ACCOUNTS - Final Accounts preparation

Cash and cash equivalents

S G RESTORATIONS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-10-312020-10-312019-10-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11579558 2019-10-01 2020-10-31 11579558 2018-09-20 2019-09-30 11579558 2020-10-31 11579558 2019-09-30 11579558 c:Director1 2019-10-01 2020-10-31 11579558 d:Goodwill 2019-10-01 2020-10-31 11579558 d:Goodwill 2020-10-31 11579558 d:Goodwill 2019-09-30 11579558 d:CurrentFinancialInstruments 2020-10-31 11579558 d:CurrentFinancialInstruments 2019-09-30 11579558 d:Non-currentFinancialInstruments 2020-10-31 11579558 d:Non-currentFinancialInstruments 2019-09-30 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2020-10-31 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2019-09-30 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-10-31 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-09-30 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-10-31 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2019-09-30 11579558 d:ShareCapital 2020-10-31 11579558 d:ShareCapital 2019-09-30 11579558 d:RetainedEarningsAccumulatedLosses 2020-10-31 11579558 d:RetainedEarningsAccumulatedLosses 2019-09-30 11579558 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-10-31 11579558 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-09-30 11579558 c:FRS102 2019-10-01 2020-10-31 11579558 c:AuditExempt-NoAccountantsReport 2019-10-01 2020-10-31 11579558 c:FullAccounts 2019-10-01 2020-10-31 11579558 c:PrivateLimitedCompanyLtd 2019-10-01 2020-10-31 11579558 d:Goodwill d:OwnedIntangibleAssets 2019-10-01 2020-10-31 iso4217:GBP xbrli:pure

Registered number: 11579558

S G RESTORATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2020

S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET

AS AT 31 OCTOBER 2020

	31 October	30 September
	2020	2019
Note	£	£

Fixed assets
Intangible assets	4		4,800		5,400
			4,800		5,400
Current assets
Stocks		18,800		18,800
Debtors: amounts falling due within one year	5	8,023		-
Cash at bank and in hand	6	23,857		2,193
		50,680		20,993
Creditors: amounts falling due within one year	7	(49,687)		(44,883)
Net current assets/(liabilities)			993		(23,890)
Total assets less current liabilities			5,793		(18,490)
Creditors: amounts falling due after more than one year	8		(46,667)		-

Net liabilities			(40,874)		(18,490)

Capital and reserves
Called up share capital	10	10
Profit and loss account	(40,884)	(18,500)
	(40,874)	(18,490)

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S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2020

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 period 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 28 July 2021.

F R 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 PERIOD ENDED 31 OCTOBER 2020

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 2020 of £40,874. 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 PERIOD ENDED 31 OCTOBER 2020

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 period 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 PERIOD ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.9

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 outbasis. 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.

2.10

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.

2.11

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.

2.12

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 period was 1 (2019 - 1).

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 October 2019	6,000
	At 31 October 2020	6,000
	Amortisation
	At 1 October 2019	600
	Charge for the period on owned assets	600
	At 31 October 2020	1,200
	Net book value
	At 31 October 2020	4,800
	At 30 September 2019	5,400

Debtors

					31 October	30 September
					2020	2019
					£	£


Trade debtors	8,023	-
	8,023	-

	Cash at bank and in hand	23,857	2,193

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

Bank loans	2,508	-
Trade creditors	3,089	-
Other taxation and social security	4,112	16,343
Other creditors	39,103	27,690
Accruals and deferred income	875	850
	49,687	44,883

	Bank loans	46,667	-

Amounts falling due within one year
Bank loans	2,508	-

Amounts falling due 2-5 years
Bank loans	40,000	-
Amounts falling due after more than 5 years
Bank loans	6,667	-
	49,175	-

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

	Financial assets
	Financial assets measured at fair value through profit or loss	23,857	2,193

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

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 £602 (2019 - £957) Contributions totalling £648 were payable to the fund at the balance sheet date and are included in creditors.

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