ACCOUNTS - Final Accounts

S & G PRECISION EQUIPMENT LIMITED - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-302022-05-01falsefalse2manufacturers of special purpose machinery2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 6581054 2022-05-01 2023-04-30 6581054 2021-05-01 2022-04-30 6581054 2023-04-30 6581054 2022-04-30 6581054 c:Director1 2022-05-01 2023-04-30 6581054 d:PlantMachinery 2022-05-01 2023-04-30 6581054 d:PlantMachinery 2023-04-30 6581054 d:PlantMachinery 2022-04-30 6581054 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 6581054 d:CurrentFinancialInstruments 2023-04-30 6581054 d:CurrentFinancialInstruments 2022-04-30 6581054 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 6581054 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 6581054 d:ShareCapital 2023-04-30 6581054 d:ShareCapital 2022-04-30 6581054 d:RetainedEarningsAccumulatedLosses 2023-04-30 6581054 d:RetainedEarningsAccumulatedLosses 2022-04-30 6581054 c:FRS102 2022-05-01 2023-04-30 6581054 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 6581054 c:FullAccounts 2022-05-01 2023-04-30 6581054 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 6581054 2 2022-05-01 2023-04-30 6581054 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 6581054

S & G PRECISION EQUIPMENT LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

S & G PRECISION EQUIPMENT LIMITED

REGISTERED NUMBER: 6581054

BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		611		814
Current assets
Stocks	5	1,800		1,800
Debtors: amounts falling due within one year	6	13,161		11,971
Cash at bank and in hand	7	5,039		4,042
		20,000		17,813
Creditors: amounts falling due within one year	8	(18,303)		(12,718)
Net current assets			1,697		5,095

Net assets			2,308		5,909

Capital and reserves
Called up share capital	100	100
Profit and loss account	2,208	5,809
	2,308	5,909

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S & G PRECISION EQUIPMENT LIMITED

REGISTERED NUMBER: 6581054

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2023

The directors consider 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 directors acknowledge their 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 comprehensive income 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 15 April 2024.

Ms E Lowry

Director

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S & G PRECISION EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

1.	General information

S & G Precision Equipment Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The principal activity of the company was that of manufacturers of special purpose machinery.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

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.

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S & G PRECISION EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.3

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:

Plant and machinery

25% 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.

2.4

Stocks

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

2.5

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.

2.6

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.

2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

2.8

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.

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S & G PRECISION EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

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S & G PRECISION EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 May 2022	2,570
	At 30 April 2023	2,570
	Depreciation
	At 1 May 2022	1,756
	Charge for the year on owned assets	203
	At 30 April 2023	1,959
	Net book value
	At 30 April 2023	611
	At 30 April 2022	814

5.	Stocks
		2023	2022
		£	£

	Equipment for sale	1,800	1,800

Debtors

					2023	2022
					£	£


Trade debtors	11,995	10,155
Other debtors	-	703
Prepayments and accrued income	1,166	1,113
	13,161	11,971

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S & G PRECISION EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

7.	Cash and cash equivalents
		2023	2022
		£	£

	Cash at bank and in hand	5,039	4,042

8.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	-	1,926
Other taxation and social security	5,495	6,324
Other creditors	9,213	2,812
Accruals and deferred income	3,595	1,656
	18,303	12,718

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