Registered number
10736032
SJM Property Limited
Unaudited Filleted Accounts
30 April 2024
SJM Property Limited
Registered number: 10736032
Balance Sheet
as at 30 April 2024
Notes 2024 2023
(as restated)
£ £
Fixed assets
Tangible assets 5 268 403
Investment property 6 2,405,033 1,906,884
2,405,301 1,907,287
Current assets
Debtors 7 15,808 1,067
Cash at bank and in hand 245,069 6,776
260,877 7,843
Creditors: amounts falling due within one year 8 (1,160,629) (1,363,139)
Net current liabilities (899,752) (1,355,296)
Total assets less current liabilities 1,505,549 551,991
Creditors: amounts falling due after more than one year 9 (1,588,642) (595,204)
Provisions for liabilities (22,821) (13,459)
Net liabilities (105,914) (56,672)
Capital and reserves
Called up share capital 1 1
Fair value reserve 11 63,344 68,411
Profit and loss account (169,259) (125,084)
Shareholder's funds (105,914) (56,672)
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 member has 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.
Mr S J G Michel
Director
Approved by the board on 25/01/2025.
SJM Property Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Statutory information
SJM Property Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 10736032
Registered office: 1 Hill Farm Cross Cottages
Sutton Scotney
Winchester
SO21 3NS
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.
2 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" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover represents rents received and receivable, excluding VAT.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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.
2 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Prior year adjustment
During the year it was identified that investment property included items that were revenue in nature. As a result a prior year adjustment has been recognised for the year ended 30 April 2023. The effect of the prior year adjustment was to reduce profit by £130,850 for that year.
5 Tangible fixed assets
Computer equipment
(as restated)
£
Cost
At 1 May 2023 406
At 30 April 2024 406
Depreciation
At 1 May 2023 3
Charge for the year 135
At 30 April 2024 138
Net book value
At 30 April 2024 268
At 30 April 2023 403
6 Investment property
Total
(as restated)
£
Fair value
At 1 May 2023 1,906,884
Additions 498,149
At 30 April 2024 2,405,033
Historical cost
At 1 May 2023 1,822,426
At 30 April 2024 2,320,575
The investment property was valued on an open market basis on 30 April 2024 by the director.
7 Debtors 2024 2023
(as restated)
£ £
Trade debtors 4,261 -
Prepayments and deferred income 1,671 -
Other debtors 9,876 1,067
15,808 1,067
8 Creditors: amounts falling due within one year 2024 2023
(as restated)
£ £
Bank loans and overdrafts 2 252
Trade creditors - 874
Director's current account 1,149,475 1,349,808
Accruals and deferred income 1,276 10,800
Taxation and social security costs - 339
Other creditors 9,876 1,066
1,160,629 1,363,139
9 Creditors: amounts falling due after one year 2024 2023
(as restated)
£ £
Bank loans 1,588,642 595,204
10 Loans 2024 2023
(as restated)
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,588,634 592,288
Secured bank loans 1,588,644 592,816
Bank loans are secured over the properties to which they relate.
11 Fair value reserve 2024 2023
(as restated)
£ £
At 1 May 2023 68,411 47,926
Reserve transfer (5,067) 20,485
At 30 April 2024 63,344 68,411
12 Related party transactions
During the year £241,416 (2023: £299,860) was advanced from the director and £441,749 (2023: £56,000) was repaid to the director of the company. An amount of £1,149,475 (2023: £1,349,808) remained due to the director at the year end.
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