Company Registration No. 04810533 (England and Wales)
SGC Glass Ltd
Unaudited accounts
for the year ended 30 June 2023
SGC Glass Ltd
Statement of financial position
as at 30 June 2023
Tangible assets
225,250
103,669
Inventories
113,017
113,553
Cash at bank and in hand
170,954
140,556
Creditors: amounts falling due within one year
(193,678)
(96,125)
Net current assets
359,010
290,890
Total assets less current liabilities
584,260
399,309
Creditors: amounts falling due after more than one year
(136,782)
(109,685)
Provisions for liabilities
Deferred tax
(42,607)
(19,507)
Net assets
404,871
270,117
Called up share capital
100
100
Profit and loss account
404,771
270,017
Shareholders' funds
404,871
270,117
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2023 and were signed on its behalf by
Chris Cottage
Director
Company Registration No. 04810533
SGC Glass Ltd
Notes to the Accounts
for the year ended 30 June 2023
SGC Glass Ltd is a private company, limited by shares, registered in England and Wales, registration number 04810533. The registered office is Valentine House, Fulmar Way, Wickford, Essex, SS11 8YW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
SGC Glass Ltd
Notes to the Accounts
for the year ended 30 June 2023
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which
shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
5% straight line
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
SGC Glass Ltd
Notes to the Accounts
for the year ended 30 June 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
SGC Glass Ltd
Notes to the Accounts
for the year ended 30 June 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2022
1,000
61,075
199,034
23,444
284,553
Additions
-
120,439
87,231
3,452
211,122
Disposals
-
-
(44,475)
-
(44,475)
At 30 June 2023
1,000
181,514
241,790
26,896
451,200
At 1 July 2022
-
30,350
138,539
11,995
180,884
Charge for the year
-
37,791
36,931
3,726
78,448
On disposals
-
-
(33,382)
-
(33,382)
At 30 June 2023
-
68,141
142,088
15,721
225,950
At 30 June 2023
1,000
113,373
99,702
11,175
225,250
At 30 June 2022
1,000
30,725
60,495
11,449
103,669
Work in progress
95,559
101,439
Finished goods
17,458
12,114
Amounts falling due within one year
Trade debtors
239,985
104,206
Accrued income and prepayments
21,232
21,056
8
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
1,994
6,425
Trade creditors
151,372
72,429
Taxes and social security
22,675
10,592
Loans from directors
195
8,913
SGC Glass Ltd
Notes to the Accounts
for the year ended 30 June 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
106,876
70,010
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loans made to the Director
8,913
-
8,718
195
12
Average number of employees
During the year the average number of employees was 12 (2022: 12).