
At 31 October 2024 151,793
NET BOOK VALUE
At 31 October 2024 134,698
At 31 October 2023 135,051

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2023 141,983
Additions 33,736
At 31 October 2024 175,719
DEPRECIATION
At 1 November 2023 33,910
Charge for year 29,126
At 31 October 2024 63,036
NET BOOK VALUE
At 31 October 2024 112,683
At 31 October 2023 108,073

SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 510,443 407,348
Amounts recoverable on
contracts 241,448 114,060
Other debtors 48,670 30,591
800,561 551,999

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases 27,695 25,082
Trade creditors 272,350 176,187
Taxation and social security 312,184 143,018
Other creditors 199,317 173,599
811,546 517,886

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases 78,518 76,173
Other creditors 81,000 100,000
159,518 176,173

SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 106,213 101,255

SME Platform UK Lending No.1 Dac

Dated 02/12/21

Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.

This loan is to SGB Group (Yorkshire) Ltd, the parent company.

The loan is shown in the parent company accounts and has security as described above.

The loan balance at 31st October 2024 in the accounts of SGB Group (Yorkshire) Ltd: £937,500, (2023: £1,187,500).


Mr S G and Mrs B Beighton

Dated 26/10/21

A fixed and floating charge over the company's assets.

The loan is to SGB Group (Yorkshire) Ltd, the parent company.

The loan is shown in the parent company accounts and has security as described above.

The loan balance at 31st October 2024 in the accounts of SGB Group (Yorkshire) Ltd: £1,140,000, (2023: £1,260,000).

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

John Steven Parkin (Senior Statutory Auditor)
for and on behalf of PKN Accountants Ltd

The auditor's report on these financial statements was unqualified and there were no matters to which the auditor
drew attention by way of emphasis. The auditor's report was signed on 17th April 2025, by John Steven Parkin
(Senior Statutory Auditor) for and on behalf of PKN Accountants Ltd (Statutory Auditor), 63 Bawtry Road,
Bramley, Rotherham S66 2TN.

11. OTHER FINANCIAL COMMITMENTS

At 31st October 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £40,000, (2023: £56,000).

SGB Electrical Services Limited (Registered number: 05097235)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors loaned monies to the company on an interest free basis.

At 31st October 2024 the balances were as follows, included in other creditors:-

Mr B Fox £48,000, (2023: £55,000).

Mr C Miller £25,000, (2023: £25,000).

Mr D Forster £20,000, (2023: £20,000).

13. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and controlling party is:-

SGB Group (Yorkshire) Ltd
Company number: 13680536 (England and Wales).
Registered office: Unit 7 Abbey Way, North Anston, Sheffield, S25 4JL.

Dividends were paid to this company, year ended 31st October 2024: £370,000, (2023: £360,000).