Company registration number 10440359 (England and Wales)
SRJ & JG PARTNERSHIP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SRJ & JG PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SRJ & JG PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
6,532,321
6,457,096
Current assets
Debtors
4
291,626
379,489
Cash at bank and in hand
219,091
177,978
510,717
557,467
Creditors: amounts falling due within one year
5
(2,605,372)
(1,845,648)
Net current liabilities
(2,094,655)
(1,288,181)
Total assets less current liabilities
4,437,666
5,168,915
Creditors: amounts falling due after more than one year
6
(1,057,253)
(1,933,015)
Net assets
3,380,413
3,235,900
Capital and reserves
Called up share capital
7
2,493,948
2,493,948
Share premium account
30,252
30,252
Revaluation reserve
8
968,000
968,000
Profit and loss reserves
(111,787)
(256,300)
Total equity
3,380,413
3,235,900

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 22 September 2024 and are signed on its behalf by:
Mr R J Gambarini
Director
Company Registration No. 10440359
SRJ & JG PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

SRJ & JG Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received for property rental and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SRJ & JG PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Investment property
2023
£
Fair value
At 1 January 2023
6,457,096
Additions
75,225
At 31 December 2023
6,532,321

The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,283
60,400
Other debtors
284,343
319,089
291,626
379,489
SRJ & JG PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
108,145
98,887
Corporation tax
22,367
-
0
Other taxation and social security
36,943
47,033
Other creditors
2,437,917
1,699,728
2,605,372
1,845,648

Included above is a bank loan of £108,145 (2022 : £88,887) secured on the investment property.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
966,753
1,797,295
Other creditors
90,500
135,720
1,057,253
1,933,015

Included above is a bank loan of £966,753 (2022 : £1,772,295) secured on the investment property.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
472,795
1,368,844
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,493,948
2,493,948
2,493,948
2,493,948
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
968,000
968,000
SRJ & JG PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
9
Directors' transactions

The directors operate a current loan account with the company, which is debited with payments made on behalf of the directors and credited with funds introduced and undrawn directors' fees. At the year end, the amount outstanding to the directors was £440,299 (2022 - £101,464) and is included in creditors: amounts falling due within one year.

 

 

 

SRJ & JG PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Related party transactions

The company owes Office Visions (Wales) Limited, a company with common directors, an amount of £1,672,552 (2022 : £1,378,389) in respect of property enhancement work done on its behalf. This amount is included in creditors amounts falling due within one year.

 

The company is owed an amount of £264,333 (2022 : £292,086) by the Gambarini Executive Pension scheme, a scheme in which some of the directors are also trustees.

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