Company registration number 14244355 (England and Wales)
PROPERTY BY SJ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PROPERTY BY SJ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PROPERTY BY SJ LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 July 2024
Notes
£
£
£
£
Fixed assets
Investment property
3
814,957
814,957
Current assets
Debtors
4
431
465
Cash at bank and in hand
686
1,959
1,117
2,424
Creditors: amounts falling due within one year
5
(475,999)
(435,358)
Net current liabilities
(474,882)
(432,934)
Total assets less current liabilities
340,075
382,023
Creditors: amounts falling due after more than one year
6
(460,973)
(460,973)
Net liabilities
(120,898)
(78,950)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(120,998)
(79,050)
Total equity
(120,898)
(78,950)
The notes on pages 3 to 6 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 period ended 31 December 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 period 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 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 July 2025
Dr SG Jethwa
Director
Company registration number 14244355 (England and Wales)
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 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
Reporting period
During the current financial period, the company changed its accounting reference date from 31 July to 31 December. Therefore, these financial statements have been prepared for a shortened period of five months, from 1 August 2024 to 31 December 2024. Going forward, the company’s financial year will end on 31 December each year.
The comparative figures presented in these financial statements relate to the twelve-month period ended 31 July 2024. As a result of the difference in the lengths of the reporting periods, the amounts presented for the current period (included the related notes) are not entirely comparable with those of the preceding period. This change has been implemented to align the company’s financial year-end with that of other connected entities.
1.2
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 £.
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.
1.3
Going concern
At the year end, the company had net liabilities amounting to £120,898. A significant proportion of the company’s funding, totalling £464,395, has been provided by a related party, which is connected to the company through common shareholders and directors. The director has obtained confirmation from the related party that it does not intend to demand repayment of the loan within the next twelve months and will continue to provide financial support to enable the company to meet its liabilities as they fall due for at least that period from the date of approval of these financial statements.
On this basis, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
1.4
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.
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
1.6
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.
1.7
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 profit and loss account 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 profit and loss account, 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
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2024
Number
Number
Total
1
1
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 August 2024 and 31 December 2024
814,957
The above disclosed investment property is stated at its most recent valuation. The director has confirmed that there has been no change in the fair value of the property during the financial year.
4
Debtors
2024
2024
Amounts falling due within one year:
£
£
Other debtors
431
465
5
Creditors: amounts falling due within one year
2024
2024
£
£
Other creditors
475,999
435,358
6
Creditors: amounts falling due after more than one year
2024
2024
£
£
Bank loans and overdrafts
460,973
460,973
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
2024
£
£
Payable other than by instalments
460,973
460,973
7
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
2024
2024
Amounts due to related parties
£
£
PROPERTY BY SJ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
7
Related party transactions
(Continued)
- 6 -
Entities with common controlling shareholders and directors
464,395
425,195
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.