REGISTERED NUMBER:
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10SJP LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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10SJP LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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10SJP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
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BANKERS: |
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100 Wood Street |
London |
EC2V 7ER |
10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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10 SJP 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. |
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The financial statements are presented in sterling (£). which is the functional currency of the company and rounded to the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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The financial statements cover the individual entity. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about 10SJP Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Mountain Berg Holdings Limited. |
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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. |
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Revenue |
Revenue represents net invoiced sales of services, excluding value added tax and management fees received from related undertakings. |
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Revenue is recognised in the period in which services are performed. |
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Property, plant and equipment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery - 25% - 33% on cost. |
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Government grants |
Government grants are recognised when there is reasonable assurance that the grant will be received, and any conditions attached will be complied with. Grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
Contributions payable to private pension schemes for the year are charged to the income statement in the period to which they relate. |
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Going concern |
The financial statements have been prepared on the going concern basis, which assumes that the entity will continue to trade for the foreseeable future. |
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At the period end the company had net current liabilities. The company's ultimate controlling party and a fellow group company, Mountain Berg Limited, have confirmed their intention to continue to provide finance to enable the company and its subsidiary to meet their debts as they fall due for a period of at least 12 months from the date of approval of the financial statements. As a consequence the directors believe the company is appropriately placed to manage its business risks successfully and the financial statements are prepared on the going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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PROVISIONS |
At 1 January 2021 |
and 31 December 2021 | 2 |
NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to related parties | 3,025,015 | 5,195,937 |
Other taxes and social security |
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VAT | 36,530 | - |
Other creditors |
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Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10SJP LIMITED (REGISTERED NUMBER: 05616826) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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10. | CONTINGENT LIABILITIES |
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Inter-company guarantees have been given by the company and a fellow subsidiary company in favour of Credit Suisse AG and Credit Suisse (UK) Limited. The total amount of fellow group company borrowings that were secured under this guarantee across the assets of all included parties as at 31 December 2021 was £9million (2020 - £37million). |
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11. | OTHER FINANCIAL COMMITMENTS |
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The company had total guarantees and commitments as shown below. |
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Minimum lease payments under non-cancellable operating leases fall due as follows : |
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2021 | 2020 |
£ | £ |
Within one year | 240 | 96,240 |
Between one and five years | 420 | 660 |
660 | 96,900 |
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12. | RELATED PARTY DISCLOSURES |
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The company's ultimate controlling party has made loans to the company and at the year end £3,025,015 (2020 - £5,195,937) was outstanding. No interest was charged on the loans. The balance is disclosed in creditors due within one year in the absence of formal terms and is therefore deemed repayable on demand. |
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During the year charges of £170,307 (2020 - £150,989) were made to the ultimate controlling party. |
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During the year income of £192,289 (2020: £NIL) was received from a subsidiary which is not wholly owned. There was a receivable balance of £53,640 (2020: £15,000) with the same entity as at the year end. |
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13. | ULTIMATE PARENT COMPANY |
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The immediate parent company is 10SJP No.2 Limited. The directors consider that Mountain Berg Holdings |
Limited, a company registered in England and Wales, is the company's ultimate parent company. |
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Mountain Berg Holdings Limited, a fellow group company registered in England and Wales, 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 ultimate parent company is the same as that shown on the company information page. |