Company Registration No. 04998505 (England and Wales)
SGG MANUFACTURING LIMITED
Unaudited accounts
for the year ended 31 December 2022
SGG MANUFACTURING LIMITED
Unaudited accounts
Contents
SGG MANUFACTURING LIMITED
Company Information
for the year ended 31 December 2022
Directors
Andrew Nurse
Stephen Hudson
Company Number
04998505 (England and Wales)
Registered Office
Denmark House
143 High Street
Chalfont St Peter
Bucks
SL9 9QL
United Kingdom
Accountants
Lane Accounting Limited
Denmark House
143 High Street
Chalfont St Peter
Buckinghamshire
SL9 9QL
SGG MANUFACTURING LIMITED
Statement of financial position
as at 31 December 2022
Tangible assets
3,515,955
3,131,140
Inventories
383,053
209,463
Cash at bank and in hand
19,658
24,712
Creditors: amounts falling due within one year
(1,758,495)
(1,187,186)
Net current liabilities
(722,841)
(272,227)
Total assets less current liabilities
2,793,114
2,858,913
Creditors: amounts falling due after more than one year
(1,746,804)
(1,893,896)
Provisions for liabilities
Deferred tax
(93,508)
(64,828)
Net assets
952,802
900,189
Called up share capital
100
100
Profit and loss account
952,702
900,089
Shareholders' funds
952,802
900,189
For the year ending 31 December 2022 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 11 August 2023 and were signed on its behalf by
Andrew Nurse
Director
Company Registration No. 04998505
SGG MANUFACTURING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
SGG MANUFACTURING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04998505. The registered office is Denmark House , 143 High Street, Chalfont St Peter, Bucks, SL9 9QL, United Kingdom.
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.
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:
Land & buildings
5% per annum of cost
Plant & machinery
20% per annum of cost
Motor vehicles
20% per annum of cost
Fixtures & fittings
20% per annum of cost
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.
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.
Expenditure on research and development is written off in the year in which it is incurred.
SGG MANUFACTURING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
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
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
2,841,383
961,642
177,140
43,882
4,024,047
Additions
242,218
255,561
-
38,152
535,931
At 31 December 2022
3,083,601
1,217,203
177,140
82,034
4,559,978
At 1 January 2022
365
761,944
91,281
39,317
892,907
Charge for the year
12,473
100,565
26,045
12,033
151,116
At 31 December 2022
12,838
862,509
117,326
51,350
1,044,023
At 31 December 2022
3,070,763
354,694
59,814
30,684
3,515,955
At 31 December 2021
2,841,018
199,698
85,859
4,565
3,131,140
Amounts falling due within one year
Trade debtors
591,469
632,987
Amounts due from group undertakings etc.
15,000
15,000
Accrued income and prepayments
26,074
32,797
SGG MANUFACTURING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
336,146
237,315
Obligations under finance leases and hire purchase contracts
40,423
43,932
Trade creditors
530,105
568,891
Amounts owed to group undertakings and other participating interests
758,842
280,000
Taxes and social security
32,906
24,067
Other creditors
8,342
14,835
The bank overdraft & loan accounts are secured by personal guarantees
given by the directors which are joint and several.
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £376,569 (2021 £281,247). The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
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Creditors: amounts falling due after more than one year
2022
2021
Bank loans
1,685,412
1,789,458
Obligations under finance leases and hire purchase contracts
61,392
104,438
A mortgage loan was taken out by the company in August 2021 for £1,950,400. This is secured against Alpha Place unit, the new company premisses. The mortgage is repayable over a 10 year period by monthly instalments with a fixed interest rate of 4%.
Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £1,746,804 (2021 £1,893,896). The bank loans are secured by a fixed and floating charge over the company's assets and the finance leases are secured on the assets concerned.
Allotted, called up and fully paid:
90 Ordinary A shares of £1 each
90
90
10 Ordinary B shares of £1 each
10
10
SGG MANUFACTURING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
9
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
40,423
40,423
Later than one year and not later than five years
61,392
104,438
In March 2018 the company entered into a 5 year rental agreement to rent a commercial vehicle valued at £44,267. The annual rent is £7,796 excluding VAT and the company's outstanding commitment is £1,966 at the year end.
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Average number of employees
During the year the average number of employees was 43 (2021: 42).
