Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-3102023-01-01falseNo description of principal activity0falsefalsefalse 03377811 2023-01-01 2023-12-31 03377811 2022-01-01 2022-12-31 03377811 2023-12-31 03377811 2022-12-31 03377811 2022-01-01 03377811 c:CompanySecretary1 2023-01-01 2023-12-31 03377811 c:Director1 2023-01-01 2023-12-31 03377811 c:Director2 2023-01-01 2023-12-31 03377811 c:Director3 2023-01-01 2023-12-31 03377811 c:RegisteredOffice 2023-01-01 2023-12-31 03377811 d:Buildings 2023-01-01 2023-12-31 03377811 d:Buildings 2023-12-31 03377811 d:Buildings 2022-12-31 03377811 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03377811 d:PlantMachinery 2023-01-01 2023-12-31 03377811 d:MotorVehicles 2023-01-01 2023-12-31 03377811 d:FurnitureFittings 2023-01-01 2023-12-31 03377811 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03377811 d:CurrentFinancialInstruments 2023-12-31 03377811 d:CurrentFinancialInstruments 2022-12-31 03377811 d:CurrentFinancialInstruments 2 2023-12-31 03377811 d:CurrentFinancialInstruments 2 2022-12-31 03377811 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03377811 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03377811 d:ShareCapital 2023-12-31 03377811 d:ShareCapital 2022-12-31 03377811 d:ShareCapital 2022-01-01 03377811 d:SharePremium 2023-01-01 2023-12-31 03377811 d:SharePremium 2023-12-31 03377811 d:SharePremium 2022-12-31 03377811 d:SharePremium 2022-01-01 03377811 d:RevaluationReserve 2023-01-01 2023-12-31 03377811 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03377811 d:RetainedEarningsAccumulatedLosses 2023-12-31 03377811 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03377811 d:RetainedEarningsAccumulatedLosses 2022-12-31 03377811 d:RetainedEarningsAccumulatedLosses 2022-01-01 03377811 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03377811 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03377811 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 03377811 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-12-31 03377811 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03377811 c:OrdinaryShareClass1 2023-12-31 03377811 c:OrdinaryShareClass1 2022-12-31 03377811 c:PreferenceShareClass1 2023-01-01 2023-12-31 03377811 c:PreferenceShareClass1 2023-12-31 03377811 c:PreferenceShareClass1 2022-12-31 03377811 c:FRS102 2023-01-01 2023-12-31 03377811 c:Audited 2023-01-01 2023-12-31 03377811 c:FullAccounts 2023-01-01 2023-12-31 03377811 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03377811 d:Subsidiary1 2023-01-01 2023-12-31 03377811 d:Subsidiary1 1 2023-01-01 2023-12-31 03377811 d:Subsidiary5 2023-01-01 2023-12-31 03377811 d:Subsidiary5 1 2023-01-01 2023-12-31 03377811 d:Subsidiary6 2023-01-01 2023-12-31 03377811 d:Subsidiary6 1 2023-01-01 2023-12-31 03377811 d:Subsidiary7 2023-01-01 2023-12-31 03377811 d:Subsidiary7 1 2023-01-01 2023-12-31 03377811 c:Consolidated 2023-12-31 03377811 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 03377811 2 2023-01-01 2023-12-31 03377811 4 2023-01-01 2023-12-31 03377811 6 2023-01-01 2023-12-31 03377811 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03377811










SJC 15 LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SJC 15 LIMITED
 

COMPANY INFORMATION


Directors
G H Akins (Jnr) 
S P D Akins 
D P McDerment 




Company secretary
S P D Akins



Registered number
03377811



Registered office
2 Lace Market Square

Nottingham

NG1 1PB




Independent auditors
PKF Smith Cooper Audit Limited

2 Lace Market Square

Nottingham

NG1 1PB





 
SJC 15 LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 40


 
SJC 15 LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
We aim to present a balanced and comprehensive review of the performance and development of the business during and at the end of the year, consistent with its size and complexity; and in the real context of risk and uncertainties we face.
Principal activity
This is the holding company for the leisure and property groups. These activities include the operation of bars and nightclubs, promotion of live music entertainment and property investment, management, and development.

