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REGISTERED NUMBER: 04565701 (England and Wales)





REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

SGDN LIMITED

SGDN LIMITED (REGISTERED NUMBER: 04565701)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


SGDN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2017







DIRECTORS: A R Harle
T E J Jones
A D Neal



SECRETARY: Ms C L Cox



REGISTERED OFFICE: Stuart House
City Road
Peterborough
PE1 1QF



REGISTERED NUMBER: 04565701 (England and Wales)



AUDITORS: Martin and Company Audit Limited
Chartered Accountants
and Statutory Auditors
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ



BANKERS: National Westminster Bank plc
Millbank Branch
Horseferry Road
London
SW1P 2AZ

SGDN LIMITED (REGISTERED NUMBER: 04565701)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2017


The directors present their report with the financial statements of the company for the year ended 31 December 2017.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this
report.

A R Harle
T E J Jones
A D Neal

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with
applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors
are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken
as a director in order to make himself aware of any relevant audit information and to establish that the company's
auditors are aware of that information.

AUDITORS
Martin and Company Audit Limited were appointed as the Company's auditors during the year and will be proposed for
re-appointment at the forthcoming Annual General Meeting.

The prior period financial statements were audited by Saffery Champness LLP.


SGDN LIMITED (REGISTERED NUMBER: 04565701)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2017

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.

ON BEHALF OF THE BOARD:





A D Neal - Director


28 September 2018

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SGDN LIMITED


Opinion
We have audited the financial statements of SGDN Limited (the 'company') for the year ended 31 December 2017 which
comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the
Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United
Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its profit for the year
then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the
financial statements section of our report. We are independent of the company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period
of at least twelve months from the date when the financial statements are authorised for issue.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of
the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SGDN LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,
we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a
Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the directors determine necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic
alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
members as a body, for our audit work, for this report, or for the opinions we have formed.




James Angus Burnett (Senior Statutory Auditor)
for and on behalf of Martin and Company Audit Limited
Chartered Accountants
and Statutory Auditors
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

28 September 2018

SGDN LIMITED (REGISTERED NUMBER: 04565701)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017

31.12.17 31.12.16
Notes £    £   

TURNOVER 3 820,480 550,771

Cost of sales 721,705 504,880
GROSS PROFIT 98,775 45,891

Administrative expenses 95,012 55,416
OPERATING PROFIT/(LOSS) and
PROFIT/(LOSS) BEFORE TAXATION 3,763 (9,525 )

Tax on profit/(loss) 6 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

3,763

(9,525

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,763

(9,525

)

SGDN LIMITED (REGISTERED NUMBER: 04565701)

BALANCE SHEET
31 DECEMBER 2017

31.12.17 31.12.16
Notes £    £   
CURRENT ASSETS
Debtors 7 167,859 301,875
Cash at bank 15,047 27,209
182,906 329,084
CREDITORS
Amounts falling due within one year 8 181,481 331,422
NET CURRENT ASSETS/(LIABILITIES) 1,425 (2,338 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,425

(2,338

)

CAPITAL AND RESERVES
Called up share capital 10 3,000 3,000
Retained earnings 11 (1,575 ) (5,338 )
SHAREHOLDERS' FUNDS 1,425 (2,338 )

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf
by:





A D Neal - Director


SGDN LIMITED (REGISTERED NUMBER: 04565701)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2016 3,000 4,187 7,187

Changes in equity
Total comprehensive income - (9,525 ) (9,525 )
Balance at 31 December 2016 3,000 (5,338 ) (2,338 )

Changes in equity
Total comprehensive income - 3,763 3,763
Balance at 31 December 2017 3,000 (1,575 ) 1,425

SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017


1. STATUTORY INFORMATION

SGDN 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements,
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The
stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates
and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is
recognised only to the extent of the expenses recognised that are recoverable.

SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its Financial Instruments.

Financial Instruments are recognised in the company's statement of financial position when the company
becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or
to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction
costs and are subsequently carried at amortised cost using the effective interests method unless the arrangement
constitutes a financing transaction, where the transaction is measured at the present value of the future receipts
discounted at a market rate of interest. Financial assets classified as receivable within one year are not
amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of
the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially
recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt
instrument is measured at the present value of the future payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest method.

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.


SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of
the company.

3. TURNOVER

The turnover and profit (2016 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.17 31.12.16
£    £   
Estate management services 820,480 550,771
820,480 550,771

An analysis of turnover by geographical market is given below:

31.12.17 31.12.16
£    £   
United Kingdom 820,480 550,771
820,480 550,771

4. EMPLOYEES AND DIRECTORS
31.12.17 31.12.16
£    £   
Wages and salaries 22,741 11,234

SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.17 31.12.16

Directors 3 3

31.12.17 31.12.16
£    £   
Directors' remuneration 22,741 11,234

5. OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

31.12.17 31.12.16
£    £   
Auditors' remuneration 4,216 4,500

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2017 nor for the year ended
31 December 2016.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is
explained below:

31.12.17 31.12.16
£    £   
Profit/(loss) before tax 3,763 (9,525 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2016 - 20%)

715

(1,905

)

Effects of:
Utilisation of tax losses (715 ) -
Unutilised tax losses carried forward - 1,905
Total tax charge - -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade debtors 167,859 301,875

SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£    £   
Trade creditors 165,157 307,030
VAT 2,128 691
Accrued expenses 14,196 23,701
181,481 331,422

9. FINANCIAL INSTRUMENTS

The carrying amount of financial assets as at 31st December 2017 is £167,859 (2016: £301,875) and are all
made up of debt instruments measured at amortised cost.

The carrying amount of financial liabilities as at 31st December 2017 is £165,157 (2016: £307,030) and are all
made up of financial liabilities measured at amortised cost.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.17 31.12.16
value: £    £   
3,000 Ordinary 1 3,000 3,000

Each share is entitled to one vote in any circumstances and equal entitlement to dividend payments and capital
distributions. They do not confer any rights of redemption.

11. RESERVES
Retained
earnings
£   

At 1 January 2017 (5,338 )
Profit for the year 3,763
At 31 December 2017 (1,575 )

SGDN LIMITED (REGISTERED NUMBER: 04565701)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017


12. RELATED PARTY DISCLOSURES

The company engaged in transactions with Savills (UK) Limited which is a related party as it owns 51% of the
issued share capital of the company and it is considered to be the parent entity. The registered office of Savills
(UK) Limited is 33 Margaret Street, London W1G 0JD.

The nature of the transactions was the purchase of services which totalled £636,529 (2016: £459,034). The
amount due to Savills (UK) Limited, included within trade creditors as trading balances, was £137,432.14 (2016:
£263,479).

The company also engaged in transactions with Carter Jonas LLP which is a related party because the partners in
Carter Jonas LLP own 49% of the issued share capital of the company.

The nature of the transactions was the purchase of services which totalled £85,176 (2016: £45,846). The amount
due to Carter Jonas LLP, included within trade creditors as trading balances, was £16,678.68 (2016: 23,895).

During the year, a total of key management personnel compensation of £ 22,741 (2016 - £ 11,234 ) was paid.