ST. JAMES CORPORATION LIMITED |
Registered number: |
02493537 |
Balance Sheet |
as at 30 April 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,898 |
|
|
2,743 |
Investment property |
4 |
|
|
1,500,000 |
|
|
1,500,000 |
|
|
|
|
1,501,898 |
|
|
1,502,743 |
|
Current assets |
Debtors |
5 |
|
357,381 |
|
|
357,381 |
Investments held as current assets |
6 |
|
700,000 |
|
|
- |
Cash at bank and in hand |
|
|
16,821 |
|
|
570,241 |
|
|
|
1,074,202 |
|
|
927,622 |
|
Creditors: amounts falling due within one year |
7 |
|
(138,705) |
|
|
(122,821) |
|
Net current assets |
|
|
|
935,497 |
|
|
804,801 |
|
Total assets less current liabilities |
|
|
|
2,437,395 |
|
|
2,307,544 |
|
|
Provisions for liabilities |
9 |
|
|
(203,945) |
|
|
(203,945) |
|
|
Net assets |
|
|
|
2,233,450 |
|
|
2,103,599 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
8 |
|
|
1,246,135 |
|
|
1,246,135 |
Profit and loss account |
|
|
|
987,215 |
|
|
857,364 |
|
Shareholders' funds |
|
|
|
2,233,450 |
|
|
2,103,599 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
E Sakhai |
Director |
Approved by the board on 14 January 2025 |
|
ST. JAMES CORPORATION LIMITED |
Notes to the Accounts |
for the year ended 30 April 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
25% reducing balance method |
|
Fixtures, fittings, tools and equipment |
25% reducing balance method |
|
|
Investments properties |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation isrecognised in profit or loss. |
|
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
|
Tangible fixed assets. |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Impainnent of fixed assets |
|
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are basic financial instuments and include cash and deposits held at call with banks. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 May 2023 |
105,105 |
|
At 30 April 2024 |
105,105 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2023 |
102,362 |
|
Charge for the year |
845 |
|
At 30 April 2024 |
103,207 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2024 |
1,898 |
|
At 30 April 2023 |
2,743 |
|
|
4 |
Invetment property |
2024 |
|
2023 |
£ |
£ |
|
Fair value |
|
At 1 May 2023 and 30 April 2024 |
1,500,000 |
|
1,500,000 |
|
|
Investment property comprises commercial properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
|
|
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
357,381 |
|
357,381 |
|
|
|
|
|
|
|
|
|
|
6 |
Investments held as current assets |
2024 |
|
2023 |
£ |
£ |
|
Fair value |
|
Unlisted investments |
700,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
42,090 |
|
15,667 |
|
Other creditors |
96,615 |
|
107,154 |
|
|
|
|
|
|
138,705 |
|
122,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 May 2023 |
1,246,135 |
|
1,246,135 |
|
|
At 30 April 2024 |
1,246,135 |
|
1,246,135 |
|
|
|
|
|
|
|
|
|
|
9 |
Provisions for liabilities |
2023 |
|
2022 |
£ |
£ |
|
Deferred tax liabilities |
203,945 |
|
203,945 |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
Included in other debtors are following companies of which Mr E Sakhai is the director and shareholder: |
|
|
|
|
|
2,024 |
|
2,023 |
|
|
|
|
£ |
|
£ |
|
Essie Carpets Ltd |
(51,000) |
|
(51,000) |
|
Harel & Co. Limited |
122,901 |
|
122,901 |
|
Lonpa Ne Limited |
247,980 |
|
247,980 |
|
Miriam |
13,000 |
|
13,000 |
|
Valverde Limited |
24,500 |
|
24,500 |
|
|
|
|
|
357,381 |
|
357,381 |
|
|
|
|
|
|
|
|
11 |
Controlling party |
|
|
The company's ultimate controlling party is the director, Mr E Sakhai, by virtue of his shareholding in the company. |
|
|
12 |
Other information |
|
|
ST. JAMES CORPORATION LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Harris & Trotter Llp |
|
101 New Cavendish Street |
|
London |
|
W1W 6XH |