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Registered number:
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S.J.M. Limited
Company Information
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S.J.M. Limited
Contents
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S.J.M. Limited
Strategic Report
For the year ended 31 December 2025
The directors present their Strategic Report for the year ended 31 December 2025.
The principal activity of the Company continued to be that of live music concert promotion.
Turnover rose to £487m (from £349m in 2024) in another very successful year of trading, with 2,135 shows promoted in 2025 compared to 2,154 in 2024. The volume of shows in 2025 was at the expected level. The increased turnover reflects the higher number of larger capacity shows in 2025, and the reduction in gross profit margin from 8.2% in 2024 to 5.8% in 2025 reflects a change in sales mix. Administrative expenses increased by £1.2m, mainly in relation to staff costs. The Company is reporting a £16.3m profit before tax compared to £16.9m in the prior period. We are continuing to observe strong demand for live music events and anticipate another successful year ahead, despite the inflationary pressures still being experienced within the global economy. The Company made charitable donations totalling £519k (2024: £341k).
Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the Company. Monitoring exposure to risk and uncertainty is an integral part of the Company's structured management process.
The main risk to the Company is its ability to continue to contract with and promote artists which represent the whole spectrum of the United Kingdom's modern popular culture. However, the Company is well established within its markets and has experienced, knowledgeable employees. The Company, its directors and other key employees consider themselves to have good professional relationships with all the separate facets of the UK live entertainment industry. The Company is therefore confident that it can continue to operate successfully in this competitive market. Other principal risks the Company faces are operational risk, economic risk, recruitment and retention of staff, and maintenance of reputation. Key performance indicators Non-financial key performance indicators include the number of shows, as referred to above. The Directors consider the key financial performance indicators to be as follows:
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S.J.M. Limited
Strategic Report (continued)
For the year ended 31 December 2025
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: "A director of a company must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: - the likely consequences of any decisions in the long-term; - the interests of the Company's employees; - the need to foster the Company's business relationships with suppliers, customers and others; - the impact of the Company's operations on the community and environment; - the desirability of the Company maintaining a reputation for high standards of the business conduct, and - the need to act fairly as between shareholders of the Company." As part of their induction, a Director is briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge necessary, from an independent advisor. It is important to recognise that in a large organisation such as ours, the Directors fulfil their duties partly through a governance framework that delegates day-to-day decision making to employees of the Company. As part of the Board's decision-making process, the Directors consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Company's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term. Through open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. The board of directors considers that, during the year ended 31 December 2025, individually and together they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and in accordance with the matters set out above. Engagement with suppliers, customers and others The board considers fostering business relationships with stakeholders, such as customers and suppliers key to the Company's success. The board maintains visibility of these relationships so that is is able to take stakeholders' considerations into account when making decisions. In their decision making, the directors have regard to the impact of the Company's activities not only on the stakeholders, but also the community and environment. We promote and operate a number of live music festivals and events across the whole of the UK. Our relationships with artists, suppliers and fans are integral to the success of our business and for the delivery of our strategic plan. We remain focused on connecting artists with their fans and understanding the needs of the fanbase. Building and maintaining productive relationships with artists and suppliers enables us to promote a growing number of shows, enabling us to achieve our objectives of connecting more fans with live events.
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S.J.M. Limited
Strategic Report (continued)
For the year ended 31 December 2025
Engagement with employees
Our business invests in its employees. We believe that continued investment in our workforce helps employees to develop their careers whilst contributing positively to our business. We engage with our workforce in a variety of ways, including: - Information on matters of strategic importance is communicated by the directors directly to our employees to ensure that our staff are always aware of relevant strategic matters. - Provision of training opportunities to help employees develop their professional and personal skills. - In addition to regular informal discussions with employees, formal feedback is taken at our annual conference and via the annual review process every year. We have specifically concentrated on making improvements to employee wellbeing and improvements have been recognised by our employees in their work/life balance and our work-place culture. We continue to provide support to our employees by offering flexible working arrangements and enabling open discussions on their general wellbeing. Future developments The Company continuously reviews and updates management policies to enable us to compete profitably within our market. Activity levels continue to grow and the directors are confident that this will continue going forward in 2026 and beyond.
