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Registration number: 03922504

SSJ Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

SSJ Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

SSJ Limited

Company Information

Directors

Mr JA Haynes

Mrs MA Haynes

Mr SA Haynes

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

SSJ Limited

(Registration number: 03922504)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,041,132

1,037,272

Current assets

 

Stocks

5

824,230

627,697

Debtors

6

95,757

124,062

Cash at bank and in hand

 

130,639

6,127

 

1,050,626

757,886

Creditors: Amounts falling due within one year

7

(1,045,513)

(711,561)

Net current assets

 

5,113

46,325

Total assets less current liabilities

 

1,046,245

1,083,597

Creditors: Amounts falling due after more than one year

7

(287,607)

(333,641)

Provisions for liabilities

(74,922)

(71,498)

Net assets

 

683,716

678,458

Capital and reserves

 

Called up share capital

8

1,000

1,000

Other reserves

592,990

592,990

Retained earnings

89,726

84,468

Shareholders' funds

 

683,716

678,458

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

 

SSJ Limited

(Registration number: 03922504)
Balance Sheet as at 31 March 2023

.........................................
Mr SA Haynes
Director

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property (Land)

Nil

Freehold Property (Buildings)

50 years straight line

Property Improvements

10% reducing balance

Plant & Machinery

10% reducing balance

Fixtures & Fittings

20% reducing balance

Motor Vehicles

20% reducing balance

Office Equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2022

1,016,852

72,434

16,550

129,010

Additions

-

870

-

9,370

Disposals

-

-

(7,250)

-

At 31 March 2023

1,016,852

73,304

9,300

138,380

Depreciation

At 1 April 2022

15,544

66,369

13,101

102,560

Charge for the year

131

1,388

542

3,582

Eliminated on disposal

-

-

(6,513)

-

At 31 March 2023

15,675

67,757

7,130

106,142

Carrying amount

At 31 March 2023

1,001,177

5,547

2,170

32,238

At 31 March 2022

1,001,308

6,065

3,449

26,450

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Total
£

Cost or valuation

At 1 April 2022

1,234,846

Additions

10,240

Disposals

(7,250)

At 31 March 2023

1,237,836

Depreciation

At 1 April 2022

197,574

Charge for the year

5,643

Eliminated on disposal

(6,513)

At 31 March 2023

196,704

Carrying amount

At 31 March 2023

1,041,132

At 31 March 2022

1,037,272

Included within the net book value of land and buildings above is £1,000,000 (2022 - £1,000,000) in respect of freehold land and buildings and £1,177 (2022 - £1,308) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

824,230

627,697

6

Debtors

Current

2023
£

2022
£

Trade debtors

56,676

80,513

Prepayments

39,081

43,549

 

95,757

124,062

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

47,252

45,212

Trade creditors

 

831,436

421,952

Taxation and social security

 

80,540

48,090

Accruals and deferred income

 

2,500

2,500

Other creditors

 

83,785

193,807

 

1,045,513

711,561

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

287,607

333,641

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

264,605

301,110

Other borrowings

23,002

32,531

287,607

333,641

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

37,723

35,683

Other borrowings

9,529

9,529

47,252

45,212

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £32.04 (2022 - £71.58) per each Ordinary

 

32,040

 

71,581

         

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each Ordinary

 

-

 

-

         

11

Related party transactions

 

SSJ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

152,900

30,311