ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 11579558

S G RESTORATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET

AS AT 31 OCTOBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		2,400		3,000
Tangible assets	5		2,630		3,288
			5,030		6,288
Current assets
Stocks		650		1,750
Cash at bank and in hand	6	640		5,180
		1,290		6,930
Creditors: amounts falling due within one year	7	(10,788)		(27,369)
Net current liabilities			(9,498)		(20,439)
Total assets less current liabilities			(4,468)		(14,151)
Creditors: amounts falling due after more than one year	8		(41,073)		(40,675)

Net liabilities			(45,541)		(54,826)

Capital and reserves
Called up share capital	10	10
Profit and loss account	(45,551)	(54,836)
	(45,541)	(54,826)

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S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

S J Gregory

Director

The notes on pages 3 to 7 form part of these financial statements.

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

1.	General information

S G Restorations. Limited is a private limited company incorporated in England and Wales. The registered office is 4 Chester Court, Chester Hall Lane, Basildon, Essex SS14 3WR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The company had a deficit on shareholders' funds at 31 October 2024 of £45,541. However, the director is of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this factor, the director considers it appropriate to adopt the going concern basis in preparation of these financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles

20%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 November 2023	6,000
	At 31 October 2024	6,000
	Amortisation
	At 1 November 2023	3,000
	Charge for the year on owned assets	600
	At 31 October 2024	3,600
	Net book value
	At 31 October 2024	2,400
	At 31 October 2023	3,000

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

4.Intangible assets (continued)

5.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 November 2023	8,800
	At 31 October 2024	8,800
	Depreciation
	At 1 November 2023	5,512
	Charge for the year on owned assets	658
	At 31 October 2024	6,170
	Net book value
	At 31 October 2024	2,630
	At 31 October 2023	3,288

6.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	640	5,180

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	5,113	5,123
Other taxation and social security	-	3,733
Other creditors	3,027	17,173
Accruals and deferred income	2,648	1,340
	10,788	27,369

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Bank loans	41,073	40,675

Amounts falling due within one year
Bank loans	5,113	5,123

Amounts falling due 2-5 years
Bank loans	21,779	21,821
Amounts falling due after more than 5 years
Bank loans	19,294	18,853
	46,186	45,797

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