Registered number
SC580672
SG NEWS LTD
79 West Blackhall Street
Greenock
Filleted Accounts
for the year ended 30 November 2024
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: S511/HM
SG NEWS LTD
Registered number: SC580672
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 42,286 42,286
Tangible assets 4 1,913 2,126
44,199 44,412
Current assets
Stocks 15,470 14,823
Debtors 5 25,000 25,192
Cash at bank and in hand 2,379 7,633
42,849 47,648
Creditors: amounts falling due within one year 6 (5,085) (5,826)
Net current assets 37,764 41,822
Total assets less current liabilities 81,963 86,234
Creditors: amounts falling due after more than one year 7 (89,943) (94,752)
Net assets/(liabilities) (7,980) (8,518)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,080) (8,618)
Shareholders' funds (7,980) (8,518)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Yasmin Rana
Director
Approved by the board on 12 May 2025
SG NEWS LTD
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 42,286
At 30 November 2024 42,286
Amortisation
At 30 November 2024 -
Net book value
At 30 November 2024 42,286
At 30 November 2023 42,286
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 4,000
At 30 November 2024 4,000
Depreciation
At 1 December 2023 1,874
Charge for the year 213
At 30 November 2024 2,087
Net book value
At 30 November 2024 1,913
At 30 November 2023 2,126
5 Debtors 2024 2023
£ £
Trade debtors - 192
Other debtors 25,000 25,000
25,000 25,192
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,710 5,216
Other creditors 375 610
5,085 5,826
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 83,834 90,532
Director's Loan Account 6,109 4,220
89,943 94,752
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