Business review
 
In 2023, the property business undertook three strategic acquisitions aimed at diversifying its rental portfolio. These acquisitions included office spaces, small retail units, and land purchases, thereby broadening the scope of its rental assets. The property group also sold land in early 2023.
Meanwhile, the leisure division of the group experienced another successful year. Despite inflationary pressures, the division managed to counteract these challenges through increased revenue. Demand remained robust across venues, reflecting the continued popularity and resilience of the business. Notably, our newest festival, now in its second year under our management, enjoyed another outstanding year, further solidifying its position in the market

Principal risks and uncertainties
 
The group faces several significant risks, particularly those of a commercial nature related to its subsidiary businesses. Among these, competitive pressure within the UK market remains a persistent challenge. The group must continuously navigate the complexities of an increasingly competitive landscape, where growth in competition and evolving consumer preferences pose ongoing threats.
To mitigate these risks, the group must implement robust risk management strategies. This includes maintaining financial stability, adapting to market fluctuations, and addressing operational challenges within its subsidiaries. Furthermore, staying ahead of competitors necessitates a commitment to innovation, strategic marketing, and the delivery of a compelling value proposition to consumers.

Financial key performance indicators
 
The profit for the year was £2,213,180 (2022: £3,484,059) and net assets stand at £30,121,934 (2022: £31,708,754). This is a result of successful performance across the group.

Page 1

 
SJC 15 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
SJC15: Stakeholder engagement
At SJC15, we recognise our legal obligation under Section 172 of the Companies Act 2006 to act in a manner that we, in good faith, believe would most likely promote the success of the group for the benefit of its members as a whole. In fulfilling this duty, we are committed to considering the long-term consequences of our decisions on the group and its stakeholders. This statement outlines how the Board of Directors endeavours to uphold this responsibility.
We engage with our key stakeholders as outlined below:
Our employees
We have many skilled and experienced team members working for the SJC15 group of companies, many with years of experience in the industry. We pride ourselves on being a “family” and treat team members as such. The recruitment and retention of staff are key, and we engage with them as follows:
• Remuneration is set at market levels, rewarding performance of team members with a bonuses structure;
• We provide different forms of training to meet the needs of the departments, this comes in the form of a    12-day management training package which the whole Senior team has done. We aim to put all our    managers through this training, and it has now run for 10 years. Further to this, we also provide training to   departments and team members within departments where needed, to further their experience and gain    knowledge.
• Further to this, we held bi-weekly senior management and team leader meetings throughout 2023 to    ensure all departments are involved in significant business decisions. This is in addition to our twice-yearly  Senior Manager/Team Leader meetings and the two Venue Manager conferences we hold annually.
Our customers and suppliers
We have worked for many years with lots of our suppliers so we can get equipment and stock at short notice as required. Over recent years we have brought in more local suppliers for craft beer as this is something we have a passion for and is shared with our customers.
We enhance our reputation with suppliers by paying them on standard terms and paying on time as we understand a smaller company needs to be paid quickly. Examples of this include 7-day or 14-day payment terms for selected suppliers which we meet.
Our Community
Our group is dedicated to fundraising annually for community projects. Notably, the Beat the Streets Festival supports the Framework Charity for the Homeless providing £250k in in-kind support over the past three years.  Since 2018, the group has also organized and funded the annual Women in Music Conferences. These conferences aim to encourage more women to join the music industry, offering a space to share success stories and discuss challenges. In 2023, the group continued its charitable efforts with Framework, raising £81k for the local homeless charity.







 
Page 2

 
SJC 15 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Our Planet
SJC15 acknowledges its environmental responsibilities beyond mere compliance with legal and regulatory standards. We are committed to minimizing our environmental impact and continuously enhancing our environmental performance as a fundamental aspect of our business strategy and operational practices, with regular evaluations. Recently, through our festival division, we have implemented several sustainability initiatives such as the adoption of HVO fuel, and the sourcing of water locally. 


This report was approved by the board on 24 September 2024 and signed on its behalf.



S P D Akins
Director

Page 3

 
SJC 15 LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,213,180 (2022 - £3,484,059).

Directors

The directors who served during the year were:

G H Akins (Jnr) 
S P D Akins 
D P McDerment 

Future developments

In mid 2024 the Group purchased another property in Nottingham to strengthen our mid-level retail rentals.  

