Registered number
09770029
SG ELECTRICAL AND MECHANICAL SERVICES LIMITED
Filleted Accounts
29 February 2024
SG ELECTRICAL AND MECHANICAL SERVICES LIMITED
Registered number: 09770029
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,037 9,037
Current assets
Debtors 4 23,660 26,348
Creditors: amounts falling due within one year 5 (29,482) (31,528)
Net current liabilities (5,822) (5,180)
Total assets less current liabilities 3,215 3,857
Creditors: amounts falling due after more than one year 6 (8,548) (8,548)
Net liabilities (5,333) (4,691)
Capital and reserves
Called up share capital 100 100
Profit and loss account (5,433) (4,791)
Shareholder's funds (5,333) (4,691)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
S Grice
Director
Approved by the board on 15 September 2024
SG ELECTRICAL AND MECHANICAL SERVICES LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
As explained in note 8 of the financial statements, the company is not currently trading and the financial statements have been prepared on a basis other than that of a going concern. Provisions have been made in respect of contracts which have become onerous at the reporting date.
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 9,037
At 29 February 2024 9,037
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 9,037
At 28 February 2023 9,037
4 Debtors 2024 2023
£ £
Other debtors 23,660 26,348
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8 5
Taxation and social security costs 28,482 30,322
Other creditors 992 1,201
29,482 31,528
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,548 8,548
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Grice
[Loan 1] 2,933 - (2,688) 245
[Loan 2] 23,415 - - 23,415
26,348 - (2,688) 23,660
8 Other information
SG ELECTRICAL AND MECHANICAL SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Hawthorne Cottage
Hints Road
Tamworth
Staffordshire
B78 3PQ
The business is no longer trading but the company is still recording private payments made to
HMRC to reduce outstanding Corporation Tax by offsetting the current directors loan. The
Director will then look to close the company.
Outside of the Directors loan, there is only one other creditor being Vesey Accounting
Services Ltd as at the time of finalising the accounts for the year ending 29th February 2024, of
which the Director has agreed to settle personally.
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