ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

S G RESTORATIONS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-11-01falseNo description of principal activity11truetrue 11579558 2020-11-01 2021-10-31 11579558 2019-10-01 2020-10-31 11579558 2021-10-31 11579558 2020-10-31 11579558 c:Director2 2020-11-01 2021-10-31 11579558 d:MotorVehicles 2020-11-01 2021-10-31 11579558 d:MotorVehicles 2021-10-31 11579558 d:MotorVehicles 2020-10-31 11579558 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 11579558 d:Goodwill 2020-11-01 2021-10-31 11579558 d:Goodwill 2021-10-31 11579558 d:Goodwill 2020-10-31 11579558 d:CurrentFinancialInstruments 2021-10-31 11579558 d:CurrentFinancialInstruments 2020-10-31 11579558 d:Non-currentFinancialInstruments 2021-10-31 11579558 d:Non-currentFinancialInstruments 2020-10-31 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2020-10-31 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-10-31 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-10-31 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-10-31 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-10-31 11579558 d:ShareCapital 2021-10-31 11579558 d:ShareCapital 2020-10-31 11579558 d:RetainedEarningsAccumulatedLosses 2021-10-31 11579558 d:RetainedEarningsAccumulatedLosses 2020-10-31 11579558 c:FRS102 2020-11-01 2021-10-31 11579558 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 11579558 c:FullAccounts 2020-11-01 2021-10-31 11579558 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 11579558 d:Goodwill d:OwnedIntangibleAssets 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Registered number: 11579558

S G RESTORATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£

Fixed assets
Intangible assets	4		4,200		4,800
Tangible assets	5		5,138		-
			9,338		4,800
Current assets
Stocks		15,330		18,800
Debtors: amounts falling due within one year	6	-		8,023
Cash at bank and in hand	7	3,044		23,857
		18,374		50,680
Creditors: amounts falling due within one year	8	(56,736)		(49,687)
Net current (liabilities)/assets			(38,362)		993
Total assets less current liabilities			(29,024)		5,793
Creditors: amounts falling due after more than one year	9		(43,283)		(46,667)

Net liabilities			(72,307)		(40,874)

Capital and reserves
Called up share capital	10	10
Profit and loss account	(72,317)	(40,884)
	(72,307)	(40,874)

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S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2021

The directors consider 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 directors acknowledge their 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 28 July 2022.

S J Gregory

Director

The notes on pages 3 to 8 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 2021

1.	General information

S G Restorations. Limited is a private limited company incorporated in England and Wales. The registered office is Kingsridge House, 601 London Road, Westcliff-on-Sea, Essex SS0 9PE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company had a deficit on shareholders' funds at 31 October 2021 of £72,307. 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 2021

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.5

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.

2.6

Borrowing costs

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

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

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.

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.9

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.

2.10

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.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

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.

2.13

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 (2020 - 1).

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 November 2020	6,000
	At 31 October 2021	6,000
	Amortisation
	At 1 November 2020	1,200
	Charge for the year on owned assets	600
	At 31 October 2021	1,800
	Net book value
	At 31 October 2021	4,200
	At 31 October 2020	4,800

5.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	Additions	8,800
	At 31 October 2021	8,800
	Depreciation
	Charge for the year on owned assets	3,662
	At 31 October 2021	3,662
	Net book value
	At 31 October 2021	5,138
	At 31 October 2020	-

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Debtors

					2021	2020
					£	£


Trade debtors	-	8,023

7.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	3,044	23,857

8.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	5,059	2,508
Trade creditors	500	3,089
Other taxation and social security	3,819	4,112
Other creditors	45,978	39,103
Accruals and deferred income	1,380	875
	56,736	49,687

9.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

	Bank loans	43,283	46,667

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Amounts falling due within one year
Bank loans	5,059	2,508

Amounts falling due 2-5 years
Bank loans	21,547	40,000
Amounts falling due after more than 5 years
Bank loans	21,736	6,667
	48,342	49,175

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £907 (2020 - £602) Contributions totalling £239 were payable to the fund at the balance sheet date and are included in creditors.

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