Engagement with employees

The group ensures that employees are consulted on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests. The group also ensures achievement of a common awareness on the part of all employees of the financial and economic factors affecting the performance of the group.

Page 4

 
SJC 15 LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disabled employees

Equal opportunity guides all aspects of employment, including recruitment and promotion, and provides encouragement to employees at all levels to act fairly and to prevent discrimination on any ground, including disability. It is the group's policy that applications for employment by disabled persons are always fully considered. In the event of an existing employee becoming disabled, all reasonable effort is made to ensure that their employment with the group can continue. It is our policy that the training, career development and promotion of disabled persons are, as far as possible, the same as that of all other employees in the group.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
69.44
67.76

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
259.36
233.89

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
1,622,119
1,491,238

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
Measures taken to improve energy efficiency
We have driven forward our sustainability within our festival arm with HVO fuel for generators, locally sourced water, reusable cups, limiting single use plastic as well as teaming up with a national charity to reduce any food wastage.  

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover:
9.79 for the year (2022: 9.84).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 5

 
SJC 15 LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 September 2024 and signed on its behalf.
 





S P D Akins
Director

Page 6

 
SJC 15 LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED
 

Opinion


We have audited the financial statements of SJC 15 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
SJC 15 LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
SJC 15 LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and industry, we identify the key laws and regulations affecting the group. We identified that the principle risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates and judgements made;
• management override of control;
• posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations   and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias. In particular the    carrying value of investment and freehold properties.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
SJC 15 LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sarah Flear (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

25 September 2024
Page 10

 
SJC 15 LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
38,160,805
49,798,258

Cost of sales
  
(23,844,053)
(34,348,521)

Gross profit
  
14,316,752
15,449,737

Advertising, marketing and promotions
  
(1,415,294)
(1,283,531)

Administrative expenses
  
(8,997,680)
(8,577,914)

Exceptional administrative expenses
 12 
(261,456)
-

Fair value movements
 16 
(655,000)
(747,562)

Operating profit
 4 
2,987,322
4,840,730

Interest receivable and similar income
 8 
408,641
73,653

Interest payable and similar expenses
 9 
(195,321)
(226,356)

Profit before taxation
  
3,200,642
4,688,027

Tax on profit
 10 
(987,462)
(1,203,968)

Profit for the financial year
  
2,213,180
3,484,059

Profit for the year attributable to:
  

Owners of the parent Company
  
2,213,180
3,484,059

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
SJC 15 LIMITED
REGISTERED NUMBER: 03377811

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,214,939
1,406,181

Tangible assets
 14 
5,246,367
5,267,273

Investments
 15 
250,000
-

Investment property
 16 
23,196,307
25,154,933

  
29,907,613
31,828,387

Current assets
  

Stocks
 17 
2,748,574
1,641,935

Debtors: amounts falling due within one year
 18 
2,352,282
2,999,477

Cash at bank and in hand
 19 
13,464,246
12,893,998

  
18,565,102
17,535,410

Creditors: amounts falling due within one year
 20 
(18,350,781)
(17,655,043)

Net current assets/(liabilities)
  
 
 
214,321
 
 
(119,633)

Total assets less current liabilities
  
30,121,934
31,708,754

Net assets
  
30,121,934
31,708,754


Capital and reserves
  

Called up share capital 
 23 
832,638
832,638

Share premium account
 24 
7,390,780
7,390,780

Investment property reserve
 24 
5,226,510
9,520,836

Profit and loss account
 24 
16,672,006
13,964,500

  
30,121,934
31,708,754


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




S P D Akins
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 12

 
SJC 15 LIMITED
REGISTERED NUMBER: 03377811

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
11,573,774
11,573,774

  
11,573,774
11,573,774

Current assets
  

Debtors: amounts falling due within one year
 18 
-
250,000

  
-
250,000

Creditors: amounts falling due within one year
 20 
(1,572,970)
(1,567,720)

Net current liabilities
  
 
 
(1,572,970)
 
 
(1,317,720)

Total assets less current liabilities
  
10,000,804
10,256,054

  

  

Net assets
  
10,000,804
10,256,054


Capital and reserves
  

Called up share capital 
 23 
832,638
832,638

Share premium account
 24 
7,390,780
7,390,780

Profit and loss account
 24 
1,777,386
2,032,636

  
10,000,804
10,256,054


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.


