SGP_ACCOUNTANTS_GROUP_LTD_31_Dec_2024_companies_house_set_of

Sgp Accountants Group Ltd

Abridged Statement of Financial Position

31 December 2024

		2024		2023
	Note	£		£
Fixed assets
Investments	5	-		447,750
Current assets
Stocks		14,045		14,045
Debtors		3,572,785		3,405,898
Investments		100,000		100,000
		3,691,883		3,519,943
Creditors: amounts falling due within one year		(2,889,386	)	(2,788,497	)
Net current assets		802,497		731,446
Total assets less current liabilities		804,329		1,179,196
Creditors: amounts falling due after more than one year		(747,200	)	(747,200	)
Net assets		368,061		431,996
Capital and reserves
Called up share capital		100,000		100,000
Profit and loss account		272,892		331,996
Shareholders funds		372,892		431,996

For the year ending

31 December 2024

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended

31 December 2024

in accordance with Section 444(2A) of the Companies Act 2006.

These

abridged 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.

These

abridged financial statements

were approved by the board of directors and authorised for issue on

29 September 2025

, and are signed on behalf of the board by:

Dr A Al Zaiter

Director

Company registration number:

05176981

Sgp Accountants Group Ltd

Notes to the Abridged Financial Statements

Year ended

31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Kingfisher House

2 Kingfisher Way

Stockton-On-Tees

TS18 3EX

, England.

SGP Accountants Group Ltd (05176981) is a UK based division of the holding company SGP Capital Holding AG (CHE-496.099.622) and offers all professional services within the finance sector from book keeping, preparation and submission of financial accounts, company secretarial, payroll services, tax, consultancy and many more. It is operated primarily from its UK office but also offers advisory services to the group companies throughout the world.

The Executive Board is responsible for driving the Board approved strategy for the organisation and lead on issues that cut across the whole organisation and forecasts have been prepared for the group for the period to 31st December 2023, reflecting on the continuing Covid-19 pandemic and its impact on the company's operational activities, liquidity, and risk factors.

The wages costs for SGP Accountants Group Ltd (05176981) are directly attributed from SGP HRPayroll Ltd (10272319), which is where all SGP Capital Group employees in UK are employed, with benefits being charged at a proportion to subsidiary associates companies. It does not hold its own PAYE account. In 2022 the payroll costs are lower at £1,030,400 compared to 2021 payroll costs of £1,224,560 but this is due to an operational decision and re-structure of salaries within the group. SGP HRPayroll (10272319) has been fortunate enough to be able to retain the majority of our staff following on from the pandemic, however there have been several staff changes throughout the year due to resignations or retirements. Although this is the case, we have successfully replaced staff levels and the staff numbers remain at 26.

Up until the beginning of 2022, SGP Financial Ltd (09224030) handled all of the financial business costs, at a proportion of the overall SGP Group companies. However, due to the group restructure, SGP Financial Ltd (09224030) has now ceased to be responsible for the financials. The group has well established relationships with clients and suppliers across different geographical areas and industries and are confident that they can manage the financial impact of the business risks, including covid-19 and Brexit. The resilience measures taken early in the pandemic have improved our immediate and long-term resilience.

2 Statement of compliance

These

abridged financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

abridged financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

abridged financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.

All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Lease commitments.

Operating lease taken by SGP Accountants Group Ltd over 5 years (Oct 2017), the costs shared by all SGP Group entities. This is currently under review and a further 5 year lease will be taken from November 2022. The group in discussion in setting its own SIPP for the properties of Stockton on Tees , Sunderland and London.

Contingent liabilities.

The company has no contingent liabilities at 31 December 2022 or 31 December 2023.

Directors' emoluments / Management Charges

The Directors received no emoluments in respect of their services as Directors of the company. The company’s policy from 2008 and subsequent years is to provide each Executive Director with a remuneration package, which not only gives a fair degree of security by way of a base salary, but also through an annual bonus and long term incentive plan, giving a significant performance-related element. In determining the remuneration packages of Executive Directors, the Committee considers a number of factors including the basic salaries and benefits available to Executive Directors of comparable companies, the importance of recruiting and retaining management of an appropriate calibre and links reward to the Group’s performance.

Management charges:

SGP Capital Holding (UK) Ltd for 2023 were £1,050,000 (2022: £2,400,000).

Management charges payable to the USA in 2023 were £20,942 (2022: £236,765). These costs are to continue to assist in the operational requirements of the acquired USA companies.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Fixed assets

	Investments
	£
Cost
At 1 January 2024	447,750
Disposals	(447,750	)
At 31 December 2024	-
Impairment
At 1 January 2024 and 31 December 2024	-
Carrying amount
At 31 December 2024	-
At 31 December 2023	447,750