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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
COMPANY INFORMATION
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SJC 15 LIMITED
CONTENTS
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SJC 15 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
We aim to present a balanced and comprehensive review of the performance and development of the business during and at the end of the year, consistent with its size and complexity; and in the real context of risk and uncertainties we face.
Principal activity This entity functions as the parent company for both the leisure and property divisions, overseeing a broad spectrum of commercial activities. These include the operation of bars and nightclubs, the promotion of live music events, and a comprehensive property portfolio encompassing investment, development, and management.
In 2024, the property business purchased a rental investment property. The property group also finished a small development of apartments. Within 2024 one property was also sold, which didn’t meet our investment plans at that site.
Meanwhile, the Leisure division of the group experienced another successful year. Despite inflationary pressures, the division managed to counteract these challenges through increased revenue. Demand remained robust across venues, reflecting the continued popularity and resilience of the business. This year we were missing one of our major festivals, whilst it took a year's break in 2024, but was back in 2025. The venues group also purchased a new venue to strengthen its stance in Nottingham.
The group faces several significant risks, particularly those of a commercial nature related to its subsidiary businesses. Among these, competitive pressure within the UK market remains a persistent challenge. The group must continuously navigate the complexities of an increasingly competitive landscape, where growth in competition and evolving consumer preferences pose ongoing threats.
To mitigate these risks, the group must implement robust risk management strategies. This includes maintaining financial stability, adapting to market fluctuations, and addressing operational challenges within its subsidiaries. Furthermore, staying ahead of competitors necessitates a commitment to innovation, strategic marketing, and the delivery of a compelling value proposition to consumers.
The profit for the year was £3,420,797 (2023: £2,213,180) and net assets stand at £31,842,731 (2023: £30,121,934). This is a result of successful performance across the group.
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SJC 15 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
SJC15: Stakeholder engagement
At SJC15, we recognise our legal obligation under Section 172 of the Companies Act 2006 to act in a manner that we, in good faith, believe would most likely promote the success of the group for the benefit of its members as a whole. In fulfilling this duty, we are committed to considering the long-term consequences of our decisions on the group and its stakeholders. This statement outlines how the Board of Directors endeavours to uphold this responsibility. We engage with our key stakeholders as outlined below: Our employees We have many skilled and experienced team members working for the SJC15 group of companies, many with years of experience in the industry. We pride ourselves on being a “family” and treat team members as such. The recruitment and retention of staff are key, and we engage with them as follows: • Remuneration is set at market levels, rewarding performance of team members with a bonuses structure; • We provide different forms of training to meet the needs of the departments, this comes in the form of a 12-day management training package which the whole Senior team has done. We aim to put all our managers through this training, and it has now run for 10 years. Further to this, we also provide training to departments and team members within departments where needed, to further their experience and gain knowledge. • Further to this, we held bi-weekly senior management and team leader meetings throughout 2024 to ensure all departments are involved in significant business decisions. This is in addition to our twice-yearly Senior Manager/Team Leader meetings and the two Venue Manager conferences we hold annually. Our customers and suppliers We have worked for many years with lots of our suppliers so we can get equipment and stock at short notice as required. Over recent years we have brought in more local suppliers for craft beer as this is something we have a passion for and is shared with our customers. We enhance our reputation with suppliers by paying them on standard terms and paying on time as we understand a smaller company needs to be paid quickly. Examples of this include 7-day or 14-day payment terms for selected suppliers which we meet. Our Community DHP Family is dedicated to raising funds each year for community projects. A flagship initiative is the Beat the Streets Festival, which supports the Framework charity for the homeless. Since its launch, the festival has provided substantial in-kind support, helping to make a lasting difference in the community. Through these initiatives and our ongoing partnership with Framework, we are proud to have raised over £500,000 for community causes since 2018. Since 2018, we have also organised and funded the Women in Music brand, designed to encourage more women to pursue careers in the music industry. These events create a platform to celebrate success stories, share experiences, and address the challenges women face in the sector. We have also sponsored several local sports clubs and made contributions to a local children's book reading club within 2024.
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SJC 15 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Our Planet
SJC15 acknowledges its environmental responsibilities beyond mere compliance with legal and regulatory standards. We are committed to minimizing our environmental impact and continuously enhancing our environmental performance as a fundamental aspect of our business strategy and operational practices, with regular evaluations. Recently, through our festival division, we have implemented several sustainability initiatives such as the adoption of HVO fuel, and the sourcing of water locally.
This report was approved by the board and signed on its behalf.
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SJC 15 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,420,797 (2023 - £2,213,180).
The directors who served during the year were:
In January 2025, the Group completed on a sale of land for development.
