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Registration number: 14375919

SJMI Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SJMI Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

SJMI Properties Limited

(Registration number: 14375919)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,203

1,155

Investment property

5

4,797,685

4,320,000

Other financial assets

6

405,391

-

 

5,206,279

4,321,155

Current assets

 

Debtors

7

4,243

161,543

Cash at bank and in hand

 

15,430

375,190

 

19,673

536,733

Creditors: Amounts falling due within one year

8

(46,564)

(25,226)

Net current (liabilities)/assets

 

(26,891)

511,507

Total assets less current liabilities

 

5,179,388

4,832,662

Creditors: Amounts falling due after more than one year

8

(2,469,686)

(2,192,593)

Provisions for liabilities

(7,026)

-

Net assets

 

2,702,676

2,640,069

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

2,672,949

2,672,949

Other reserves

54,369

-

Profit and loss account

(24,742)

(32,980)

Shareholders' funds

 

2,702,676

2,640,069

For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 12 June 2025 and signed on its behalf by:
 


 

Mr S C MacLoughlin
Director

 

SJMI Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
47 Uplands Road
Bournemouth
BH8 9SR

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern
The financial statements have been prepared on a going concern basis
 

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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 at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

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

 

SJMI Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Investments

Investments in shares are measured at market value, with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

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 at the transaction price.

Borrowings

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.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its directors. Contributions are expensed as they become payable.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

SJMI Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 October 2023

1,784

1,784

Additions

2,697

2,697

At 30 September 2024

4,481

4,481

Depreciation

At 1 October 2023

629

629

Charge for the year

649

649

At 30 September 2024

1,278

1,278

Net book value

At 30 September 2024

3,203

3,203

At 30 September 2023

1,155

1,155

5

Investment property

2024
£

2023
£

At 1 October

4,320,000

-

Additions

421,880

5,440,000

Disposals

-

(1,120,000)

Fair value adjustments

55,805

-

At 30 September

4,797,685

4,320,000

The properties were valued by the directors at their market value using current market data for similar properties in the same
areas.

 

SJMI Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Other financial assets
£

Total
£

At 1 October

-

-

Additions

908,251

908,251

Fair value adjustments

8,442

8,442

Disposals

(511,302)

(511,302)

At 30 September

405,391

405,391

7

Debtors

2024
£

2023
£

Other debtors

1,969

32,833

Prepayments

2,274

128,710

4,243

161,543

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

15,542

874

Taxation and social security

2,762

737

Other creditors

20,824

9,171

Other loans

3,791

4,664

Accruals

3,645

9,780

46,564

25,226

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

2,469,686

2,192,593

2,469,686

2,192,593

Creditors include bank loans which are secured against either the assets they relate to or the assets of the company by fixed and negative charges in the sum of £2,469,686 (2023 - £2,192,593). All loans are repayable other than by instalments after more than 5 years.

 

SJMI Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

30

30

30

30

Ordinary B shares of £1 each

35

35

35

35

Ordinary C shares of £1 each

35

35

35

35

 

100

100

100

100

10

Related party transactions

Directors’ advances

The company provided the directors with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the period £86,097 (2013 - £519,049) was advanced and £106,661 (2013 - £498,048) was repaid.

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the period £nil (2023 - £93) was advanced and £nil (2023 - £93) was repaid.

Advances were unsecured and no interest has been charged.