SG Property Management Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC336282 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

SG Property Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Stephen Gallagher

SECRETARY:

Mrs Margaret Gallagher

REGISTERED OFFICE:

25 Sandyford Place

Glasgow

G3 7NG

REGISTERED NUMBER:

SC336282 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

3,516

3,930

CURRENT ASSETS

Debtors

5

196,743

163,113

Cash at bank

2,625,628

2,332,427

2,822,371

2,495,540

CREDITORS

Amounts falling due within one year

6

1,463,275

1,234,862

NET CURRENT ASSETS

1,359,096

1,260,678

TOTAL ASSETS LESS CURRENT LIABILITIES

1,362,612

1,264,608

PROVISIONS FOR LIABILITIES

7

879

690

NET ASSETS

1,361,733

1,263,918

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,361,633

1,263,818

SHAREHOLDERS' FUNDS

1,361,733

1,263,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2023 and were signed by:

Mr Stephen Gallagher - Director

1.	STATUTORY INFORMATION

SG Property Management Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

15% on reducing balance

Fittings and equipment

-

25% on cost

Computer equipment

-

25% on cost

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fittings

Leasehold

and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

COST

At 1 June 2022

2,200

4,786

18,732

25,718

Additions

-

-

1,094

1,094

At 31 May 2023

2,200

4,786

19,826

26,812

DEPRECIATION

At 1 June 2022

1,901

4,239

15,648

21,788

Charge for year

43

182

1,283

1,508

At 31 May 2023

1,944

4,421

16,931

23,296

NET BOOK VALUE

At 31 May 2023

256

365

2,895

3,516

At 31 May 2022

299

547

3,084

3,930

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

191,743

163,113

Other debtors

5,000

-

196,743

163,113

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,371

1,371

Taxation and social security

1,446,862

1,223,450

Other creditors

15,042

10,041

1,463,275

1,234,862

7.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

879

690

Deferred

tax

£

Balance at 1 June 2022

690

Provided during year

189

Balance at 31 May 2023

879

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Stephen Gallagher.