Company Registration No. 10550129 (England and Wales)
Sjotta Limited
Unaudited accounts
for the period from 1 February 2023 to 31 March 2024
Sjotta Limited
Unaudited accounts
Contents
Sjotta Limited
Statement of financial position
as at 31 March 2024
Tangible assets
5,240
7,321
Investment property
1,100,000
1,100,000
Cash at bank and in hand
13,713
18,589
Creditors: amounts falling due within one year
(1,040,740)
(1,094,728)
Net current liabilities
(1,026,611)
(1,075,673)
Total assets less current liabilities
78,629
31,648
Provisions for liabilities
Deferred tax
(3,581)
(3,473)
Called up share capital
1
1
Fair value reserve
7,623
7,623
Profit and loss account
67,424
20,551
Shareholders' funds
75,048
28,175
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 October 2024 and were signed on its behalf by
S Grundy
Director
Company Registration No. 10550129
Sjotta Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 March 2024
Sjotta Limited is a private company, limited by shares, registered in England and Wales, registration number 10550129. The registered office is 3 Silver Birches, Stanton St. John, Oxford, OX33 1HH.
2
Compliance with accounting standards
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
3 years straight line
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured initially at cost (purchase price and directly attributable expenditure) and subsequently are measured using the fair value model and stated at their fair value as at the end of the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the director, these properties are held primarily for their investment potential and so their fair value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS102 Section 16 "Investment Property" have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit would have been reduced by depreciation. The amount of depreciation cannot reasonably be quantified and the amount which might otherwise has been shown cannot be separately identified or quantified.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Sjotta Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 March 2024
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2023
1,634
6,559
2,150
10,343
At 31 March 2024
2,065
6,559
2,150
10,774
At 1 February 2023
646
2,077
299
3,022
Charge for the period
369
1,307
836
2,512
At 31 March 2024
1,015
3,384
1,135
5,534
At 31 March 2024
1,050
3,175
1,015
5,240
At 31 January 2023
988
4,482
1,851
7,321
Fair value at 1 February 2023
1,100,000
At 31 March 2024
1,100,000
Investment property comprises of one house of multiple occupation. The fair value of the investment property has been provided by an independent professional. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
Amounts falling due within one year
Accrued income and prepayments
416
466
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
11,724
5,313
Loans from directors
1,027,552
1,088,395
At the period end, the company owed the director £1,027,552 (2023: £1,088,395). No interest has been charged on the loan and there are no repayment terms.
8
Average number of employees
During the period the average number of employees was 1 (2023: 1).