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COMPANY REGISTRATION NUMBER: 04374919
St James Investment Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
St James Investment Properties Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
St James Investment Properties Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
C Syson
I Ezekiel
COMPANY SECRETARY
C Syson
REGISTERED OFFICE
ECEN Suite 43
Enterprise Centre, Warth Park
Michael way
Raunds
Northants
NN9 6GR
ACCOUNTANTS
Streets
Chartered accountants
ECEN
Michael Way
Warth Park
Northamptonshire
NN9 6GR
St James Investment Properties Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
550,000
1,146,000
Investments
6
1,300
1,300
---------
------------
551,300
1,147,300
Current assets
Debtors
7
7,361,922
7,393,773
Cash at bank and in hand
427,879
1,045
------------
------------
7,789,801
7,394,818
Creditors: amounts falling due within one year
8
9,369
6,769
------------
------------
Net current assets
7,780,432
7,388,049
------------
------------
Total assets less current liabilities
8,331,732
8,535,349
Creditors: amounts falling due after more than one year
9
361,428
573,652
------------
------------
Net assets
7,970,304
7,961,697
------------
------------
Capital and reserves
Called up share capital
100
100
Share premium account
7,599,512
7,599,512
Profit and loss account
370,692
362,085
------------
------------
Shareholders funds
7,970,304
7,961,697
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 May 2024 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 .
St James Investment Properties Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 9 August 2024 , and are signed on behalf of the board by:
C Syson
I Ezekiel
Director
Director
Company registration number: 04374919
St James Investment Properties Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is ECEN Suite 43, Enterprise Centre, Warth Park, Michael way, Raunds, Northants, NN9 6GR.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is is probable will be recovered.
Taxation
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The aggregate employment costs incurred during the year were:
Period from
Year to
1 Apr 22 to
31 May 24
31 May 23
£
£
Wages and salaries
49,027
----
--------
5. Tangible assets
Investment property
£
Cost
At 1 June 2023
1,146,000
Disposals
( 596,000)
------------
At 31 May 2024
550,000
------------
Depreciation
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
550,000
------------
At 31 May 2023
1,146,000
------------
Tangible assets held at valuation
The investment property was valued by the directors at the reporting date on an open market value for existing use basis.
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
1,300
-------
Impairment
At 1 June 2023 and 31 May 2024
-------
Carrying amount
At 31 May 2024
1,300
-------
At 31 May 2023
1,300
-------
7. Debtors
2024
2023
£
£
Other debtors
7,361,922
7,393,773
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,800
Other creditors
4,569
6,769
-------
-------
9,369
6,769
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
361,428
573,652
---------
---------
All mortgages are secured against the applicable property held by the company.