Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr A Landsburgh 17/03/2017 22 March 2024 The principal activity of the Company during the financial year was hotels and similar accomodation. 10675676 2023-08-31 10675676 bus:Director1 2023-08-31 10675676 2022-08-31 10675676 core:CurrentFinancialInstruments 2023-08-31 10675676 core:CurrentFinancialInstruments 2022-08-31 10675676 core:ShareCapital 2023-08-31 10675676 core:ShareCapital 2022-08-31 10675676 core:RetainedEarningsAccumulatedLosses 2023-08-31 10675676 core:RetainedEarningsAccumulatedLosses 2022-08-31 10675676 core:OtherResidualIntangibleAssets 2022-08-31 10675676 core:OtherResidualIntangibleAssets 2023-08-31 10675676 core:ComputerEquipment 2022-08-31 10675676 core:ComputerEquipment 2023-08-31 10675676 core:CostValuation 2022-08-31 10675676 core:CostValuation 2023-08-31 10675676 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-08-31 10675676 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-08-31 10675676 bus:OrdinaryShareClass1 2023-08-31 10675676 core:WithinOneYear 2023-08-31 10675676 core:WithinOneYear 2022-08-31 10675676 core:BetweenOneFiveYears 2023-08-31 10675676 core:BetweenOneFiveYears 2022-08-31 10675676 2022-09-01 2023-08-31 10675676 bus:FilletedAccounts 2022-09-01 2023-08-31 10675676 bus:SmallEntities 2022-09-01 2023-08-31 10675676 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10675676 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10675676 bus:Director1 2022-09-01 2023-08-31 10675676 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-09-01 2023-08-31 10675676 core:ComputerEquipment core:TopRangeValue 2022-09-01 2023-08-31 10675676 2021-09-01 2022-08-31 10675676 core:OtherResidualIntangibleAssets 2022-09-01 2023-08-31 10675676 core:ComputerEquipment 2022-09-01 2023-08-31 10675676 core:Subsidiary1 2022-09-01 2023-08-31 10675676 core:Subsidiary1 1 2022-09-01 2023-08-31 10675676 core:Subsidiary1 1 2021-09-01 2022-08-31 10675676 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10675676 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 10675676 1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 10675676 (England and Wales)

CODE POD MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

CODE POD MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

CODE POD MANAGEMENT LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
CODE POD MANAGEMENT LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 8,697 11,666
Tangible assets 4 342 0
Investments 5 50 50
9,089 11,716
Current assets
Debtors 6 285,058 397,860
Cash at bank and in hand 1,817,843 1,656,655
2,102,901 2,054,515
Creditors: amounts falling due within one year 7 ( 117,995) ( 99,195)
Net current assets 1,984,906 1,955,320
Total assets less current liabilities 1,993,995 1,967,036
Provision for liabilities 8 ( 1,496) ( 2,222)
Net assets 1,992,499 1,964,814
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 1,992,498 1,964,813
Total shareholders' funds 1,992,499 1,964,814

For the financial year ending 31 August 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 financial statements of CODE Pod Management Limited (registered number: 10675676) were approved and authorised for issue by the Director on 22 March 2024. They were signed on its behalf by:

Mr A Landsburgh
Director
CODE POD MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
CODE POD MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CODE Pod Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Llp Birchin Court, Birchin Lane, London, EC3V 9DU, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when the company has fulfilled its contractual obligation to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 September 2022 28,506 28,506
At 31 August 2023 28,506 28,506
Accumulated amortisation
At 01 September 2022 16,840 16,840
Charge for the financial year 2,969 2,969
At 31 August 2023 19,809 19,809
Net book value
At 31 August 2023 8,697 8,697
At 31 August 2022 11,666 11,666

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 September 2022 0 0
Additions 410 410
At 31 August 2023 410 410
Accumulated depreciation
At 01 September 2022 0 0
Charge for the financial year 68 68
At 31 August 2023 68 68
Net book value
At 31 August 2023 342 342
At 31 August 2022 0 0

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 September 2022 50
At 31 August 2023 50
Carrying value at 31 August 2023 50
Carrying value at 31 August 2022 50

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.08.2023
Ownership
31.08.2022
Destiny Student England International House, 64 Nile Street, London, United Kingdom, N1 7SR Hotels & similar accomodation Ordinary 50.00% 50.00%

6. Debtors

2023 2022
£ £
Amounts owed by related parties 248,945 371,000
Other debtors 36,113 26,860
285,058 397,860

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,807 16,500
Corporation tax 8,166 9,774
Other taxation and social security 86,485 61,683
Other creditors 4,537 11,238
117,995 99,195

8. Provision for liabilities

2023 2022
£ £
Deferred tax 1,496 2,222

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 67,800 14,333

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 27,120 14,333
between one and five years 40,680 0
67,800 14,333

11. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed from related companies 248,945 371,000

12. Events after the Balance Sheet date

On the 22 December 2023, Code Pod Management Limited acquired 50% of the issued share capital in Code (the Bindery) Limited for £1,399,286