IRIS Accounts Production v24.3.0.553 SC556478 director 1.3.23 29.2.24 29.2.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5564782023-02-28SC5564782024-02-29SC5564782023-03-012024-02-29SC5564782022-02-28SC5564782022-03-012023-02-28SC5564782023-02-28SC556478ns15:Scotland2023-03-012024-02-29SC556478ns14:PoundSterling2023-03-012024-02-29SC556478ns10:Director12023-03-012024-02-29SC556478ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC556478ns10:SmallEntities2023-03-012024-02-29SC556478ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC556478ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC556478ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC556478ns10:FullAccounts2023-03-012024-02-29SC556478ns10:RegisteredOffice2023-03-012024-02-29SC556478ns5:CurrentFinancialInstruments2024-02-29SC556478ns5:CurrentFinancialInstruments2023-02-28SC556478ns5:ShareCapital2024-02-29SC556478ns5:ShareCapital2023-02-28SC556478ns5:RetainedEarningsAccumulatedLosses2024-02-29SC556478ns5:RetainedEarningsAccumulatedLosses2023-02-28SC556478ns5:FurnitureFittings2023-03-012024-02-29SC556478ns5:FurnitureFittings2023-02-28SC556478ns5:FurnitureFittings2024-02-29SC556478ns5:FurnitureFittings2023-02-28
REGISTERED NUMBER: SC556478 (Scotland)
















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

SJW Property Venture Ltd.

SJW Property Venture Ltd. (Registered number: SC556478)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SJW Property Venture Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTOR: Mrs S Warden





REGISTERED OFFICE: 24 Braehead Terrace
Milltimber
Aberdeenshire
AB13 0ED





REGISTERED NUMBER: SC556478 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

SJW Property Venture Ltd. (Registered number: SC556478)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 784 1,045
Investment property 5 155,734 155,734
156,518 156,779

CURRENT ASSETS
Cash at bank 30,718 34,325

CREDITORS
Amounts falling due within one year 6 176,800 183,726
NET CURRENT LIABILITIES (146,082 ) (149,401 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,436

7,378

PROVISIONS FOR LIABILITIES 196 199
NET ASSETS 10,240 7,179

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10,140 7,079
SHAREHOLDERS' FUNDS 10,240 7,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SJW Property Venture Ltd. (Registered number: SC556478)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 November 2024 and were signed by:





Mrs S Warden - Director


SJW Property Venture Ltd. (Registered number: SC556478)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

SJW Property Venture Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company relies on internal borrowing from a related party for day to day working capital requirements and the acquisition and development of investment property. After making the appropriate enquiries, the director is confident that existing facilities will remain in place for the foreseeable future. The director is also confident that once property is fully utilised the company will achieve profitability. On this basis, the director considers it appropriate that the accounts are prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Grants
Other income includes income relating to the Coronavirus Small Business and Restart Grants which have been utilised in the course of the year. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Domestic Equipment Fixtures & Fittings - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Investment property
Investment property 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. Any surplus or deficit on revaluation is recognised in profit or loss.

SJW Property Venture Ltd. (Registered number: SC556478)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of assets
At each reporting date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SJW Property Venture Ltd. (Registered number: SC556478)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Domestic
Equipment
Fixtures
& Fittings
£   
COST
At 1 March 2023
and 29 February 2024 2,895
DEPRECIATION
At 1 March 2023 1,850
Charge for year 261
At 29 February 2024 2,111
NET BOOK VALUE
At 29 February 2024 784
At 28 February 2023 1,045

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 155,734
NET BOOK VALUE
At 29 February 2024 155,734
At 28 February 2023 155,734

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to associates 170,100 170,100
Taxation and social security 1,248 1,569
Other creditors 5,452 12,057
176,800 183,726

7. RELATED PARTY DISCLOSURES

As at 29 February 2024 an amount of £170,100 (2023: £170,100) is due to WardEng Limited, a company under the control of S Warden.

8. ULTIMATE CONTROLLING PARTY

The company is under the control of the director due to her 51% shareholding in the company.