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Registration number: 11627931

SFJ Group Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

SFJ Group Limited

Contents of The Financial Statements
for the Year Ended 31 October 2024

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

SFJ Group Limited

Company Information
for the Year Ended 31 October 2024

Directors

Mr J C Speller

Mr R G Foster-Jones

Registered office

FLOOR 1 OFFICE
10 CHANDLERS WAY
SOUTH WOODHAM FERRERS
ESSEX
CM3 5TB

Accountants

Insight Strategic Associates
Chartered Certified Accountants10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SFJ Group Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SFJ Group Limited for the year ended 31 October 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of SFJ Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SFJ Group Limited and state those matters that we have agreed to state to the Board of Directors of SFJ Group Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SFJ Group Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that SFJ Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SFJ Group Limited. You consider that SFJ Group Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of SFJ Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

3 February 2025

 

SFJ Group Limited

(Registration number: 11627931 )
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

401,359

408,131

Current assets

 

Stocks

5

26,405

25,029

Debtors

6

1,538,237

925,782

Cash at bank and in hand

 

35,492

11,979

 

1,600,134

962,790

Creditors: Amounts falling due within one year

7

(1,708,723)

(1,294,687)

Net current liabilities

 

(108,589)

(331,897)

Total assets less current liabilities

 

292,770

76,234

Creditors: Amounts falling due after more than one year

7

(6,172)

(18,348)

Provisions for liabilities

(43,775)

(3,077)

Net assets

 

242,823

54,809

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

242,723

54,709

Shareholders' funds

 

242,823

54,809

For the financial year ending 31 October 2024 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 and 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 3 February 2025 and signed on its behalf by:
 

 

SFJ Group Limited

(Registration number: 11627931 )
Balance Sheet as at 31 October 2024

.........................................
Mr J C Speller
Director

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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:
FLOOR 1 OFFICE
10 CHANDLERS WAY
SOUTH WOODHAM FERRERS
ESSEX
CM3 5TB

These financial statements were authorised for issue by the Board on 3 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2

Accounting policies (continued)

Tax

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

The current income 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.

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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office Equipment

33% cost

Plant & machinery

10% cost

Motor vehicles

15% reducing balance

Improvements to leasehold property

10% cost

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.

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2

Accounting policies (continued)

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 124 (2023 - 15).

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

224,267

51,779

401,166

677,212

Additions

1,139

-

72,278

73,417

At 31 October 2024

225,406

51,779

473,444

750,629

Depreciation

At 1 November 2023

114,308

19,980

134,793

269,081

Charge for the year

28,075

4,770

47,344

80,189

At 31 October 2024

142,383

24,750

182,137

349,270

Carrying amount

At 31 October 2024

83,023

27,029

291,307

401,359

At 31 October 2023

109,959

31,799

266,373

408,131

5

Stocks

2024
£

2023
£

Other inventories

26,405

25,029

6

Debtors

Current

2024
£

2023
£

Trade debtors

32,177

59,173

Other debtors

1,506,060

866,609

 

1,538,237

925,782

7

Creditors

Creditors: amounts falling due within one year

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,170

Trade creditors

 

195,310

266,792

Taxation and social security

 

393,895

65,613

Accruals and deferred income

 

952,087

1,971

Other creditors

 

157,431

950,141

 

1,708,723

1,294,687

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,172

18,348

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

6,172

18,348

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

185

Other borrowings

10,000

9,985

10,000

10,170

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Related party transactions

At the year end, the company owed £0 (2023: £9,500) to International Tanning Products Limited a company under common control. The company was owed £1,286,843 (2023: £853,499) by SFJ Property and Equipment Limited and £219,219 by SFJ Tanning Limited (2023: -£937,121), also both companies under common control.

During the year SFJ Group Limited were charged £950,000 (2023: £1,550,000) by SFJ Tanning Limited in respect of labour and £1,183,900 (2023: £920,000) by SFJ Property and Equipment Limited in respect of property and plant rental.

 

SFJ Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

202,500

120,000