S P D Akins
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 13

 
SJC 15 LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Investment property reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
832,638
7,390,780
10,142,398
13,658,879
32,024,695



Profit for the year
-
-
-
3,484,059
3,484,059

Unrealised loss on investment property transferred to investment property reserve
-
-
-
621,562
621,562

Dividends: Equity capital
-
-
-
(3,800,000)
(3,800,000)

Unrealised loss on investment property transferred from profit and loss account
-
-
(621,562)
-
(621,562)



At 1 January 2023
832,638
7,390,780
9,520,836
13,964,500
31,708,754



Profit for the year
-
-
-
2,213,180
2,213,180

Reversal of unrealised gains on investment property
-
-
-
882,326
882,326

Realised gain on investment property transferred from investment property reserve
-
-
-
3,412,000
3,412,000

Realised gain on investment property transferred to profit and loss account
-
-
(3,412,000)
-
(3,412,000)

Dividends: Equity capital
-
-
-
(3,800,000)
(3,800,000)

Reversal of unrealised gains on investment property
-
-
(882,326)
-
(882,326)


At 31 December 2023
832,638
7,390,780
5,226,510
16,672,006
30,121,934


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
SJC 15 LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
832,638
7,390,780
2,032,636
10,256,054



Profit for the year
-
-
3,800,000
3,800,000

Dividends: Equity capital
-
-
(3,800,000)
(3,800,000)



At 1 January 2023
832,638
7,390,780
2,032,636
10,256,054



Profit for the year
-
-
3,544,750
3,544,750

Dividends: Equity capital
-
-
(3,800,000)
(3,800,000)


At 31 December 2023
832,638
7,390,780
1,777,386
10,000,804


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
SJC 15 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,213,180
3,484,059

Adjustments for:

Amortisation of intangible assets
156,242
156,242

Depreciation of tangible assets
617,674
550,609

Goodwill - impairment charge
35,000
-

Loss on disposal of tangible assets
-
(9,413)

Interest paid
195,321
226,356

Interest received
(408,641)
(73,653)

Taxation charge
987,462
1,203,968

(Increase)/decrease in stocks
(1,106,639)
431,920

Decrease in debtors
176,838
1,667,770

Decrease in amounts owed by participating ints
391,456
290,000

Increase/(decrease) in creditors
1,332,843
(241,006)

Net fair value losses recognised in P&L
655,000
747,562

Corporation tax (paid)
(1,545,664)
(1,154,044)

Net cash generated from operating activities

3,700,072
7,280,370


Cash flows from investing activities

Consideration paid on acquisition of subsidiaries
-
(1,538,542)

Cash introduced on acquisition
-
804,842

Purchase of tangible fixed assets
(596,770)
(598,600)

Sale of tangible fixed assets
-
1,300,000

Purchase of investment properties
(2,895,687)
(3,836,571)

Sale of investment properties
4,199,313
2,300,000

Purchase of listed investments
(250,000)
-

Interest received
408,641
73,653

Net cash from investing activities

865,497
(1,495,218)

Cash flows from financing activities

Repayment of loans
-
(1,815,300)

Dividends paid
(3,800,000)
(3,800,000)

Interest paid
(195,321)
(226,356)

Net cash used in financing activities
(3,995,321)
(5,841,656)

Net increase/(decrease) in cash and cash equivalents
570,248
(56,504)

Cash and cash equivalents at beginning of year
12,893,998
12,950,502

Cash and cash equivalents at the end of year
13,464,246
12,893,998

Page 16

 
SJC 15 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


 
Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,464,246
12,893,998

13,464,246
12,893,998


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
SJC 15 LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

12,893,998

570,248

13,464,246

Debt due within 1 year

-

-

-

Preference shares

(2,267,583)

-

(2,267,583)


10,626,415
570,248
11,196,663

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

SJC 15 Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 03377811. The nature of the Group’s operations and principal activities are given in the group strategic report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are prepared in Sterling which is the functional currency of the Group and have been rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Basis of consolidation

