IRIS Accounts Production v23.3.1.45 11212976 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112129762022-02-28112129762023-02-28112129762022-03-012023-02-28112129762021-02-28112129762021-03-012022-02-28112129762022-02-2811212976ns10:Originalns15:EnglandWales2022-03-012023-02-2811212976ns14:PoundSterlingns10:Original2022-03-012023-02-2811212976ns10:Originalns10:Director12022-03-012023-02-2811212976ns10:Original2022-03-012023-02-2811212976ns10:Original2023-02-2811212976ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2811212976ns10:Originalns10:SmallEntities2022-03-012023-02-2811212976ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2811212976ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2811212976ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2811212976ns10:Originalns10:FullAccounts2022-03-012023-02-2811212976ns10:Originalns10:OrdinaryShareClass12022-03-012023-02-2811212976ns10:Originalns10:Director22022-03-012023-02-2811212976ns10:Originalns10:RegisteredOffice2022-03-012023-02-2811212976ns10:Original2022-02-2811212976ns10:Originalns5:CurrentFinancialInstruments2023-02-2811212976ns10:Originalns5:CurrentFinancialInstruments2022-02-2811212976ns10:Originalns5:Non-currentFinancialInstruments2023-02-2811212976ns10:Originalns5:Non-currentFinancialInstruments2022-02-2811212976ns5:ShareCapitalns10:Original2023-02-2811212976ns5:ShareCapitalns10:Original2022-02-2811212976ns10:Originalns5:RevaluationReserve2023-02-2811212976ns10:Originalns5:RevaluationReserve2022-02-2811212976ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2811212976ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2811212976ns10:Original2021-03-012022-02-2811212976ns10:Original2022-02-2811212976ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2811212976ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2811212976ns10:Originalns10:OrdinaryShareClass12023-02-2811212976ns10:Original1ns10:Director12022-02-2811212976ns10:Original1ns10:Director12021-02-2811212976ns10:Original1ns10:Director12022-03-012023-02-2811212976ns10:Original1ns10:Director12021-03-012022-02-2811212976ns10:Original1ns10:Director12023-02-2811212976ns10:Original1ns10:Director12022-02-28
REGISTERED NUMBER: 11212976 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

SAEJ Homes Limited

SAEJ Homes Limited (Registered number: 11212976)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SAEJ Homes Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: J J Ritchie
Mrs M Ritchie





REGISTERED OFFICE: 39 The Meadows
High Harrington
Workington
Cumbria
CA14 5NW





REGISTERED NUMBER: 11212976 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

SAEJ Homes Limited (Registered number: 11212976)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 159,000 284,500

CURRENT ASSETS
Debtors 5 4,826 1,515
Cash at bank 46,093 38,347
50,919 39,862
CREDITORS
Amounts falling due within one year 6 9,047 40,169
NET CURRENT ASSETS/(LIABILITIES) 41,872 (307 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

200,872

284,193

CREDITORS
Amounts falling due after more than one
year

7

(138,047

)

(177,809

)

PROVISIONS FOR LIABILITIES (7,390 ) (18,789 )
NET ASSETS 55,435 87,595

CAPITAL AND RESERVES
Called up share capital 9 10 10
Revaluation reserve 10 31,505 80,102
Retained earnings 10 23,920 7,483
SHAREHOLDERS' FUNDS 55,435 87,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SAEJ Homes Limited (Registered number: 11212976)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





J J Ritchie - Director


SAEJ Homes Limited (Registered number: 11212976)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

SAEJ Homes 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents income receivable from rental properties.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SAEJ Homes Limited (Registered number: 11212976)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 284,500
Disposals (107,500 )
Revaluations (18,000 )
At 28 February 2023 159,000
NET BOOK VALUE
At 28 February 2023 159,000
At 28 February 2022 284,500

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2019 14,407
Valuation in 2020 42,488
Valuation in 2023 (18,000 )
Cost 120,105
159,000

Investment properties are valued by the directors based on of their knowledge of local property values and are in line with recent professional valuations done for mortgage purposes.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,826 1,515

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 6,073
Taxation and social security 5,732 1,784
Other creditors 3,315 32,312
9,047 40,169

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 39,762
Other creditors 138,047 138,047
138,047 177,809

SAEJ Homes Limited (Registered number: 11212976)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 16,204

8. SECURED DEBTS

Included in creditors is mortgage debt of £138,047 which is secured by legal charges over a number of the company's investment properties.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 7,483 80,102 87,585
Deficit for the year (24,160 ) (24,160 )
Dividends (8,000 ) (8,000 )
Realised profit on disposal of
previously revalued investment
property 41,996 (41,996 ) -
Fair value adjustment in year 18,000 (18,000 ) -
Deferred tax on fair value
adjustment (11,399 ) 11,399 -
At 28 February 2023 23,920 31,505 55,425

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
J J Ritchie
Balance outstanding at start of year (29,598 ) (90,653 )
Amounts advanced 46,926 61,862
Amounts repaid (14,017 ) (807 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,311 (29,598 )

No interest is charged on the above loan and there is no fixed repayment terms.