St James Projects Ltd - Period Ending 2023-09-30

St James Projects Ltd

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

St James Projects Ltd

Company Information

Directors

J J Paul K Chang M H Merran

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 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	359,092	389,463
Investments	5	1	1
		359,093	389,464
Current assets
Debtors	6	603,478	364,856
Cash at bank and in hand		3,225	-
		606,703	364,856
Creditors: Amounts falling due within one year	7	(1,566,555)	(950,545)
Net current liabilities		(959,852)	(585,689)
Net liabilities		(600,759)	(196,225)
Capital and reserves
Called up share capital		5	5
Retained earnings		(600,764)	(196,230)
Shareholders' deficit		(600,759)	(196,225)

For the financial year ending 30 September 2023 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 year 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.

St James Projects Ltd

Statement of Financial Position as at 30 September 2023

Approved and authorised by the Board on 14 December 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 Year Ended 30 September 2023

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.

Going concern

The company made a loss for the year ended 30 September 2023 and had net liabilities amounting to £600,759 at that date.

The company funds its working capital requirements with loans from directors and companies under common control. At 30 September 2023 an amount of £846,265 was due to these entities. 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.

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:

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 year, was 0 (2022 - 0).

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4	Tangible assets

	Leasehold Property £	Total £
Cost or valuation
Additions	403,560	403,560
At 30 September 2023	403,560	403,560
Depreciation
At 1 October 2022	14,097	14,097
Charge for the year	30,371	30,371
At 30 September 2023	44,468	44,468
Carrying amount
At 30 September 2023	359,092	359,092
At 30 September 2022	389,463	389,463

5	Investments

	2023 £	2022 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost or valuation
At 1 October 2022 and 30 September 2023	1
Carrying amount
At 30 September 2023	1
At 30 September 2022	1

6

Debtors

	2023 £	2022 £
Amounts owed by group undertakings	507,924	190,660
Other debtors	95,554	174,196
	603,478	364,856

St James Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Bank loans and overdrafts	8	-	1
Trade creditors		102,479	94,889
Other creditors		1,464,076	855,655
		1,566,555	950,545

8	Loans and borrowings

	2023 £	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 £3,276,535 (2022 - £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 undertakings.