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COMPANY REGISTRATION NUMBER: 11890905
SPJ ESTATES LTD
Filleted Unaudited Financial Statements
31 December 2022
SPJ ESTATES LTD
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
185
247
Investments
5
499,943
499,943
---------
---------
500,128
500,190
Current assets
Debtors
6
4,925
5,550
Cash at bank and in hand
110,504
100,551
---------
---------
115,429
106,101
Creditors: amounts falling due within one year
7
323,022
318,490
---------
---------
Net current liabilities
207,593
212,389
---------
---------
Total assets less current liabilities
292,535
287,801
Creditors: amounts falling due after more than one year
8
283,995
283,995
---------
---------
Net assets
8,540
3,806
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8,440
3,706
-------
-------
Shareholders funds
8,540
3,806
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SPJ ESTATES LTD
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Prafulchandra Jayantilal Shah
Harsha Praful Shah
Director
Director
Company registration number: 11890905
SPJ ESTATES LTD
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 301 Kenton Lane, Harrow, HA3 8RR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
No depreciation is provided in respect of freehold investment. Although this accounting policy is in accordance with the applicable accounting standard, FRS 102, Accounting for investment properties, it is departure from the general requirement of the Companies Act 2006, which requires all fixed assets to be depreciated. However the directors consider that the calculation of systematic annual depreciation would fail to give a true and fair view of investment properties for which the current value, and changes in that value are of prime importance. The accounting policy adopted is therefore necessary for the financial statements to give true and fair view.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Plant and machinery
£
Cost
At 1 January 2022 and 31 December 2022
585
----
Depreciation
At 1 January 2022
338
Charge for the year
62
----
At 31 December 2022
400
----
Carrying amount
At 31 December 2022
185
----
At 31 December 2021
247
----
5. Investments
Other investments other than loans
£
Cost
At 1 January 2022 and 31 December 2022
499,943
---------
Impairment
At 1 January 2022 and 31 December 2022
---------
Carrying amount
At 31 December 2022
499,943
---------
At 31 December 2021
499,943
---------
The freehold investment property was valued on an open market value basis by directors on 31 December 2022. No timing differences arise and no provision has been made for deferred tax in respect of the revaluation as the company has no intention of disposing of the properties in the foreseeable future. The historical cost of assets included at valuation at the balance sheet date is as follows:-
6. Debtors
2022
2021
£
£
Trade debtors
3,150
3,775
Other debtors
1,775
1,775
-------
-------
4,925
5,550
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
1,124
811
Other creditors
321,898
317,679
---------
---------
323,022
318,490
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
283,995
283,995
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Prafulchandra Jayantilal Shah
( 10,904)
( 4,219)
( 15,123)
--------
-------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Prafulchandra Jayantilal Shah
( 8,932)
( 1,972)
( 10,904)
-------
-------
--------
10. Related party transactions
The company was under the control of Prafulchandra Jayantial Shah and Harsha Praful Shah throughout the current and previous year.The other creditors includes £306,775 (2021 £306,775) amount owed to Shah P J & Co Ltd, a company in which the directors has a material interest.