Company registration number 13210418 (England and Wales)
VSHF LOUGHBOROUGH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VSHF LOUGHBOROUGH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
VSHF LOUGHBOROUGH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,928
4,240
Tangible assets
4
92,372
16,254
Investment property
5
18,144,256
13,072,492
18,244,556
13,092,986
Current assets
Debtors
6
239,113
139,245
Cash at bank and in hand
66,785
10,924
305,898
150,169
Creditors: amounts falling due within one year
7
(9,265,366)
(10,434,130)
Net current liabilities
(8,959,468)
(10,283,961)
Total assets less current liabilities
9,285,088
2,809,025
Creditors: amounts falling due after more than one year
8
(7,507,471)
(2,797,500)
Provisions for liabilities
(324,122)
Net assets
1,453,495
11,525
Capital and reserves
Called up share capital
1
1
Hedging reserve
9
(16,226)
Fair value reserve
736,308
Profit and loss reserve
9
733,412
11,524
Total equity
1,453,495
11,525
VSHF LOUGHBOROUGH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 24 July 2024 and are signed on its behalf by:
G Spaenjaers
Director
Company registration number 13210418 (England and Wales)
VSHF LOUGHBOROUGH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Hedging reserve
Fair value reserve
Profit and loss reserve
Total
£
£
£
£
£
Balance at 1 January 2022
1
(284,038)
(284,037)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
295,562
295,562
Balance at 31 December 2022
1
11,524
11,525
Year ended 31 December 2023:
Profit
-
-
736,308
721,888
1,458,196
Other comprehensive income:
Cash flow hedges gains/(losses)
-
(16,226)
-
-
(16,226)
Total comprehensive income
-
(16,226)
736,308
721,888
1,441,970
Balance at 31 December 2023
1
(16,226)
736,308
733,412
1,453,495
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
VSHF Loughborough Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70 St Mary Axe, London, EC3A 8BE.
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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the rent received in the normal course of business.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licenses
5 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
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.
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price.
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Share capital issued by the company is recorded at the proceeds received, net of transaction costs.
Dividends payable on share capital are recognised as liabilities once they are no longer at the
discretion of the company.
1.9
Hedge accounting
The company has entered into interest rates forward contracts to manage its exposure to fluctuations in the interest rates. These derivatives are measured at fair value at each reporting date. To the extent the hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Licenses
£
Cost
At 1 January 2023
5,300
Additions - internally developed
5,535
At 31 December 2023
10,835
Amortisation and impairment
At 1 January 2023
1,060
Amortisation charged for the year
1,847
At 31 December 2023
2,907
Carrying amount
At 31 December 2023
7,928
At 31 December 2022
4,240
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023
17,199
Additions
89,947
At 31 December 2023
107,146
Depreciation and impairment
At 1 January 2023
945
Depreciation charged in the year
13,829
At 31 December 2023
14,774
Carrying amount
At 31 December 2023
92,372
At 31 December 2022
16,254
5
Investment property
2023
£
Fair value
At 1 January 2023
13,072,492
Additions
3,702,624
Revaluations
1,369,140
At 31 December 2023
18,144,256
Investment property comprises rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out in December 2023 by Jones Lang LaSalle Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
67,115
Other debtors
171,998
139,245
239,113
139,245
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
9,213,670
10,328,882
Corporation tax
67,200
Other taxation and social security
3,568
1,737
Other creditors
48,128
36,311
9,265,366
10,434,130
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,507,471
2,797,500
Bank loans are secured by fixed and floating charges over the company's assets.
9
Reserves
Hedging reserve
This comprises the effective portion of the company applying hedge accounting. The amount in reserves relates to gains/losses made on cash flow hedges.
Profit and loss reserves
This comprises opening retained earnings, the profit or loss for the year and dividends paid as set out in the Statement of Changes in Equity.
VSHF LOUGHBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Parent company
The company is a member of a group that is headed by Student Homes LP (3rd Floor, Liberation House, Castle Street, St Helier, Jersey, Channel Islands, JE1 2LH) for which consolidated accounts are prepared.
The company's parent company is Student Homes I Limited (70 St Mary Axe, London, England, EC3A 8BE).
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