SJS (Derby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05643499 (England and Wales)

SJS (Derby) Limited

Financial Statements

for the Year Ended 30 September 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

O A Quarmby

D N Murray

P R P Morris

REGISTERED OFFICE:

3rd Floor

Airedale House

Albion Street

Leeds

West Yorkshire

LS1 5AW

REGISTERED NUMBER:

05643499 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

CURRENT ASSETS

Stocks

1,634,265

1,321,361

Debtors

4

37,192

26,115

Cash at bank

4,680

-

1,676,137

1,347,476

CREDITORS

Amounts falling due within one year

5

1,794,959

1,351,396

NET CURRENT LIABILITIES

(118,822

)

(3,920

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(118,822

)

(3,920

)

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

(118,823

)

(3,921

)

SHAREHOLDERS' FUNDS

(118,822

)

(3,920

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2021 and were signed on its behalf by:

O A Quarmby - Director

1.	STATUTORY INFORMATION

SJS (Derby) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company had net current liabilities of £118,822 at the year ended 30 September 2020. Since the year end, the company's ultimate parent company, St James Securities Group Limited, has provided all of its working capital requirements by way of an intercompany loan.

In addition, at the signing of these accounts, negotiations are well progressed with a well-established and specialist property development company, to enter into a Joint Venture Partnership with the company's ultimate parent company, St James Securities Group Limited. This will provide a dynamic and innovative partnership which will secure future funding and a formidable springboard for future development.

On 29 April 2021, the company exchanged a conditional Forward Funding Development Agreement with Grainger Land & Regeneration Limited to build an 11 storey, 259 unit, Build to Rent apartment building. The Development Agreement became unconditional on 25 May 2021, and work then commenced on site. Grainger Land & Regeneration Limited is Forward Funding the development during the course of construction and will generate a capital value of £37.375m when completed in Spring 2023. This is the first phase of a major regeneration development on a 6 acre site in a Derby City Centre, known as Becketwell, for which SJS (Derby) Limited and other companies within the St James Securities Group have major land and development interests.

At the signing of these accounts, the company has been reimbursed the cost of all its work in progress with regard to the first phase, which it has used to pay down its loan with St James Securities Group Limited.

The directors feel that the business has done everything it can to ensure its continued operation through the Covid-19 pandemic.

When making their assessment of the company's ability to continue as a going concern, the directors acknowledge that uncertainties do exist over profitability and availability of funds. However, after considering the above, the directors of SJS (Derby) Limited have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Long term contracts

Profit on long term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis, to reflect the proportion of work carried out at the year end, by recording the turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total expected amounts recoverable for each contract. Profits derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on contracts in the year in which they are first foreseen.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

VAT

37,192

26,115

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

155,670

108,840

Amounts owed to group undertakings

1,635,614

1,239,056

Accruals and deferred income

3,675

3,500

1,794,959

1,351,396

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	POST BALANCE SHEET EVENTS

On 29 April 2021, the Company exchanged a conditional Forward Funding Development Agreement with Grainger Land & Regeneration Limited to build an 11 storey, 259 unit, Build to Rent apartment building. The Development Agreement became unconditional on 25 May 2021, and work then commenced on site. Grainger Land & Regeneration Limited is Forward Funding the development during the course of construction and will generate a capital value of £37.375m when completed in Spring 2023. This is the first phase of a major regeneration development on a 6 acre site in a Derby City Centre, known as Becketwell, for which SJS (Derby) Limited and other companies within the St James Securities Group have major land and development interests.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O A Quarmby.