Company registration number 14244355 (England and Wales)
PROPERTY BY SJ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PROPERTY BY SJ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PROPERTY BY SJ LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
814,957
748,164
Current assets
Stocks
-
49,734
Debtors
4
465
3,066
Cash at bank and in hand
1,959
7,795
2,424
60,595
Creditors: amounts falling due within one year
5
(435,358)
(360,623)
Net current liabilities
(432,934)
(300,028)
Total assets less current liabilities
382,023
448,136
Creditors: amounts falling due after more than one year
6
(460,973)
(461,109)
Net liabilities
(78,950)
(12,973)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(79,050)
(13,073)
Total equity
(78,950)
(12,973)
The notes on pages 3 to 5 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PROPERTY BY SJ LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
Dr SG Jethwa
Director
Company registration number 14244355 (England and Wales)
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Property By SJ Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, Middlesex, HA5 5QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net liabilities of £78,950 at the year end. However, a substantial portion of funding, amounting to £425,195 is provided by the related party, Smiles By SJ Ltd (“SBSJL”). SBSJL has assured that it will support the company in fulfilling its obligations for at least twelve months from the date of approval of these financial statements. For this reason, the directors continues to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 August 2023
748,164
Additions
66,793
At 31 July 2024
814,957
The above disclosed investment property is shown at the most recent valuation. The director confirmed that there has been no change in fair value recorded throughout the year after the acquisition of the property.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
465
Deferred tax asset
3,066
465
3,066
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
435,358
360,623
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
460,973
461,109
The above disclosed bank loan is secured by a fixed charge in favour of Kent Reliance against the property Flat 1, 106 Greencroft Gardens, NW6 3PH.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
460,973
461,109
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
425,195
358,595
The above disclosed amount, which is included under other creditors, remained outstanding as of the balance sheet date. The loan is unsecured, interest free, and repayable on demand.