2023-06-012024-05-312024-05-31false11370729SJB LETTINGS 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SJB LETTINGS LTD

Registered Number
11370729
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

SJB LETTINGS LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

R Barker
V Barker

Registered Address

12 Magdalen Road
Exeter
EX2 4SY

Registered Number

11370729 (England and Wales)
SJB LETTINGS LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37195
Investments57676
Investment property41,292,0741,202,526
1,292,2211,202,697
Current assets
Debtors6287,946242,060
Cash at bank and on hand13,63321,037
301,579263,097
Creditors amounts falling due within one year7(893,978)(1,042,412)
Net current assets (liabilities)(592,399)(779,315)
Total assets less current liabilities699,822423,382
Creditors amounts falling due after one year8(736,934)(444,297)
Net assets(37,112)(20,915)
Capital and reserves
Called up share capital100100
Profit and loss account(37,212)(21,015)
Shareholders' funds(37,112)(20,915)
The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2025, and are signed on its behalf by:
V Barker
Director
Registered Company No. 11370729
SJB LETTINGS LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Going concern
At the balance sheet date, the Company's liabilities exceeded its assets. The day-to-day operation of the Company relies on continued support from the directors. The directors have confirmed that they are willing to continue to financial support the company from a period of at least twelve months from the date of signing the accounts. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
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 values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Due to the nature of the company, the only area where there are significant judgement which would affect the amounts recognised in the financial statements is the valuation of properties. The properties are valued by the directors, they base the valuation on market conditions and other external information.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year13
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 23399399
At 31 May 24399399
Depreciation and impairment
At 01 June 23304304
Charge for year2424
At 31 May 24328328
Net book value
At 31 May 247171
At 31 May 239595
4.Investment property

£
Fair value at 01 June 231,202,526
Additions89,548
At 31 May 241,292,074
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 June 237676
At 31 May 247676
Net book value
At 31 May 247676
At 31 May 237676

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables4785,420
Amounts owed by group undertakings286,899236,640
Prepayments and accrued income569-
Total287,946242,060
7.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts1,5001,500
Amounts owed to related parties890,0411,038,719
Taxation and social security863551
Other creditors-69
Accrued liabilities and deferred income1,5741,573
Total893,9781,042,412
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts736,934444,297
Total736,934444,297
Within bank borrowings and overdrafts is an amount of £735,434 (2023: £441,297) that has been secured by a fixed charge over the investment properties of the company.
9.Related party transactions
During the year the company maintained a loan account with a group entity. At 31 July 2024 there was an amount owed of £286,899 (2023: £236,640) to the company. The amounts are interest free and disclosed in other debtors. During the year the company also maintained loan accounts with the directors of the company. At 31 July 2024 there was an amount owed of £890,041 (2023: £1,038,719) from the company to the directors. The amounts are interest free and disclosed in amounts owed to related parties.