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Registration number: 08653061

SGJ Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

SGJ Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

SGJ Developments Limited

(Registration number: 08653061)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

44,747

49,811

Investment property

4

3,500,000

3,500,000

 

3,544,747

3,549,811

Current assets

 

Debtors

5

348,673

39,397

Cash at bank and in hand

 

6,231

229

 

354,904

39,626

Creditors: Amounts falling due within one year

6

(137,027)

(122,321)

Net current assets/(liabilities)

 

217,877

(82,695)

Total assets less current liabilities

 

3,762,624

3,467,116

Creditors: Amounts falling due after more than one year

6

(1,160,684)

(733,852)

Provisions for liabilities

(148,200)

(148,200)

Net assets

 

2,453,740

2,585,064

Capital and reserves

 

Called up share capital

7

-

-

Profit and loss account

2,453,740

2,585,064

Total equity

 

2,453,740

2,585,064

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

 

SGJ Developments Limited

(Registration number: 08653061)
Balance Sheet as at 31 December 2023

.........................................
A A Jewson
Director

 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements show an excess of current liabilities over current assets at the year end.
The financial statements have been prepared on a going concern basis.on the assumption that
the company's creditors will continue to support the company.

Revenue recognition

Turnover represents rent receivable, net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit and loss, except that a change attributable to an item of income or expense recognsied as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probably 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

10% straight-line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants for rents due. Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Investment properties

2023
£

At 1 January and 31 December

3,500,000

 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The investment properties class of fixed assets was revalued on 31 December 2018 by the director of the company, who is internal to the company. The basis of the valuation was open market valuation for existing use. This class of assets has a current value of £3,500,000 (2022: £3,500,000) and a carrying amount at historical cost of £2,500,000 (2022: £2,500,000). Depreciation on historical cost is £nil (2022: £nil).

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Prepayments

2,268

2,236

Other debtors

346,405

37,161

348,673

39,397

 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

16,868

16,868

Trade creditors

 

373

-

Taxation and social security

 

29,112

19,000

Accruals and deferred income

 

60,047

59,331

Other creditors

 

30,627

27,122

 

137,027

122,321

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,160,684

733,852

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £0.01 each

1

0.01

1

0.01

         
 

SGJ Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Summary of transactions with other related parties

SGJ Limited
(The directors of SGJ Developments Limited are the directors of SGJ Limited)

 During the year SGJ Developments Limited paid management fees of £36,000 (2022: nil) to SGJ Limited. At the balance sheet date the amount owed by SGJ Limited was £346,405 (amount due to SGJ Limited in 2022: £1,161).
 

9

Parent and ultimate parent undertaking

The company's immediate parent is SGJ (Oxford) Limited, incorporated in England and Wales. SGJ (Oxford) Limited owns 100% of the issued share capital in SGJ Developments Limited.