Company registration number 15052525 (England and Wales)
No. 32 SJS Ltd
Audited Financial Statements
For the period ended
31 December 2024
Pages for filing with registrar
No. 32 SJS Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
No. 32 SJS Ltd
Statement Of Financial Position
As at 31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
5
17,650,000
Current assets
Debtors
6
269,080
Cash at bank and in hand
155,000
424,080
Creditors: amounts falling due within one year
7
(305,655)
Net current assets
118,425
Net assets
17,768,425
Capital and reserves
Called up share capital
3
Share premium account
21,727,003
Profit and loss reserves
(3,958,581)
Total equity
17,768,425

The notes on pages 3 to 7 form part of these financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
D. Parker
Director
Company registration number 15052525 (England and Wales)
No. 32 SJS Ltd
Statement Of Changes In Equity
For the period ended 31 December 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 7 August 2023
-
0
-
0
-
0
-
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
(3,958,581)
(3,958,581)
Issue of share capital
9
3
30,346,272
-
30,346,275
Capital reduction
9
-
0
(8,619,269)
8,619,269
-
0
Distribution
9
-
-
(8,619,269)
(8,619,269)
Balance at 31 December 2024
3
21,727,003
(3,958,581)
17,768,425

The notes on pages 3 to 7 form part of these financial statements.

No. 32 SJS Ltd
Notes To The Financial Statements
For the period ended 31 December 2024
- 3 -
1
General information

No. 32 SJS Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 32. St James's Square, London, SW1Y 4JE.

2
Accounting policies
2.1
Reporting period

The company was incorporated on 7 August 2023. The first set of financial statements cover the period from incorporation to 31 December 2024.

2.2
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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property rental, and is shown net of discounts and VAT.

Income from operating leases is recognised on a straight-line basis over the lease term, even if the rentals are not received on such a basis. Turnover arises wholly within the United Kingdom.

Income from service charges relates to costs to the company, as landlord, for providing services to the premises in accordance with the terms of the leases. These costs are recharged to the tenants and recognised on a receivable basis.

2.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation is carried at fair value determined annually by external valuers and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

The investment properties include assets, part of which are rented to the company or group companies. These are accounted for at fair value with changes in fair value recognised in profit or loss.

2.5
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.

No. 32 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
2
Accounting policies
(Continued)
- 4 -
2.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

No. 32 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
2
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

As described in note 5 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuer. Whilst this was based on market prices adjusted as necessary for any difference in the future, location or condition of the specific asset, there is a degree of judgement involved in the property valuation at 31 December 2024.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4
Employees

There were no employees during the current or preceding year.

2024
Number
Total
-
0
No. 32 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
- 6 -
5
Investment property
2024
£
Fair value
At 7 August 2023
-
0
Additions
21,754,485
Revaluations
(4,104,485)
At 31 December 2024
17,650,000

Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by Colliers International Property Consultants Limited Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, in accordance with the RICS Valuation - Global Standards (incorporating the IVSC International Valuation Standards)', prepared by the Royal Institution of Chartered Surveyors (also known as the 'Red Book').

6
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
1,336
Other debtors
267,744
269,080
7
Creditors: amounts falling due within one year
2024
£
Trade creditors
3,829
Corporation tax
97,695
Other taxation and social security
42,577
Accruals and deferred income
161,554
305,655
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report, dated 7 May 2025, is unqualified and there were no matters to which the auditors drew attention by way of emphasis. The audit report was signed by Ian Clayden, Senior Statutory Auditor, for and on behalf of BDO LLP, a limited liability partnership registered in England and Wales (with registered number OC305127).

No. 32 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
- 7 -
9
Related party transactions

The company was established in the period with 1 ordinary share in issue.

 

In the period, the company acquired its investment property from a fellow subsidiary at its book value of £23.519m for consideration of shareholder loans payable (subsequently converted into one share with £23.519m premium) which, based on the asset's fair value at that time of £14.900m, created a distribution of £8.619m. The company also actioned a capital reduction to the same amount.

 

Subsequently, the company issued an additional share to its immediate parent for cash for a premium of £6.827m for the purpose of acquiring an additional area attached to the same investment property. This latter addition was impaired to its fair value of £2.750m.

10
Parent company

The direct parent company at the balance sheet date is The Rolex Watch Company Limited, whose registered address is 19 St James's Square, London, SW1Y 4JE. The consolidation of the results of the smallest group, for which the company is included and financial statements are publicly available, is performed by The Rolex Watch Company Limited, a company incorporated in UK, registered at 19 St James's Square, London, SW1Y 4JE.

2024-12-312023-08-07falsefalsefalse07 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityR. de LeyserD. Parker150525252023-08-072024-12-31150525252024-12-3115052525core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3115052525core:CurrentFinancialInstruments2024-12-3115052525core:ShareCapital2024-12-3115052525core:SharePremium2024-12-3115052525core:RetainedEarningsAccumulatedLosses2024-12-3115052525core:ShareCapital2023-08-0615052525core:SharePremium2023-08-0615052525core:RetainedEarningsAccumulatedLosses2023-08-0615052525bus:Director22023-08-072024-12-3115052525core:RetainedEarningsAccumulatedLosses2023-08-072024-12-3115052525core:ShareCapital2023-08-072024-12-3115052525core:SharePremium2023-08-072024-12-31150525252023-08-0615052525core:WithinOneYear2024-12-3115052525bus:PrivateLimitedCompanyLtd2023-08-072024-12-3115052525bus:SmallCompaniesRegimeForAccounts2023-08-072024-12-3115052525bus:FRS1022023-08-072024-12-3115052525bus:Audited2023-08-072024-12-3115052525bus:Director12023-08-072024-12-3115052525bus:FullAccounts2023-08-072024-12-31xbrli:purexbrli:sharesiso4217:GBP