SGP_HRPayroll_Limited_31_Dec_2024_companies_house_set_of

Sgp Hrpayroll Limited

Abridged Statement of Financial Position

31 December 2024

		2024		2023
	Note	£		£
Current assets
Debtors		122,258		164,721
Investments		1,000		1,000
Cash at bank and in hand		296		57,539
		123,554		223,260
Creditors: amounts falling due within one year	5	(69,449	)	(89,171	)
Net current assets		54,105		134,089
Total assets less current liabilities		54,105		134,089
Net assets excluding defined benefit pension plan balance		54,105		134,089
Defined benefit pension asset		66,583		-
Defined benefit pension liability		-		(13,401	)
Net assets including defined benefit pension plan balance		120,688		120,688
Capital and reserves
Called up share capital		1,000		1,000
Profit and loss account		119,688		119,688
Shareholders funds		120,688		120,688

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:

A Al Zaiter

Director

Company registration number:

10272319

Sgp Hrpayroll Limited

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.

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 the possible impact on the company's operational activities, liquidity, and risk factors.

SGP HRPayroll Ltd (10272319) represents the SGP Capital group in the UK providing employment, human resources, training, pension and all benefits of employment. The main revenue charge is the full cost of the payroll plus 1% charge for administration, which is split by specific percentages within the group: SGP Accountants Group Ltd (05176981), SGP CapitalNet Ltd (08353334), SGP Consultancy DMCC Ltd (06118496) and SGiP Corporation Ltd (04580046). 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.

SGP HRPayroll Ltd (10272319) also has a second revenue stream, supporting SGP Accountants Group Ltd (05176981) with 3rd party payroll processing services and HR Consultancy for acquired external clients. SGP HR Payroll Ltd (10272319) retains 20% profit of the external client work.

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, 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.

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 (05176981) over 5 years (Sept 2022), the costs are shared by all the SGP Group entities. The group is in discussion regarding setting up 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.

Defined benefit pension plan

The entity recognises a net defined benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Plan deficits are recognised as a defined benefit liability to the extent it reflects a legal or constructive obligation.

Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.

Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Directors' emoluments / Staff Salary / 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.

The salary policy of the SGP organisation in the UK division is to pay one month’s salary to staff as a bonus payment, calculated on the basis of productive time. It is paid as a gross amount on the 20th December of the relevant calendar year.

4 Average number of employees

The average number of persons employed by the company during the year was

(2023: nil).

5 Creditors: amounts falling due within one year

Corporation tax £9,625.59

VAT £68,246.46

PAYE £49,618.04

Pension £19,406.97

Accruals £2,000

Intercompany £961,098.10