The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The sale of wet and dry goods within the group's venues is recognised at the point of sale, when payment is made by the customer. Door receipts are recognised on entrance to the venue. Sales of tickets are usually recognised when the event; for which consideration has been received, actually occurs. Sponsorship income and hire of facilities income is recognised in line with the period to which it relates.
Revenue includes rents and service charges receivable, exclusive of value added tax. Revenue is therefore recognised in line with the lease agreement, as rents and charges fall due.
Revenue includes the sale of property. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

Page 19

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Operating leases: lessor
Rentals receivable under operating leases are credited to the Consolidated Statement of Comprehensive Income on a straight line basis over the term of the relevant lease.
Lease incentives are recognised over the lease term on a straight line basis.

 
1.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 21

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
Amortisation is provided at the following rates:
Goodwill is amortised over ten years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following rates:
Patents and trademarks - fully amortised.

 
1.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Leasehold improvements
-
over the term of the lease
Plant and machinery
-
7% straight line
Motor vehicles
-
25% reducing balance
Furniture, fixtures and equipment
-
10% to 25% straight line
Freehold refurbishments
-
10% straight line

No depreciation is provided in the year of acquisition whilst a full year's depreciation is provided in the year of disposal.

Page 22

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
1.13

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
1.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 23

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.20

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
-  at fair value with changes recognised in the Consolidated statement of comprehensive income
 if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
Page 24

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.20
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
1.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revaluation of investment properties - the Group carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The Group has periodically engaged independent valuation specialists to determine fair value for certain properties. The valuer used a valuation technique based on a discounted cash flow model as there is a lack of comparable market data because of the nature of the property. The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate. The key assumptions used to determine the fair value of investment property are further explained in the notes to the accounts. Those not valued by the independent valuer were valued by the Directors based on their knowledge.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
14,745,867
13,452,065

Ticket and event income
18,945,122
16,551,961

Rendering of services
1,699,937
1,358,968

Rental and property development income
1,875,068
17,750,708

Other income
894,811
684,556

38,160,805
49,798,258


All turnover arose in the United Kingdom.

Page 25

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fair value movements
655,000
747,562

Depreciation of tangible fixed assets
617,676
550,609

Other operating lease rentals
216,321
219,318

Amortisation of intangible fixed assets
156,242
156,242

Impairment of intangible fixed assets
35,000
-


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
2,200
2,000

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Company
37,875
37,500

Taxation compliance services
7,525
7,050

All other services
13,400
13,100

Page 26

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
7,272,119
6,608,995

Social security costs
440,767
421,087

Cost of defined contribution scheme
205,644
124,218

7,918,530
7,154,300


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Entertainment
388
402



Administration
4
4



Management
5
3

397
409


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
122,827
118,348

Group contributions to defined contribution pension schemes
19,493
12,412

142,320
130,760


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
408,641
73,653

Page 27

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
13,739
43,101

Other loan interest payable
181,407
181,407

Other interest payable
175
1,848

195,321
226,356


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
887,305
1,178,171

Adjustments in respect of previous periods
(73,479)
2,621


Total current tax
813,826
1,180,792

Deferred tax


Origination and reversal of timing differences
173,636
23,176

Total deferred tax
173,636
23,176


Taxation on profit on ordinary activities
987,462
1,203,968
Page 28

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,200,642
4,688,027


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
752,791
890,725

Effects of:


Non-tax deductible expenses
2,488
140,369

Fair value movement on investment properties
154,056
142,037

Capital allowances for year in excess of depreciation
(22,369)
(25,131)

Adjustments to tax charge in respect of prior periods
(73,479)
2,621

Deferred tax - origination and reversal of timing differences
173,636
23,176

Goodwill amortisation on consolidation
36,748
29,686

Unrelieved tax losses carried forward
1,235
485

Group relief
(36,888)
-

Utilised brought forward tax relief
(756)
-

Total tax charge for the year
987,462
1,203,968


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends paid on equity share capital
3,800,000
3,800,000


12.