The group ensures that employees are consulted on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests. The group also ensures achievement of a common awareness on the part of all employees of the financial and economic factors affecting the performance of the group.
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SJC 15 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting. Measures taken to improve energy efficiency During the year, we have been monitoring our energy usage, and teams have been tasked with saving energy usage at times when savings on energy consumption can be achieved. We continue last year's actions within our festival arm with HVO fuel for generators, locally sourced water, reusable cups, limiting single-use plastic as well and teaming up with a national charity to reduce any food wastage.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover: 6.62 for the year (2023: 8.61).
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SJC 15 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 19 March 2025, 1,627,582 preference shares were redeemed at par value of £1 per share, resulting in a total redemption settlement of £1,627,582.
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SJC 15 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SJC 15 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED
We have audited the financial statements of SJC 15 Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SJC 15 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SJC 15 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and industry, we identify the key laws and regulations affecting the group. We identified that the principle risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular the carrying value of investment and freehold properties. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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SJC 15 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJC 15 LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB
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SJC 15 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
REGISTERED NUMBER: 03377811
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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SJC 15 LIMITED
REGISTERED NUMBER: 03377811
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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SJC 15 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
SJC 15 Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 03377811. The nature of the Group’s operations and principal activities are given in the group strategic report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the Group and have been rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.
The consolidated financial statements have been prepared on a going concern basis. At the reporting date, the Group’s current liabilities exceeded its current assets by £2,065,269. Notwithstanding this, the directors consider it appropriate to prepare the financial statements on a going concern basis for the following reasons:
• The Group has substantial net assets and no external debt. • The Group holds significant investment properties which are readily realisable or could be used as security for financing facilities if required. • The directors have prepared cash flow forecasts and are satisfied that the Group has adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the directors believe the Group has sufficient resources to continue in operational existence for the foreseeable future and that it is appropriate to prepare the financial statements on a going concern basis.
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The sale of wet and dry goods within the group's venues is recognised at the point of sale, when payment is made by the customer. Door receipts are recognised on entrance to the venue. Sales of tickets are usually recognised when the event; for which consideration has been received, actually occurs. Sponsorship income and hire of facilities income is recognised in line with the period to which it relates. Revenue includes rents and service charges receivable, exclusive of value added tax. Revenue is therefore recognised in line with the lease agreement, as rents and charges fall due. Revenue includes the sale of property. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. Operating leases: lessor Rentals receivable under operating leases are credited to the Consolidated Statement of Comprehensive Income on a straight line basis over the term of the relevant lease. Lease incentives are recognised over the lease term on a straight line basis.
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Amortisation is provided at the following rates: Goodwill is amortised over ten years. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided at the following rates: Patents and trademarks - fully amortised.
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.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation is provided on the following basis:
No depreciation is provided in the year of acquisition whilst a full year's depreciation is provided in the year of disposal.
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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.
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: - at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; - at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Page 24
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Revaluation of investment properties - the Group carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The Group 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.
Page 25
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
Page 29
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 32
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
Page 33
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The majority of the higher value investment properties were revalued by FHP in June 2022, with the remainder continuing to be revalued by 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.
Page 35
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
500,000 preference shares were issued at £1 per share on 16 October 2024.
The preference shares are redeemable at any time after the company gives written notice of its intention to redeem the shares, or at any time the holder gives written notice of their intention to redeem, or following a change in controlling interest. There is no premium payable on redemption of the shares.
Dividends accrue at 8% per annum and an amount of £1,084,667 (2023: £894,822) is included in accruals in respect of preference share interest due to the holders.
Share premium account
Investment property revaluation reserve
During the year investment property amounting to £750,000 (2023: £4,199,313) was sold realising gains of £499,225 (2023: £3,412,000).
Profit and loss account
Page 39
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £293,251 (2023: £205,644).
Contributions totalling £20,962 (2023: £20,866) were payable to the fund at the balance sheet date.
Included within other creditors is £1,481,703 (2023: £3,558,325) due to the directors. Amounts advanced from directors during the period totalled £2,187,500 (2023: £3,800,000) and amounts repaid by the company during the period totalled £4,264,122 (2023: £3,217,789).
During the year the group accrued interest of £Nil (2023: £Nil) in respect of these loans. Included within other creditors are directors' preference shares of £2,767,583 (2023: £2,267,583). An amount of £1,084,667 (2023: £894,822) is included in accruals in respect of preference share interest due to the directors.
Page 40
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SJC 15 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group is controlled by S P D Akins and G H Akins (Jnr) who are directors and shareholders of SJC 15 Limited.
Page 41
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