Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Jamie Greig 10/03/2021 Andrew David Landsburgh 10/03/2021 22 March 2024 The principal activity of the Company was the provision of hostel accommodation. The company ceased trading in the year to 31 October 2023. 13257789 2023-10-31 13257789 bus:Director1 2023-10-31 13257789 bus:Director2 2023-10-31 13257789 core:CurrentFinancialInstruments 2023-10-31 13257789 core:CurrentFinancialInstruments 2022-10-31 13257789 2022-10-31 13257789 core:ShareCapital 2023-10-31 13257789 core:ShareCapital 2022-10-31 13257789 core:RetainedEarningsAccumulatedLosses 2023-10-31 13257789 core:RetainedEarningsAccumulatedLosses 2022-10-31 13257789 bus:OrdinaryShareClass1 2023-10-31 13257789 2022-11-01 2023-10-31 13257789 bus:FilletedAccounts 2022-11-01 2023-10-31 13257789 bus:SmallEntities 2022-11-01 2023-10-31 13257789 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 13257789 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13257789 bus:Director1 2022-11-01 2023-10-31 13257789 bus:Director2 2022-11-01 2023-10-31 13257789 2021-11-01 2022-10-31 13257789 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 13257789 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 13257789 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 13257789 1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13257789 (England and Wales)

DESTINY STUDENT ENGLAND LIMITED

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

DESTINY STUDENT ENGLAND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

DESTINY STUDENT ENGLAND LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
DESTINY STUDENT ENGLAND LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Current assets
Debtors 3 20 0
Cash at bank and in hand 4 651 24,290
671 24,290
Creditors: amounts falling due within one year 5 ( 551) ( 3,484)
Net current assets 120 20,806
Total assets less current liabilities 120 20,806
Net assets 120 20,806
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 20 20,706
Total shareholders' funds 120 20,806

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Destiny Student England Limited (registered number: 13257789) were approved and authorised for issue by the Board of Directors on 22 March 2024. They were signed on its behalf by:

Andrew David Landsburgh
Director
DESTINY STUDENT ENGLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
DESTINY STUDENT ENGLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Destiny Student England 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 International House, 64 Nile Street, London, N1 7SR, 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

In 2023 the directors made the decision that the Company would cease trading and that the residual trading activities be transferred to certain associated companies. The transfer was finalised in October 2023. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

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

Revenue is recognised when the significant risks and rewards of the goods are services provided are transferred to the buyer, the amounts of revenue can be measured reliably and it is probably that the economic benefits associated with the transaction will flow to the company.

Revenue represents the total invoice value, excluding value added tax, of sales made during the year.

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.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 directors 2 2

3. Debtors

2023 2022
£ £
Corporation tax 20 0

4. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 651 24,290

5. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 0 209
Other taxation and social security 400 1,775
Other creditors 151 1,500
551 3,484

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Ultimate controlling party

The ultimate controlling party of Destiny Student England Ltd are the directors of Code Pod Management Ltd (10675676) and the directors of Opcodeisgn Limited (SC328140).

The registered office of Code Pod Management is C/O Johnston Carmichael LLP, Birchin Court, Birchin Lane, London. EC3V 9DU.

The registered office of Opcodesign Limited is Earlshill Farm, Belltrees road, Newton of Belltrees, Lochwinnoch. PA12 4JP.