SJW Holdings Limited

Registration number: 03577316

Report and Accounts

31 December 2024

SJW Holdings Limited
Registration number: 03577316
Statement of financial position
as at 31 December 2024

Notes		2024	2023
		£	£
Non-current assets
Investment property	6	1,428,282	1,558,282
Other financial assets	7	6,112,910	4,989,303
		7,541,192	6,547,585
Current assets
Trade and other receivables	8	7,362	8,503
Cash and cash equivalents	9	4,012,648	4,706,051
		4,020,010	4,714,554
Current liabilities
Trade and other payables	10	77,479	47,182
Current tax liabilities		43,907	36,931
		121,386	84,113

Net current assets		3,898,624	4,630,441

Total assets less current liabilities		11,439,816	11,178,026

Non-current liabilities
Deferred tax liabilities	11	6,004	12,008

Net assets		11,433,812	11,166,018

Equity
Share capital		500,000	500,000
Non-distributable reserve		2,362,637	2,102,843
Retained earnings		8,571,175	8,563,175
Total equity		11,433,812	11,166,018

The company is a private company limited by shares and registered in England and Wales. It was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company's Statement of Income with the Registrar of Companies.

The financial statements were approved by the directors on 26 September 2025 and were signed by:



Simon Magnus Wiseman
Director


James Darren Wiseman
Director

SJW Holdings Limited
Notes forming part of the financial statements
for the year ended 31 December 2024

1	General information
	Registered name	SJW Holdings Limited
	Registered number	03577316
	Legal form	Private limited company (Ltd)
	Limited by	Shares
	Country of formation	England
	Registered office	38 Elms Avenue, Poole, Dorset, BH14 8EF

2	Basis of preparation
	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 have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value.

	Unless otherwise stated, the accounting policies set out below have remained unchanged from the previous year and have been applied consistently to all periods presented in these financial statements.
	The financial statements do not include a cashflow statement because the company is a qualifying entity and taking the exemption provided under FRS 102 Section 1A.
	Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency'). The financial statements are presented in pounds Sterling, which is the company’s functional and presentation currency.

3	Judgements, assumptions and sources of estimation uncertainty
	The preparation of financial statements in conformity with accounting standards usually requires management to make judgements, estimates and assumptions in applying the company's accounting policies to determine the reported amounts of assets, liabilities, income and expenses.
	Critical accounting judgements
	Critical judgements made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements must be disclosed.
	In the course of preparing the financial statements, no judgements have been made in the process of applying the company's accounting policies, other than those involving estimations, that have had a significant effect on the amounts recognised in the financial statements. Estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. They are reviewed on an ongoing basis with estimate revisions applied prospectively.
	Key sources of estimation uncertainty
	Assumptions and estimates that the management have made and used in preparing the financial statements, and that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, must be disclosed.
	Where assumptions and estimates have been made, details are included within the relevant note to the financial statements.

4	Accounting policies
	General
	This section contains a description of the company’s significant accounting policies that relate to the financial statements as a whole. Further accounting policies are disclosed within the relevant note to the financial statements.

	Revenue
	Revenue comprises rental income and other recoveries.
	Rental income from investment property leased out under an operating lease is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives o ered to occupiers to enter into a lease, such as an initial rent-free period or a cash contribution to fit-out or similar costs, are an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis.

	Taxation
	The tax credit or expense represents the amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Dividends
	Dividend distributions declared by the directors are recognised in the financial statements when paid. Dividend distributions approved by the shareholders are recognised in the financial statements when they become legally payable.


5	Employees
		2024	2023
		Number	Number
	Average number of people employed in year under a contract of service	-	-

6	Investment property

	Accounting policy
	Investment properties are properties held to earn rentals and/or for capital appreciation.
	Investment properties are initially measured at cost, including related transaction costs. Subsequently, investment properties are carried at their fair values based on an assessment of market value.
	The di erence between the fair value of an investment property at the reporting date and its carrying amount prior to remeasurement is included in the Statement of income as a valuation surplus or deficit. Such movements are transferred on an annual basis to a non-distributable reserve within equity.

	Critical accounting judgements and key estimation of uncertainty
	The valuation of the company’s property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction ow in the property market.

		2024	2023
		£	£
	Cost or valuation
	At 1 January 2024	1,558,282	1,558,282
	Fair value adjustments	(130,000)	-
	At 31 December 2024	1,428,282	1,558,282

	The fair value of investment properties has been assessed by the directors using market based evidence of recent transactions for similar properties in the same area.
7	Other financial assets

	Accounting policy
	Financial assets are initially recognised at transaction price and subsequently measured at amortised cost, less impairment, except for investments measured at fair value through profit or loss. Gains and losses on remeasurement, are recognised in the Statement of income for the period as a valuation surplus or deficit. Such movements are transferred on an annual basis to a non-distributable reserve within equity. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
	Financial assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
	For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
	For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
	Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

	Critical accounting judgements and key estimation of uncertainty
	Where possible, financial assets are valued on the basis of listed market prices by reference to quoted market bid prices for assets. However, the company also invests in unit linked collective investment schemes whose value fluctuates directly in relation to the asset class or classes that constitute the underlying investments. Unitised collective investment schemes are not always traded on an active market. In such cases, where the value of a collective investment scheme is primarily driven by the fair value of its underlying assets, the net asset value advised by the fund manager is normally considered a suitable approximation of fair value.

