SOG Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03892046 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

SOG LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J S Lewis MBE

Lionlike Management Limited

REGISTERED OFFICE:

The Heath Business

and Technical Park

The Heath

Runcorn

Cheshire

WA7 4QF

REGISTERED NUMBER:

03892046 (England and Wales)

AUDITORS:

John Kerr

Statutory Auditors

Chartered Accountants

375 Eaton Road

West Derby

Liverpool

Merseyside

L12 2AH

FIXED ASSETS

Intangible assets

4

(509,476

)

(526,408

)

Tangible assets

5

7,761,246

7,690,338

Investments

6

2

2

7,251,772

7,163,932

CURRENT ASSETS

Stocks

15,106

15,615

Debtors

7

3,550,536

2,856,437

Investments

8

3,681,284

294,600

Cash at bank and in hand

2,981,770

7,980,573

10,228,696

11,147,225

CREDITORS

Amounts falling due within one year

9

1,311,411

1,336,610

NET CURRENT ASSETS

8,917,285

9,810,615

TOTAL ASSETS LESS CURRENT LIABILITIES

16,169,057

16,974,547

PROVISIONS FOR LIABILITIES

(1,175,755

)

(1,030,060

)

PENSION LIABILITY

-

(1,218,000

)

NET ASSETS

14,993,302

14,726,487

CAPITAL AND RESERVES

Called up share capital

80,557

80,557

Capital redemption reserve

58,333

58,333

Retained earnings

14,854,412

14,587,597

SHAREHOLDERS' FUNDS

14,993,302

14,726,487

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2021 and were signed on its behalf by:

J S Lewis MBE - Director

1.	STATUTORY INFORMATION

SOG Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about SOG Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Negative goodwill

Negative goodwill, being the amount recognised in connection with the acquisition of non-monetary assets in 2000, is being recognised in the income statement over a period of 50 years which matches the periods in which the non-monetary assets acquired are recovered through depreciation or sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant, equipment & vehicles

-

10% to 33.33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs

The company operates a defined benefit pension scheme under which contributions from employees and the company are administered by trustees in funds independent from the company's assets.

Pension costs relating to the scheme are assessed by a qualified actuary using the projected unit method.

The company also operates defined contribution pension schemes. Contributions payable to the defined contribution pension schemes are charged to profit and loss in the period to which they relate.

Investments

Listed investments are included at fair value.

3.

EMPLOYEES

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Negative

goodwill

£

COST

At 1 March 2019

and 29 February 2020

(846,560

)

AMORTISATION

At 1 March 2019

(320,152

)

Amortisation for year

(16,932

)

At 29 February 2020

(337,084

)

NET BOOK VALUE

At 29 February 2020

(509,476

)

At 28 February 2019

(526,408

)

5.	TANGIBLE FIXED ASSETS

Plant,

Freehold

equipment

property

& vehicles

Totals

£

£

£

COST

At 1 March 2019

8,493,745

3,594,053

12,087,798

Additions

239,078

67,694

306,772

Disposals

-

(50,261

)

(50,261

)

At 29 February 2020

8,732,823

3,611,486

12,344,309

DEPRECIATION

At 1 March 2019

1,723,527

2,673,933

4,397,460

Charge for year

110,673

106,954

217,627

Eliminated on disposal

-

(32,024

)

(32,024

)

At 29 February 2020

1,834,200

2,748,863

4,583,063

NET BOOK VALUE

At 29 February 2020

6,898,623

862,623

7,761,246

At 28 February 2019

6,770,218

920,120

7,690,338

Included in cost of land and buildings is freehold land of £ 1,994,395 (2019 - £ 1,994,395 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant,

equipment

& vehicles

£

COST

At 1 March 2019

49,999

Transfer to ownership

(49,999

)

At 29 February 2020

-

DEPRECIATION

At 1 March 2019

44,167

Charge for year

5,832

Transfer to ownership

(49,999

)

At 29 February 2020

-

NET BOOK VALUE

At 29 February 2020

-

At 28 February 2019

5,832

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2019

and 29 February 2020

2

NET BOOK VALUE

At 29 February 2020

2

At 28 February 2019

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

823,426

932,050

Amounts owed by group undertakings

2,579,597

1,755,012

Other debtors

147,513

169,375

3,550,536

2,856,437

8.	CURRENT ASSET INVESTMENTS

29.2.20

28.2.19

£

£

Listed investments

3,681,284

294,600

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Hire purchase contracts

-

7,499

Trade creditors

393,581

467,417

Amounts owed to group undertakings

-

62,267

Taxation and social security

42,400

12,399

Other creditors

875,430

787,028

1,311,411

1,336,610

10.	SECURED DEBTS

The following secured debts are included within creditors:

29.2.20

28.2.19

£

£

Hire purchase contracts

-

7,499

Hire purchase contracts are secured on the assets financed.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Glover FCA (Senior Statutory Auditor)

for and on behalf of John Kerr

12.	POST BALANCE SHEET EVENTS

Since the year end, the COVID-19 pandemic has created a major challenge with a high level of uncertainty for all businesses. The company has taken prompt action to protect cash flow including reducing outgoings and taking advantage of government support grants.

Whilst the impact of the COVID-19 situation cannot be accurately predicted and it is not possible to assess all possible implications for the company, based on the assessments carried out, the company believes that it has a secure financial position that will enable it to trade through the current disruption of the markets in which it operates.

13.	PARENT UNDERTAKING