Company Registration No. 10724520 (England and Wales)
SJW PROPERTY RENTALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SJW PROPERTY RENTALS LIMITED
COMPANY INFORMATION
Director
Mr S J Williams
Company number
10724520
Registered office
153 York Road
Hall Green
Birmingham
West Midlands
B28 8LF
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
9-11 Poplar Road
Solihull
West Midlands
B91 3AN
SJW PROPERTY RENTALS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SJW PROPERTY RENTALS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SJW PROPERTY RENTALS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SJW Property Rentals Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of SJW Property Rentals Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SJW Property Rentals Limited and state those matters that we have agreed to state to the Board of Directors of SJW Property Rentals Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SJW Property Rentals Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that SJW Property Rentals Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SJW Property Rentals Limited. You consider that SJW Property Rentals Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SJW Property Rentals Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
19 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SJW PROPERTY RENTALS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,196
12,263
Investment properties
4
550,001
521,034
559,197
533,297
Current assets
Debtors
5
17,645
18,372
Cash at bank and in hand
2,127
48,134
19,772
66,506
Creditors: amounts falling due within one year
6
(229,621)
(280,346)
Net current liabilities
(209,849)
(213,840)
Total assets less current liabilities
349,348
319,457
Creditors: amounts falling due after more than one year
7
(343,157)
(343,157)
Provisions for liabilities
9
(3,048)
Net assets/(liabilities)
3,143
(23,700)
Capital and reserves
Called up share capital
10
1
1
Non-distributable profits reserve
11
26,038
Distributable profit and loss reserves
(22,896)
(23,701)
Total equity
3,143
(23,700)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SJW PROPERTY RENTALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 October 2023.
Mr S J Williams
Director
Company Registration No. 10724520
SJW PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
SJW Property Rentals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 153 York Road, Hall Green, Birmingham, West Midlands, B28 8LF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SJW PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2022 and 31 March 2023
50,294
Depreciation and impairment
At 1 April 2022
38,031
Depreciation charged in the year
3,067
At 31 March 2023
41,098
Carrying amount
At 31 March 2023
9,196
At 31 March 2022
12,263
SJW PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2022
521,034
Revaluations
28,967
At 31 March 2023
550,001
The director considers the revaluation as reflective of the market value at the year end.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,722
10,293
Other debtors
3,923
4,661
17,645
14,954
Deferred tax asset
3,418
17,645
18,372
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,173
Other creditors
228,448
280,346
229,621
280,346
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
343,157
343,157
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
343,157
343,157
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
SJW PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,048
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1
1
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
26,038
-
At the end of the year
26,038
-
12
Ultimate controlling party
The ultimate controlling party is Mr S J Williams.