10SJP (Salisbury) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04953196 (England and Wales)

10SJP (SALISBURY) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N P Teagle

C Greener

REGISTERED OFFICE:

10 St James's Place

London

SW1A 1NP

REGISTERED NUMBER:

04953196 (England and Wales)

AUDITORS:

Duncan & Toplis Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

FIXED ASSETS

Investment property

4

2,902,656

3,279,706

CURRENT ASSETS

Debtors

5

34,673

12,004

Cash at bank

22,368

-

57,041

12,004

CREDITORS

Amounts falling due within one year

6

2,354,513

2,347,442

NET CURRENT LIABILITIES

(2,297,472

)

(2,335,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

605,184

944,268

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

8

(377,050

)

-

Retained earnings

8

982,134

944,168

SHAREHOLDERS' FUNDS

605,184

944,268

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 28 September 2023 and were signed on its behalf by:

N P Teagle - Director

1.	STATUTORY INFORMATION

10SJP (Salisbury) 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The Financial Statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Going concern

At the date of the Statement of Financial Position the company has net current liabilities. The directors are however confident about the long term prospects for the company which is now well established. The ultimate controlling party has confirmed his continued financial support for the company at least twelve months from the date of this report. The wider group is financially secure with very limited external debt aside from the ultimate controlling party. The directors of group companies to which this company has loans payable have given assurances that these loans will not be recalled to an extent that would jeopardise this company's ability to continue as a going concern.

The directors having considered the above believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

Related party exemption

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.

Revenue

Revenue comprises rents receivable recognised on an accruals basis over the period of hire. Value added tax is excluded from all amounts.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Interest receivable and payable

Interest amounts are accounted for on an accruals basis. Any net discount or premium on a financing instrument is amortised using the effective interest rate method over the term of the instrument.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

3,279,706

Revaluations

(377,050

)

At 31 December 2022

2,902,656

NET BOOK VALUE

At 31 December 2022

2,902,656

At 31 December 2021

3,279,706

Fair value at 31 December 2022 is represented by:

£

Valuation in 2022

(377,050

)

Cost

3,279,706

2,902,656

Investment property was most recently valued on an open market basis for the 31 December 2022 year end by Hannes Bitschnau, an Austrian court-certified valuer. The valuation was prepared having regard to the market based evidence for similar properties sold in the local area.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

5,219

100

Prepayments and accrued income

29,454

11,904

34,673

12,004

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

2,334,353

2,328,053

Accruals and deferred income

20,160

19,389

2,354,513

2,347,442

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

100

100

100

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2022

944,168

-

944,168

Deficit for the year

(339,084

)

(339,084

)

Revaluation of investment property

377,050

(377,050

)

-

At 31 December 2022

982,134

(377,050

)

605,084

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Revaluation reserve

The aggregate surplus or deficit on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

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

The Report of the Auditors was unqualified.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited, Statutory Auditor

10.	ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent company is 10SJP No.2 Limited. It is considered that Mountain Berg Holdings Limited, a company registered in England and Wales, is the company's ultimate parent company.

Mountain Berg Holdings Limited heads the smallest and largest group in which the results of the company are consolidated. The financial statements of Mountain Berg Holdings Limited are available from Companies House, Crown Way, Cardiff CF14 3UZ. The registered office of the parent company and ultimate parent company is the same as that shown on the company information page.

The ultimate controlling party is David PJ Ross.