Silverfin false 31/03/2023 01/04/2022 31/03/2023 J Thompson 09/11/2018 S F Thompson 09/11/2018 02 November 2023 no description of principal activity 11597226 2023-03-31 11597226 bus:Director1 2023-03-31 11597226 bus:Director2 2023-03-31 11597226 2022-03-31 11597226 core:CurrentFinancialInstruments 2023-03-31 11597226 core:CurrentFinancialInstruments 2022-03-31 11597226 core:Non-currentFinancialInstruments 2023-03-31 11597226 core:Non-currentFinancialInstruments 2022-03-31 11597226 core:ShareCapital 2023-03-31 11597226 core:ShareCapital 2022-03-31 11597226 core:RetainedEarningsAccumulatedLosses 2023-03-31 11597226 core:RetainedEarningsAccumulatedLosses 2022-03-31 11597226 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 11597226 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 11597226 core:MoreThanFiveYears 2023-03-31 11597226 core:MoreThanFiveYears 2022-03-31 11597226 2022-04-01 2023-03-31 11597226 bus:FullAccounts 2022-04-01 2023-03-31 11597226 bus:SmallEntities 2022-04-01 2023-03-31 11597226 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11597226 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11597226 bus:Director1 2022-04-01 2023-03-31 11597226 bus:Director2 2022-04-01 2023-03-31 11597226 2021-04-01 2022-03-31 11597226 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 11597226 (England and Wales)

SFJ HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SFJ HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SFJ HOLDINGS LIMITED

BALANCE SHEET

As at 31 March 2023
SFJ HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 334,702 334,702
334,702 334,702
Current assets
Debtors 4 4,029 2,101
Cash at bank and in hand 3,403 2,045
7,432 4,146
Creditors: amounts falling due within one year 5 ( 127,019) ( 123,179)
Net current liabilities (119,587) (119,033)
Total assets less current liabilities 215,115 215,669
Creditors: amounts falling due after more than one year 6 ( 240,335) ( 240,335)
Net liabilities ( 25,220) ( 24,666)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 25,222 ) ( 24,668 )
Total shareholders' deficit ( 25,220) ( 24,666)

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of SFJ Holdings Limited (registered number: 11597226) were approved and authorised for issue by the Director on 02 November 2023. They were signed on its behalf by:

S F Thompson
Director
SFJ HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SFJ HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SFJ Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 81 Lever Park Avenue, Horwich, Bolton, BL6 7LQ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year 0 0

The directors did not receive any remuneration during the year (2022: £nil).

3. Investment property

Investment property
£
Valuation
As at 01 April 2022 334,702
As at 31 March 2023 334,702

The 2023 valuations were made by the Directors, on an open market value for existing use basis.

4. Debtors

2023 2022
£ £
Trade debtors 1,425 0
Prepayments 476 629
Other debtors 2,128 1,472
4,029 2,101

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 354 9
Amounts owed to related parties 122,770 121,100
Accruals 1,170 600
Other creditors 2,725 1,470
127,019 123,179

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 240,335 240,335

The bank loans are mortgages that are secured by a way of legal charge over the investment properties

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 240,335 240,335

7. Related party transactions

During the year the company was advanced funds of £1,670 (2022: £Nil) from a company which is controlled by one of the directors. At the year end the company owed this related party £122,770 (2022: £121,100). The loan is repayable on demand and no interest is being charged on this loan.