Exceptional items

2023
2022
£
£


Provision against connected party debt
261,456
-

Page 29

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group





Patents and trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2023
2,569
1,562,423
1,564,992



At 31 December 2023

2,569
1,562,423
1,564,992



Amortisation


At 1 January 2023
2,569
156,242
158,811


Charge for the year
-
156,242
156,242


Impairment charge
-
35,000
35,000



At 31 December 2023

2,569
347,484
350,053



Net book value



At 31 December 2023
-
1,214,939
1,214,939



At 31 December 2022
-
1,406,181
1,406,181



Page 30

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Freehold property
Leasehold improvs
Plant and machinery
Fixtures, fittings and equipment
Freehold refurbs
Total

£
£
£
£
£
£



Cost


At 1 January 2023
2,684,485
2,515,660
1,273,263
4,889,056
1,283,764
12,646,228


Additions
-
155,766
-
441,004
-
596,770


Disposals
(173,500)
-
-
(605)
-
(174,105)



At 31 December 2023

2,510,985
2,671,426
1,273,263
5,329,455
1,283,764
13,068,893



Depreciation


At 1 January 2023
564,944
1,058,873
1,040,994
4,130,873
583,271
7,378,955


Charge for the year
8,892
154,571
39,413
286,424
128,376
617,676


Disposals
(173,500)
-
-
(605)
-
(174,105)



At 31 December 2023

400,336
1,213,444
1,080,407
4,416,692
711,647
7,822,526



Net book value



At 31 December 2023
2,110,649
1,457,982
192,856
912,763
572,117
5,246,367



At 31 December 2022
2,119,541
1,456,787
232,269
758,183
700,493
5,267,273

Page 31

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Leasehold property

£

Cost


At 1 January 2023
48,477



At 31 December 2023

48,477



Depreciation


At 1 January 2023
48,477



At 31 December 2023

48,477



Net book value



At 31 December 2023
-



At 31 December 2022
-







15.


Fixed asset investments

Group





Listed investments

£



Valuation


Additions
250,000



At 31 December 2023
250,000




Page 32

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
11,573,774



At 31 December 2023
11,573,774





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

Geo. Akins (Holdings) Limited
Ordinary
100%
SJC 14 Limited
Ordinary
100%
Bildurn (Properties) Limited
Ordinary
100%
Bildurn Estates Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

DHP Family Limited
Ordinary
100%
Victoria Club Limited
Ordinary
100%
Jalland & Co. Limited
Ordinary
100%
Rock City Limited
Ordinary
100%
Akins Automatics Limited
Ordinary
100%
DHP Family Live Limited
Ordinary
100%
Spring Markets Limited
Ordinary
100%
Spring Music Group Limited
Ordinary
100%
Bearded Theory Ltd
Ordinary
100%

All of the above direct and indirect subsidiaries are included within the consolidation. The registered office of all direct and indirect subsidiary undertakings is 2 Lace Market Square, Nottingham, NG1 1PB.

Page 33

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
25,154,933


Additions at cost
2,895,687


Disposals
(4,199,313)


Deficit on revalulation
(655,000)



At 31 December 2023
23,196,307

The majority of the higher value investment properties were revalued by FHP in June 2022, with the remainder continuing to be revalued by the directors on an annual basis. In assessing the valuation they consulted with chartered surveyors and used their own knowledge of the current property market after considering the valuations performed in December 2015 by Jones Lang LaSalle of the majority of the value of the group's investment property.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
27,165,813
24,703,177



2023
2022
£
£

Revaluation reserves


At 1 January
9,520,836
10,142,398

Net gains/(losses)
(3,940,064)
(621,562)

5,580,772
9,520,836

Page 34

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Stocks

Group
Group
2023
2022
£
£

Work in progress
2,395,445
1,356,786

Finished goods and goods for resale
353,129
285,149

2,748,574
1,641,935



18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
803,615
662,378
-
-

Amounts owed by group undertakings
-
-
-
250,000

Amounts owed by joint ventures and associated undertakings
80,000
471,456
-
-

Other debtors
1,053,029
1,089,110
-
-

Prepayments and accrued income
363,317
550,576
-
-

Deferred taxation
52,321
225,957
-
-

2,352,282
2,999,477
-
250,000



19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
13,464,246
12,893,998


Page 35

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,877,742
1,414,641
-
-

Amounts owed to group undertakings
-
-
1,572,969
1,567,720

Corporation tax
98,759
735,862
-
-

Other taxation and social security
1,037,976
2,123,202
1
-

Other creditors
10,318,251
8,251,622
-
-

Accruals and deferred income
2,750,470
2,862,133
-
-

Share capital treated as debt
2,267,583
2,267,583
-
-

18,350,781
17,655,043
1,572,970
1,567,720



21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at amortised cost
1,936,644
2,222,944
-
250,000