This report was approved by the board and signed on its behalf.
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S.J.M. Limited
Directors' Report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the strategic report, the directors' report and the 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 Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £12,182,264 (2024 - £12,982,041).
Dividends paid to the parent company, SJM Holdings North Limited, during the year amounted to £9,650,000 (2024: £12,850,000).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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S.J.M. Limited
Directors' Report (continued)
For the year ended 31 December 2025
The Company's principal financial instruments comprise trade debtors, bank balance and trade creditors. The main purpose of these instruments is to finance the Company's operations. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring the factors that affects relevant financial risks.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and monitoring of amounts outstanding. The credit risk of liquid funds is assessed to be low because counterparties are banks with high credit ratings assigned by international credit rating agencies. The Company recognises that managing cash flow risk is crucial to maintaining financial stability and ensuring the smooth operation of our business. Our cash flow risk policy aims to safeguard the company against potential liquidity shortages and ensure that we have sufficient cash to meet our obligations as they fall due. Efficient credit control processes are in place to manage receivables and ensure timely collections from customers. We closely monitor our expenditure, maintaining a healthy cash balance and avoiding unnecessary financial strain.
The Streamlined Energy and Carbon Reporting ('SECR') disclosures present our carbon footprint within the United Kingdom across scope 1 and 2 emissions. We have followed HM Government's Environmental Reporting Guidelines and used the 2025 UK Government's Conversion Factors for Company reporting. The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover.
Measures taken to increase energy efficiency include fitting motion sensors on office lights and installing more heating controls, attempting to reduce the number of unnecessary journeys and carrying out meetings online where appropriate.
The intensity ratio of tonnes CO2e per £m sales revenue is 0.08 (2024: 0.11).
Disclosures regarding Future developments, Engagement with suppliers, customers and other, and Engagement with employees are contained in the Strategic Report.
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S.J.M. Limited
Directors' Report (continued)
For the year ended 31 December 2025
The auditors, Hurst Accountants 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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S.J.M. Limited
Independent Auditors' Report to the Members of S.J.M. Limited
We have audited the financial statements of S.J.M. Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the 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 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.
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.
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S.J.M. Limited
Independent Auditors' Report to the Members of S.J.M. Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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S.J.M. Limited
Independent Auditors' Report to the Members of S.J.M. 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 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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S.J.M. Limited
Independent Auditors' Report to the Members of S.J.M. Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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S.J.M. Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
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S.J.M. Limited
Registered number: 02686954
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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S.J.M. Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Statement of Changes in Equity
For the year ended 31 December 2024
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
SJM Limited is a private company limited by shares incorporated in England and Wales with registered number 02686954. The registered office is 3 Stockport Exchange, Stockport, SK1 3GG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of SJM Holdings North Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
Functional and presentation currency
Transactions and balances
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Revenue and associated costs from the promotion or production of an event are recognised when the event occurs. Consideration collected in advance of the event is recorded as deferred income until the event occurs.
Revenue from booking and service fees charged for our concert and festival events, where our concert promoters control ticketing, is recognised when the event occurs. Fees/charges collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue from booking fees associated with annual deals is recognised over the term of the agreement.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company's policy is to maintain its property to a high standard through a continual programme of refurbishment and maintenance. In accordance with this practice, depreciation is not provided on freehold properties where, in the opinion of the directors, the residual values (in terms of original cost) are such that depreciation charge would be immaterial in the period and on a cumulative basis.
Unlisted investments are stated at historic cost less impairment. Current asset investments are held at cost less impairment.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss).
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Analysis of turnover by country of destination:
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
There were no factors that may affect future tax charges.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Profit and loss account
The profit and loss account records retained profits and accumulated losses, less dividends paid.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £216,449 (2024: £82,008). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
A loan was made to a director totalling £1,150,000 during 2025 and this was fully repaid within the year. Interest was charged at 0.05% above base rate on overdrawn amounts.
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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S.J.M. Limited
Notes to the Financial Statements
For the year ended 31 December 2025
The Company's parent undertaking is SJM Holdings North Limited, a company incorporated in England. Consolidated financial statements are prepared for SJM Holdings North Limited and are available from Companies House.
S J Moran is the ultimate controlling party.
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