At the reporting date, the company held the following financial assets:

	Current		Non-Current
	2024	2023	2024	2023
	£	£	£	£
Bond securities	-	-	33,641	-
Equity securities	-	-	1,546,444	1,128,129
Pooled investment vehicles	-	-	1,158,582	1,252,945
Cash held by investment managers	-	-	60,092	16,072
Unit linked insurance contracts	-	-	2,720,730	2,592,157
Structured development loan	-	-	593,421	-
	-	-	6,112,910	4,989,303

A reconcilation of the change in carrying value over the year is shown below:
			2024	2023
			£	£
Cost or valuation b/fwd			4,989,303	4,686,331
Purchases and advances			1,084,742	305,740
Disposal proceeds			(525,540)	(135,979)
Realised gains and losses			63,665	8,632
Unrealised gains/(losses)			456,720	278,171
Net change in cash			44,020	(153,592)
Cost or valuation c/fwd			6,112,910	4,989,303

	Structured development loan
	On 10 December 2024, the company entered into a structured development loan agreement with West Street Rear Development Ltd (“WSRD”), providing WSRD with a facility of up to £2,417,000. As at 31 December 2024, £585,678 had been drawn down. The loan is secured over the assets of WSRD and by personal guarantees provided by its directors in respect of principal, interest and fees. The facility bears interest at the higher of 9.5% per annum or Bank of England base rate plus 5% and the Company will also receive a share of development profit. The facility is repayable on 31st August 2026. The undrawn balance of the facility at the reporting date remains available.
	The profit participation element of the loan needs to be treated as an embedded derivative which in turn requires the whole of the loan to be classified as a financial asset measured at fair value through profit or loss in accordance with Section 12 of FRS 102, with changes in fair value being recognised in fair value adjustments in the Statement of income.
	As there is no quoted market price for the instrument, the directors have determined its fair value using a discounted cash flow model. A discount rate of 12.37%, based on the directors’ assessment of a market rate for comparable credit risk, has been applied to contractual repayments of principal, interest and fees, with no early repayment or impairment are expected. The resulting fair value of the loan at 31 December 2024 is £593,421. A fair value gain of £10,080 has been recognised in the Statement of Income.
	The directors consider the valuation technique and inputs to be appropriate and consistent with market practice. Sensitivity analysis indicates that a 1.0% change in the discount rate, in either direction, would change the fair value by approximately £10,000.
	Other financial assets
	Except for a shareholding in a flat management company, valued at cost of £57, the value of the remaining financial assets, are either based on public market prices or net asset values advised by asset managers. Changes in these values are measured at fair value through profit or loss under Section 11 of FRS 102. Fair value gains of £446,641 were recognised during the year.
	The historic cost of other financial assets is £4,275,780 (2023: £3,541,967).


8	Trade and other receivables

	Accounting policy
	Trade and other amounts receivable within one year, amounts repayable on demand and loans bearing a market rate of interest, are initially recognised at the transaction price, including any transaction costs, and subsequently measured at the undiscounted amount of cash or other consideration expected to be received.
	Other debtor amounts are also initially recognised at the transaction price, including any transaction costs, but are then subsequently measured at amortised cost (using the effective interest method) less any provision for impairment.


		Current		Non-Current
		2024	2023	2024	2023
		£	£	£	£
	Other receivables	774	2,686	-	-
	Accrued income and prepayments	6,588	5,817	-	-
		7,362	8,503	-	-

9	Cash and cash equivalents

	Accounting policy
	Cash and cash equivalents comprise bank balances, cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less which are available on demand. These are carried at face value.

		2024	2023
		£	£
	Balances with banks	4,012,648	4,706,051

10	Trade and other payables

	Accounting policy
	Trade and other amounts payable within one year, amounts payable on demand and loans bearing a market rate of interest, are initially recognised at the transaction price, including any transaction costs, and subsequently measured at the undiscounted amount of cash or other consideration expected to be paid.
	Other creditor amounts are also initially recognised at the transaction price, including any transaction costs, but are then subsequently measured at amortised cost (using the effective interest method).

		Current		Non-Current
		2024	2023	2024	2023
		£	£	£	£
	Trade payables	2,033	-	-	-
	Amounts owed to directors	27,763	25,680	-	-
	Other taxes and social security costs	1,784	2,778	-	-
	Accruals and deferred income	45,899	18,724	-	-
		77,479	47,182	-	-

11	Deferred tax balances

	Accounting policy
	Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
	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. 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 assets and liabilities are offset if, and only if, there is 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.
	Deferred tax assets and liabilities are not discounted where the impact of discounting is not material.

		Assets	Liabilities	Assets	Liabilities
		2024	2024	2023	2023
		£	£	£	£
	Movements
	At 1 January	-	12,008	-	17,258
	Credited to income statement	-	(6,004)	-	(5,250)
	At 31 December	-	6,004	-	12,008

	The balance comprises temporary differences attributable to:
	FRS102 transition adjustments	-	6,004	-	12,008
		-	6,004	-	12,008

12	Financial instruments
	The carrying value of financial instruments measured at fair value through profit and loss are shown below to help users understand the extent to which accounting policies have affected the amounts at which financial assets and financial liabilities have been recognised in the financial statements.
				2024	2023
				£	£
	Financial assets
	Investment property			1,428,282	1,558,282
	Investments			6,112,853	4,989,246
				7,541,135	6,547,528

13	Loan facility commitment
	At the reporting date, the company has committed to provide a loan facility of £2,417,000 to West Street Rear Development Ltd, of which £585,678 had been drawn down as at the reporting date. The facility bears interest at the higher of 9.5% per annum or Bank of England base rate plus 5%, and is repayable on 31st August 2026. The undrawn balance of the facility remains available.

14	Events after the reporting date

No material events requiring disclosure or adjustment in these financial statements, have occurred after the reporting date.