REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2024 |
for |
SGB Electrical Services Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SGB Electrical Services Limited (Registered number: 05097235) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
AMORTISATION |
At 1 November 2023 |
and 31 October 2024 |
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 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
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 |
Additions |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
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 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on |
contracts |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases |
Other creditors |
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. |
for and on behalf of |
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). |