Company Registration No. 11923114 (England and Wales)
IUKTWO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IUKTWO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IUKTWO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
172,568
194,747
Cash at bank and in hand
616,313
498,183
788,881
692,930
Creditors: amounts falling due within one year
5
(612,867)
(552,154)
Net current assets
176,014
140,776
Creditors: amounts falling due after more than one year
6
(241,468)
(190,915)
Net liabilities
(65,454)
(50,139)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(65,455)
(50,140)
Total equity
(65,454)
(50,139)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Joanna Yin Yin Gok
Director
Company Registration No. 11923114
IUKTWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

IUKTwo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is in a net deficit position. The property is forecasted to be fully let for the next academic year and the company has obtained continued support from its intermediate holding company. On this basis, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents rental income receivable for providing student accommodation, generally over a period of 44 weeks. Income is recognised in the period in which the rent relates. Prepaid rent is recognised in deferred income on the balance sheet, rent due but not paid is recognised in accrued income.

1.4
Cash at bank and in hand

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

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

IUKTWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Leases

As explained in note 8, rentals are payable based on the performance of the company during each reporting period. Rentals payable under these leases are recognised in full on an annual basis.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment

Financial assets, specifically trade debtors, are fully impaired when there is no reasonable expectation of recovery having considered credit risk characteristics and days past due. At the financial year end, trade debtors relating to prior academic years’ lets are fully impaired.

IUKTWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

There were no contracted employees in the current or previous period.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,364
123,411
Amounts owed by group undertakings
144,601
42,761
Prepayments and accrued income
24,603
28,575
172,568
194,747
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,888
7,966
Amounts owed to group undertakings
253,744
190,108
Accruals and deferred income
356,235
354,080
612,867
552,154
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
241,468
190,915
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Operating lease commitments
Lessee

In September 2019 the company signed a 25 year lease for a rental property. The rental expense is variable based on rental income and operational expenditure, the expense in this year was £1,301,160 (year ended 31 December 2022: £1,475,665).

IUKTWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
9
Related party transactions
Transactions with related parties

Rentals payable during the year, as explained in note 8, were charged by a company under common control. Shared services management fee of £70,606 (year ended 31 December 2022: £63,690) was charged by the intermediate holding company.

10
Parent company

The intermediate holding company is Far East Orchard Limited, a quoted company based in Singapore whose registered office address is 6 Eu Tong Sen Street, #04-28, The Central, Singapore 059817. The ultimate holding company is Far East Organization Pte. Ltd., based in Singapore. The immediate holding company is Far East Holdings (Jersey) Limited, based in Jersey, Channel Islands.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher LLP.
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