St James (Becketwell) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 13054316 (England and Wales)

St James (Becketwell) Limited

Financial Statements

for the period

1 December 2020 to 30 September 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O A Quarmby

D N Murray

P R P Morris

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

13054316 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Investments

4

3

CURRENT ASSETS

Debtors

5

1,221,632

Cash at bank

9,965

1,231,597

CREDITORS

Amounts falling due within one year

6

1,221,600

NET CURRENT ASSETS

9,997

TOTAL ASSETS LESS CURRENT LIABILITIES

10,000

CAPITAL AND RESERVES

Called up share capital

7

10,000

SHAREHOLDERS' FUNDS

10,000

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 22 March 2022 and were signed on its behalf by:

O A Quarmby - Director

1.	STATUTORY INFORMATION

St James (Becketwell) 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

During the financial year and up to the date of signing these accounts, St James Securities Group Limited and its subsidiary companies, which includes St James (Becketwell) Limited have undertaken a major transformation of the Group.

For the last four years, the Group has spent the majority of its time and financial resources working on a regeneration proposal for the Becketwell area of Derby City Centre. So far, the regeneration has involved a close collaboration with Derby City Council, who are a major landowner, together with the private sector. The Group has now either purchased or optioned the various land interests that comprise the site, which extends to 6 acres and represents almost 5% of the city centre. One of the Group's subsidiary companies, SJS (Derby) Limited, obtained Outline Planning Permission on 4 September 2020, for mixed use, centred around a new public square. This is projected to deliver 680,000 sq.ft of development plus a 400 space MSCP, generating £200m of Gross Development Value. The development will progress in several phases, undertaken by different subsidiary companies, and is expected to be fully completed within the next 5 to 7 years.

Over the last 12 months, the development has transitioned from the land assembly and planning stage, to the completion of three development agreements and the commencement of construction on the first phase.

On 27 July 2020, another Group Member, SJS (4) Limited entered into a Development Agreement to build a £1.8m Public Square for Derby City Council. The Public Square is owned by Derby City Council and will be the focal point for the whole development. Work commenced on 8 February 2021 and is ongoing. It is being Forward Funded by Derby City Council and it is anticipated that it will be completed by April 2023.

On 25 May 2021, SJS (Derby) Limited became unconditional on a Forward Funding Agreement with Grainger Land & Regeneration Limited. On this date, work commenced to build an 11 storey, 259 unit Build to Rent apartment building, with 6,700 sq.ft of commercial space. Grainger Land & Regeneration Limited is Forward Funding the development, during the course of construction, and it will deliver a capital value of £37.375m when completed in April 2023.

On 24 February 2022, SJS (4) Limited became unconditional on a Forward Funding Agreement with Derby City Council to build a 3,500 capacity Arena, on land which SJS (4) Limited owned at Becketwell. Demolition on the existing building commenced on 7 March 2022 and will be completed by the end of October 2022. Construction of the new Arena will commence at the beginning of 2023. Derby City Council is Forward Funding the development and it will deliver a capital value of £45.8m when completed in October 2024.

Going concern - continued

Other property assets and land options have been acquired by SJS (4) Limited and SJS (2) Limited, ensuring the development and completion of the Becketwell regeneration. These other property assets and land will be utilised in future phases and plans for a hotel, MSCP, Student Village and office accommodation are in the pipeline.

In order to accelerate the whole project within a quicker timeline, the Group sought a funding partner to assist in the financing of the development. On 5 October 2021, St James (Becketwell) Limited, a subsidiary of St James Securities Group Limited and the intermediate owner of SJS (Derby) Limited, SJS (2) Limited and SJS (4) Limited, secured a Term Loan Agreement with a third party lender. This funding partnership has enabled the Group to repay its former loan with a commercial finance provider.

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 St James (Becketwell) 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.The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Preparation of consolidated financial statements

The financial statements contain information about St James (Becketwell) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments are included at cost less amounts written off. Profits or losses arising from disposal of fixed asset investments are treated as part of the result from ordinary activities.

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 period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

3

At 30 September 2021

3

NET BOOK VALUE

At 30 September 2021

3

At 30 September 2021, the company held shareholdings in the following subsidiaries, all of which are incorporated in England and Wales and share a registered office with this company.

Principal activity

Percentage of issued ordinary shares

SJS (2) Limited

property development

100%

SJS (4) Limited

property development

100%

SJS (Derby) Limited

property development

100%

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

1,221,632

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed to group undertakings

1,220,750

Accruals and deferred income

850

1,221,600

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10,000

Ordinary

£1

10,000

10,000 Ordinary shares of £1 were issued during the period for cash of £ 10,000 .

8.	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

9.	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.

10.	POST BALANCE SHEET EVENTS

On 5 October 2021, St James (Becketwell) Limited has drawn down a new Term Loan with a third party lender. This funding has enabled the Group to repay its former loan with a commercial finance provider and provide working capital within SJS (4) Limited, SJS (2) Limited and SJS (Derby) Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is O A Quarmby.