Financial liabilities

Financial liabilities measured at amortised cost
(1,877,742)
(1,414,641)
(1,572,969)
(1,567,720)


Financial assets measured at amortised cost comprise trade debtors, amounts owed by associated undertakings and other debtors. Company figures relate to amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise bank loans and trade creditors. Company figures relate to amounts owed to group undertakings.

Page 36

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group



2023


£






At beginning of year
225,957


Charged to profit or loss
(173,636)



At end of year
52,321







Group
Group
2023
2022
£
£

Accelerated capital allowances
(263,609)
(200,751)

Other short term timing differences
315,930
426,708

52,321
225,957

Page 37

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



8,326,376 (2022 - 8,326,376) Ordinary shares of £0.10 each
832,638
832,638

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,267,583 (2022 - 2,267,583) Preference shares of £1.00 each
2,267,583
2,267,583


The preference shares are redeemable at any time after the company gives written notice of its intention to redeem the shares, or at any time the holder gives written notice of their intention to redeem, or following a change in controlling interest. There is no premium payable on redemption of the shares.
Dividends accrue at 8% per annum and an amount of £894,822 (2022: £713,416) is included in accruals in respect of preference share interest due to the holders.


24.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Investment property revaluation reserve

This reserve is used to record changes in the fair value of investment properties. This reserve has decreased by £4,294,326 (2022: 621,562 decrease), relating to the reversal of brought forward unrealised gains of £882,326 and the release of realised gains of £3,412,000. The fair value movement in the statement of comprehensive income of £655,000 is the sum of £528,064 of the brought forward unrealised gain reversal (the remaining £354,262 is a consolidation adjustment and does not impact the current year profit and loss account) and an additional property impairment of £126,936 in excess of the reversed brought forward unrealised gains. No deferred tax liability has been recognised in respect of this uplift due to the quantum of capital losses brought forward.
During the year investment property amounting to £4,199,313 (2022: £2,300,000) was sold realising a nil gain nil loss (2022: £nil).

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 38

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £205,644 (2022: £124,218).
Contributions totalling £20,866 (2022: £17,324) were payable to the fund at the balance sheet date.


26.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
205,000
148,750

Later than 1 year and not later than 5 years
570,417
520,000

Later than 5 years
-
86,667

775,417
755,417

At 31 December 2023 future minimum rentals receivable under non-cancellable operating leases as follows:


Group
2023
Group
2022
£
£



Not later than 1 year
1,247,482
1,266,978

Later than 1 year and not later than 5 years
4,254,425
4,407,354

Later than 5 years
3,313,165
4,121,347

8,815,072
9,795,679


27.


Transactions with directors

Included within other creditors is £3,558,325 (2022: £2,976,114) due to the directors. Amounts advanced from directors during the period totalled £3,800,000 (2022: £4,537,725) and amounts repaid by the company during the period totalled £3,217,789 (2022: £3,283,258).
During the year the group accrued interest of £Nil (2022: £Nil) in respect of these loans.
Included within other creditors are directors' preference shares of £2,267,583 (2022: £2,267,583).
An amount of £894,822 (2022: £713,416) is included in accruals in respect of preference share interest due to the directors.

Page 39

 
SJC 15 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Related party transactions

The Group has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other wholly owned members of the Group.
Included within other creditors is £227,523 (2022: £227,523) due to a connected party; a family member of one of the directors. During the year the company has accrued interest of £Nil (2022: £Nil) on this loan.
Included within debtors is an amount due to a company with directors in common of £80,000 (2022: £471,456). The reduction relates to receipts of £130,000 and a doubtful debt provision against £261,456.
All key management personnel who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £142,320 (2022: £130,760).


29.


Controlling party

The Group is controlled by S P D Akins and G H Akins (Jnr) who are directors and shareholders of SJC 15 Limited.


Page 40