St James Projects Ltd - Period Ending 2022-09-30

St James Projects Ltd

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 6

St James Projects Ltd

Company Information

Directors

K Chang M H Merran J J Paul

Registered office

130 Shaftesbury Avenue London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

St James Projects Ltd

Statement of Financial Position as at 30 September 2022

	Note	2022 £
Fixed assets
Tangible assets	4	389,463
Investments	5	1
		389,464
Current assets
Debtors	6	364,856
Creditors: Amounts falling due within one year	7	(950,545)
Net current liabilities		(585,689)
Net liabilities		(196,225)
Capital and reserves
Called up share capital		5
Retained earnings		(196,230)
Shareholders' deficit		(196,225)

For the financial period ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 24 July 2023 and signed on its behalf by:
 

.........................................

J J Paul

Director

Company registration number: 13879353

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Period from 28 January 2022 to 30 September 2022

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
130 Shaftesbury Avenue
London
W1D 5EU

The principal activity of the company is that of an investment holding company.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Disclosure of long or short period

These financial statements are for the period from incorporation on 28 January 2022 to 30 September 2022.

Going concern

The company made a loss for the period ended 30 September 2022 and had net liabilities amounting to £196,225 at that date.

The company funds its working capital requirements with loans from directors and companies under common control, and is dependent on the continuation of this funding which amounted to £457,841 at 30 September 2022. No matters have been drawn to the attention of the directors to suggest that this funding will not continue and that the amounts due will not be called upon for the foreseeable future.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

The turnover shown in the profit and loss accounts represents management charges and rental income received in respect of the year, exclusive of Value Added Tax, which are recognised in the period to which they relate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Period from 28 January 2022 to 30 September 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	Over length of lease

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the period, was 0.

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Period from 28 January 2022 to 30 September 2022

4	Tangible assets

	Leasehold Property £	Total £
Cost or valuation
Additions	403,560	403,560
At 30 September 2022	403,560	403,560
Depreciation
Charge for the period	14,097	14,097
At 30 September 2022	14,097	14,097
Carrying amount
At 30 September 2022	389,463	389,463

5	Investments

	2022 £
Investments in subsidiaries	1

Subsidiaries	£
Cost or valuation
Additions and at 30 September 2022	1
Carrying amount
At 30 September 2022	1

6

Debtors

	2022 £
Amounts owed by group undertakings	190,660
Other debtors	174,196
	364,856

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Period from 28 January 2022 to 30 September 2022

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £
Bank loans and overdrafts	8	1
Trade creditors		94,889
Other creditors		855,655
		950,545

8	Loans and borrowings

	2022 £
Current loans and borrowings
Bank overdrafts	1

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £3,554,221.

10	Related party transactions

Summary of transactions with subsidiaries

In accordance with FRS 102 paragraph 1AC.35, exemption is taken to not disclose transactions in the period or amounts falling due with wholly owned group undertakings.