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REGISTRAR OF COMPANIES

Registration number: 08107903

U Student Group Ltd

Unaudited Financial Statements

30 September 2023

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U Student Group Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
U Student Group Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of U Student Group Ltd for the year ended 30 September 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of U Student Group Ltd, as a body, in accordance with the terms of our engagement letter dated 16 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of U Student Group Ltd and state those matters that we have agreed to state to the Board of Directors of U Student Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U Student Group Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that U Student Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of U Student Group Ltd. You consider that U Student Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of U Student Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

1 February 2024

 

U Student Group Ltd

(Registration number: 08107903)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Stocks

3,043

2,447

Debtors

6

529,781

479,225

Cash at bank and in hand

 

628,831

544,714

 

1,161,655

1,026,386

Creditors: Amounts falling due within one year

7

(371,691)

(289,462)

Net assets

 

789,964

736,924

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

789,864

736,824

Total equity

 

789,964

736,924

 

U Student Group Ltd

(Registration number: 08107903)
Balance Sheet as at 30 September 2023 (continued)

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024
 

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

M H Boak

Director

 

U Student Group Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oakvale House
Thomas Lane
Burgh Road Industrial Estate
CARLISLE
CA2 7ND

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

U Student Group Ltd

Notes to the Financial Statements for the Year Ended 30 September 2023 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Furniture, fittings and office equipment

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

U Student Group Ltd

Notes to the Financial Statements for the Year Ended 30 September 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 14).

 

U Student Group Ltd

Notes to the Financial Statements for the Year Ended 30 September 2023 (continued)

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

299

15,106

Deferred taxation

Arising from origination and reversal of timing differences

1,754

1,503

Arising from changes in tax rates and laws

(3,092)

(3,308)

Total deferred taxation

(1,338)

(1,805)

Tax (credit)/expense in the profit and loss account

(1,039)

13,301

 

U Student Group Ltd

Notes to the Financial Statements for the Year Ended 30 September 2023 (continued)

5

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2022

7,406

7,406

At 30 September 2023

7,406

7,406

Depreciation

At 1 October 2022

7,406

7,406

At 30 September 2023

7,406

7,406

Carrying amount

At 30 September 2023

-

-

 

U Student Group Ltd

Notes to the Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

74,505

34,915

Other debtors

455,276

444,310

529,781

479,225

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

65,000

65,000

Trade creditors

 

74,724

59,972

Taxation and social security

 

15,596

7,991

Corporation tax liability

 

299

15,106

Other creditors

 

216,072

141,393

 

371,691

289,462

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

65,000

65,000