ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

S G RESTORATIONS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2021-11-01falseNo description of principal activity11true 11579558 2021-11-01 2022-10-31 11579558 2020-11-01 2021-10-31 11579558 2022-10-31 11579558 2021-10-31 11579558 c:Director1 2021-11-01 2022-10-31 11579558 d:MotorVehicles 2021-11-01 2022-10-31 11579558 d:MotorVehicles 2022-10-31 11579558 d:MotorVehicles 2021-10-31 11579558 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 11579558 d:Goodwill 2021-11-01 2022-10-31 11579558 d:Goodwill 2022-10-31 11579558 d:Goodwill 2021-10-31 11579558 d:CurrentFinancialInstruments 2022-10-31 11579558 d:CurrentFinancialInstruments 2021-10-31 11579558 d:Non-currentFinancialInstruments 2022-10-31 11579558 d:Non-currentFinancialInstruments 2021-10-31 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 11579558 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 11579558 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 11579558 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-10-31 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 11579558 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-10-31 11579558 d:ShareCapital 2022-10-31 11579558 d:ShareCapital 2021-10-31 11579558 d:RetainedEarningsAccumulatedLosses 2022-10-31 11579558 d:RetainedEarningsAccumulatedLosses 2021-10-31 11579558 c:FRS102 2021-11-01 2022-10-31 11579558 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 11579558 c:FullAccounts 2021-11-01 2022-10-31 11579558 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 11579558 d:Goodwill d:OwnedIntangibleAssets 2021-11-01 2022-10-31 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 2022

S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	4		3,600		4,200
Tangible assets	5		4,110		5,138
			7,710		9,338
Current assets
Stocks		3,750		15,330
Debtors: amounts falling due within one year	6	370		-
Cash at bank and in hand	7	4,572		3,044
		8,692		18,374
Creditors: amounts falling due within one year	8	(56,715)		(56,736)
Net current liabilities			(48,023)		(38,362)
Total assets less current liabilities			(40,313)		(29,024)
Creditors: amounts falling due after more than one year	9		(41,236)		(43,283)

Net liabilities			(81,549)		(72,307)

Capital and reserves
Called up share capital	10	10
Profit and loss account	(81,559)	(72,317)
	(81,549)	(72,307)

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S G RESTORATIONS LIMITED

REGISTERED NUMBER: 11579558

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2022

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 13 July 2023.

S J Gregory

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 2022 of £81,549. 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 2022

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 2022

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 (2021 - 1).

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 November 2021	6,000
	At 31 October 2022	6,000
	Amortisation
	At 1 November 2021	1,800
	Charge for the year on owned assets	600
	At 31 October 2022	2,400
	Net book value
	At 31 October 2022	3,600
	At 31 October 2021	4,200

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

5.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 November 2021	8,800
	At 31 October 2022	8,800
	Depreciation
	At 1 November 2021	3,662
	Charge for the year on owned assets	1,028
	At 31 October 2022	4,690
	Net book value
	At 31 October 2022	4,110
	At 31 October 2021	5,138

Debtors

					2022	2021
					£	£


Trade debtors	370	-

7.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	4,572	3,044

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S G RESTORATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank loans	5,109	5,059
Trade creditors	-	500
Other taxation and social security	2,316	3,819
Other creditors	46,722	45,978
Accruals and deferred income	2,568	1,380
	56,715	56,736

9.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

	Bank loans	41,236	43,283

Amounts falling due within one year
Bank loans	5,109	5,059

Amounts falling due 2-5 years
Bank loans	21,226	21,547
Amounts falling due after more than 5 years
Bank loans	20,011	21,736
	46,346	48,342

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 £607 (2021 - £907) Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.

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