Company registration number 15052774 (England and Wales)
No. 19 SJS Ltd
Audited Financial Statements
For the period ended
31 December 2024
Pages for filing with registrar
No. 19 SJS Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
No. 19 SJS Ltd
Statement Of Financial Position
As at 31 December 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
5
1,483
Investment property
6
155,000,000
155,001,483
Current assets
Debtors
7
3,019,735
Cash at bank and in hand
5,150,327
8,170,062
Creditors: amounts falling due within one year
8
(4,039,715)
Net current assets
4,130,347
Total assets less current liabilities
159,131,830
Creditors: amounts falling due after more than one year
9
(27,694,691)
Provisions for liabilities: deferred tax
(278,707)
Net assets
131,158,432
Capital and reserves
Called up share capital
2
Share premium account
50,879,449
Other reserves
76,120,550
Profit and loss reserves
4,158,431
Total equity
131,158,432
The notes on pages 3 to 8 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 15052774 (England and Wales)
No. 19 SJS Ltd
Statement Of Changes In Equity
For the period ended 31 December 2024
- 2 -
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 7 August 2023
-
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
-
4,158,431
4,158,431
Issue of share capital
2
50,879,449
-
-
50,879,451
Contribution received in period
-
-
76,120,550
76,120,550
Balance at 31 December 2024
2
50,879,449
76,120,550
4,158,431
131,158,432
The notes on pages 3 to 8 form part of these financial statements.
No. 19 SJS Ltd
Notes To The Financial Statements
For the period ended 31 December 2024
- 3 -
1
General information
No. 19 SJS Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19. 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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No. 19 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
2
Accounting policies
(Continued)
- 4 -
2.5
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 a group company. These are accounted for at fair value with changes in fair value recognised in profit or loss.
2.6
Impairment 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.7
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.
2.8
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.
No. 19 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
2
Accounting policies
(Continued)
- 5 -
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.
2.9
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.
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.
No. 19 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
2
Accounting policies
(Continued)
- 6 -
2.10
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 8 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.
5
Tangible fixed assets
Computer Equipment
£
Cost
At 7 August 2023
Additions
1,666
At 31 December 2024
1,666
Depreciation and impairment
At 7 August 2023
Depreciation charged in the period
183
At 31 December 2024
183
Carrying amount
At 31 December 2024
1,483
No. 19 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
- 7 -
6
Investment property
2024
£
Fair value
At 7 August 2023
Additions
154,128,715
Revaluations
871,285
At 31 December 2024
155,000,000
Investment property comprises 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').
7
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
356,997
Other debtors
2,662,738
3,019,735
Other debtors includes £959,724 of amounts received from tenants, held on behalf of the company by the property manager in separate designated clients' money accounts.
8
Creditors: amounts falling due within one year
2024
£
Trade creditors
13,470
Corporation tax
1,120,492
Other taxation and social security
636,013
Accruals and deferred income
2,004,707
Other creditors
265,033
4,039,715
9
Creditors: amounts falling due after more than one year
2024
£
Amounts owed to group undertakings
27,000,000
Other creditors
694,691
27,694,691
No. 19 SJS Ltd
Notes To The Financial Statements (Continued)
For the period ended 31 December 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
The loan payable to group undertakings falls due for repayment on 30 November 2028.
Included within creditors: amounts falling due after more than one year, is a rent deposit deed in respect of liabilities payable or repayable otherwise than by instalments which falls due for payment within and after five years from the reporting date as follows:
Lease term expiring on 6 July 2032 - deposit of £694,691.
There is no security on any of the intercompany loans.
10
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).
11
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 £77.897m for consideration of shareholder loans payable (with £50.879m of which subsequently converted into one share with £50.879m premium) which, based on the assets fair value at that time of £154.0m, reflected a capital contribution of £72.121m.
12
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.