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Company registration number: 12710496
SJS Developments Ltd
Unaudited filleted financial statements
31 July 2023
SJS Developments Ltd
Contents
Statement of financial position
Notes to the financial statements
SJS Developments Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 43,642 -
_______ _______
43,642 -
Current assets
Stocks 1,467,414 530,796
Debtors 6 3 3
Cash at bank and in hand 1,807 10,362
_______ _______
1,469,224 541,161
Creditors: amounts falling due
within one year 7 ( 1,370,269) ( 323,886)
_______ _______
Net current assets 98,955 217,275
_______ _______
Total assets less current liabilities 142,597 217,275
Creditors: amounts falling due
after more than one year 8 ( 213,955) ( 178,236)
_______ _______
Net (liabilities)/assets ( 71,358) 39,039
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account ( 71,361) 39,036
_______ _______
Shareholders (deficit)/funds ( 71,358) 39,039
_______ _______
For the year ending 31 July 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 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr Stephen Clayton
Director
Company registration number: 12710496
SJS Developments Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - No depreciation
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2022: 0).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 August 2022 - -
Additions 58,190 58,190
_______ _______
At 31 July 2023 58,190 58,190
_______ _______
Depreciation
At 1 August 2022 - -
Charge for the year 14,548 14,548
_______ _______
At 31 July 2023 14,548 14,548
_______ _______
Carrying amount
At 31 July 2023 43,642 43,642
_______ _______
At 31 July 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Called up share capital not paid 3 3
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 285,593 6,273
Trade creditors 69,314 500
Amounts owed to related parties 2,750 -
Corporation tax 81 8,691
Obligations under finance leases 5,769 (-)
Director loan accounts 355,285 248,535
Other creditors 529,773 -
Accruals and deferred income 121,704 59,887
_______ _______
1,370,269 323,886
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 171,963 178,236
Other creditors 41,992 -
_______ _______
213,955 178,236
_______ _______
9. Related party transactions
Stephen Clayton is a related party by virtue of his directorship of and shareholding in the company.The following transactions took place during the year between Stephen Clayton and the company:Amounts due to the related party as at 1 August 2022 : £248,535Payments to related party : (£12,144)Payments from related party : £108,475Amounts due to the related party as at 31 July 2023 : £344,866Samuel Russell is a related party by virtue of his directorship of and shareholding in the company.The following transactions took place during the year between Samuel Russell and the company:Amounts due to the related party as at 1 August 2022 : £NilPayments to related party : (£831)Payments from related party : £11,250Amounts due to the related party as at 31 July 2023 : £10,419Russell Yates Limited is a related party by virtue of their common director and shareholder, Mr Samuel Russell.During the year, the company received payments from Russell Yates Limited in the sum of £2,750 (2022: £Nil). At the year end, the balance owed by the company to Russell Yates Limited was £2,750. (2022: £Nil)
10. Going concern
As reflected within these financial statements, the company has reported a trading loss of £110, 397 (2022 : Profit of £59,488) and has an accumulated loss of £71,358 (2022 : Accumulated profit of £39,039). Assuming the continued support of the company directors' and third party funding, it is the view of the directors' that the company will continue in operational existence in the foreseeable future and will be able to meet its liabilities as they fall due. Consequently, the financial statements have been prepared on the going concern basis.