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Company No: SC495587 (Scotland)

DESTINY STUDENT LIMITED

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

DESTINY STUDENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

DESTINY STUDENT LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
DESTINY STUDENT LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 28,413 4,572
Investments 4 79 79
28,492 4,651
Current assets
Debtors 5 60,086 10,703
Cash at bank and in hand 5,621,271 2,358,402
5,681,357 2,369,105
Creditors: amounts falling due within one year 6 ( 447,636) ( 291,791)
Net current assets 5,233,721 2,077,314
Total assets less current liabilities 5,262,213 2,081,965
Creditors: amounts falling due after more than one year 7 0 ( 145,833)
Provision for liabilities 8 ( 7,288) 0
Net assets 5,254,925 1,936,132
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 5,254,825 1,936,032
Total shareholder's funds 5,254,925 1,936,132

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.

Director's responsibilities:

The financial statements of Destiny Student Limited (registered number: SC495587) were approved and authorised for issue by the Director on 26 July 2024. They were signed on its behalf by:

Andrew David Landsburgh
Director
DESTINY STUDENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
DESTINY STUDENT 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 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Bearford House, 39 Hanover Street, Edinburgh, EH2 2PJ, Scotland, 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

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.

Revenue for the company comprises the following streams:

1. Sale of goods - Revenue from the sale of food and beverages is recognised at the point of sale

2. Rendering of services - Revenue from room sales and other guest services is recognised when rooms are occupied and as services are provided.

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.

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:

Fixtures and fittings 20 % reducing balance
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.

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 and bank loans 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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 13

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 November 2022 5,309 0 5,309
Additions 22,823 14,933 37,756
At 31 October 2023 28,132 14,933 43,065
Accumulated depreciation
At 01 November 2022 737 0 737
Charge for the financial year 9,377 4,538 13,915
At 31 October 2023 10,114 4,538 14,652
Net book value
At 31 October 2023 18,018 10,395 28,413
At 31 October 2022 4,572 0 4,572

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 November 2022 79
At 31 October 2023 79
Carrying value at 31 October 2023 79
Carrying value at 31 October 2022 79

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.10.2023
Ownership
31.10.2022
Destiny Student Limited Republic of Ireland Hostel Rental and Management Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Trade debtors 0 7,152
Amounts owed by related parties 29,811 3,317
Deferred tax asset 0 129
Other debtors 30,275 105
60,086 10,703

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 50,000
Trade creditors 40,141 29,221
Amounts owed to connected persons 3,582 0
Taxation and social security 380,714 184,486
Other creditors 23,199 28,084
447,636 291,791

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 145,833

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

8. Provision for liabilities

2023 2022
£ £
Deferred tax 7,288 0

9. Called-up share capital

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

10. Financial commitments

Commitments

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

2023 2022
£ £
within one year 720,000 88,760

11. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed by Destiny Student Ireland Ltd 29,811 3,317