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Registered number: 03377803
SJC 14 LIMITED
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2024
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SJC 14 LIMITED
Registered number: 03377803
Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Investment property reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 1
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SJC 14 LIMITED
Registered number: 03377803
Balance Sheet (continued)
As at 31 December 2024
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SPD Akins
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The notes on pages 3 to 11 form part of these financial statements.
Page 2
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
1.Accounting policies
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Basis of preparation of financial statements
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SJC 14 Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 03377803. The company's place of business is located at St Mary's School, Plumptre Place, Nottingham, NG1 1LW.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 and have been rounded to the nearest £1.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis notwithstanding net current liabilities of £5,911,640. The directors of the ultimate parent undertaking, SJC 15 Limited, and its subsidiaries have indicated their agreement to continue to provide financial support to the company such that the company is able to continue to trade and meet its debts and liabilities as they fall due and that they will not seek repayment of intercompany debts within twelve months of signing these financial statements.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment property is carried at fair value derived from the 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 the Statement of comprehensive income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 3
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
No depreciation is provided in the year of acquisition whilst a full year's depreciation is provided in the year of disposal.
Depreciation is provided on the following basis:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. Revenue comprises rents and service charges receivable as well as project income, exclusive of value added tax. Revenue relating to rents and service charges is recognised in line with the lease agreement, as rents and charges fall due. Revenue relating to project income is recognised based on stage of completion and expected profit.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 4
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Cash and cash equivalents
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Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.
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Short term debtors and creditors
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Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.
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Operating leases: the Company as lessor
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Rentals receivable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.
Lease incentives are recognised over the lease term on a straight line basis.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 5
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined benefit contribution pension scheme and contributions to the scheme are recognised in the statement of comprehensive income in the period which they become payable.
Current asset investments are cash on deposit with a maturity of less than one year held for investment purposes rather than to meet short-term cash commitments as the fall due.
Stocks and work in progress, which include land project costs, are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Revaluation of investment properties - the Company carries its investment property at fair value, with changes in fair value being recognised in the profit or loss. The Company has periodically engaged independent valuation specialists to determine fair value for certain properties. The valuer used a valuation technique based on a discounted cash flow model as there is a lack of comparable market data because of the nature of the property. The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate. The key assumptions used to determine the fair value of investment property are further explained in the notes to the accounts. Those not valued by the independent valuer were valued by the Directors based on their knowledge.
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 6
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Charge for the year on owned assets
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Transfer to current assets
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Current asset investments
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Current asset investments
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Page 7
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Freehold investment property
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The majority of the higher value investment properties were revalued by FHP in June 2022, with the remainder continuing to be revalued by the directors on an annual basis. In assessing the valuation they consulted with chartered surveyors and used their own knowledge of the current property market after considering the valuations performed in December 2015 by Jones Lang LaSalle of the majority of the value of the group's investment property.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Page 8
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Share premium account
This reserve includes the amounts above the nominal value received for shares sold, less transaction costs.
Investment property revaluation reserve
This reserve is used to record changes in the fair value of land and buildings. This reserve has decreased by £499,225 (2023: £3,940,064), relating to the transfer of realised gains of £499,225. No deferred tax liability has been recognised in respect of this uplift due to the quantum of capital losses brought forward.
During the year investment property amounting to £750,000 (2023: £4,199,313) was sold realising a nil gain nil loss (2023: £nil).
Profit and loss account
This reserve includes all current and prior period retained profits and losses.
Page 9
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Allotted, called up and fully paid
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1,722,180 (2023 - 1,722,180) Ordinary shares of £0.10 each
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The company is party to a Composite Accounting Agreement dated 18 August 2008. Under the agreement the group's bank is authorised to allow set-off for interest purposes and in certain circumstances to seize credit balances and apply them in reduction of liabilities.
The company is subject to an unlimited guarantee dated 29 June 2004. This guarantee is subject to the bank's standard form.
The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the company to the scheme and amounted to £18,642 (2023: £16,511).
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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Included in other creditors due within one year are loans from the directors amounting to £754,367 (2023: £1,987,813). Amounts advanced from the directors during the period totalled £850,000 (2023: £1,900,000), amounts repaid during the period by the company totalled £2,083,446 (2023: £1,555,142).
During the year, the company accrued interest of £Nil (2023: £Nil) in respect of these loans.
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Related party transactions
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The company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other members of the group.
Also, included in other creditors is £227,523 (2023: £227,523) due to a connected party; a family member of one of the directors. During the year the company has accrued interest of £Nil (2023: £Nil) on this loan.
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Page 10
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SJC 14 LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Post balance sheet events
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The company completed a sale of land in January 2025 for £1.3m.
The company's ultimate parent undertaking is SJC 15 Limited.
The largest group in which the results of the company are consolidated is SJC 15 Limited, Consolidated financial statements are available from the registered office 2 Lace Market Square, Nottingham, NG1 1PB.
The company is ultimately controlled by GH Akins (Jnr) and SPD Akins by virtue of their joint shareholding in SJC 15 Limited.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 26 September 2025 by Sarah Flear (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
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