Company registration number 13265263 (England and Wales)
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,260
Tangible assets
4
5,070
Investment property
5
3,003,145
3,012,475
Current assets
Debtors
6
28,354
Cash at bank and in hand
1
28,354
1
Creditors: amounts falling due within one year
7
(2,606,696)
(4,665)
Net current liabilities
(2,578,342)
(4,664)
Total assets less current liabilities
434,133
(4,664)
Creditors: amounts falling due after more than one year
8
(1,217,966)
Net liabilities
(783,833)
(4,664)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(783,834)
(4,665)
Total equity
(783,833)
(4,664)
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER 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 25 July 2024 and are signed on its behalf by:
G Spaenjaers
Director
Company registration number 13265263 (England and Wales)
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
VSHF Durham Limited (formerly VSHF Leicester 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
Going concern
These financial statements are prepared on the going concern basis. The company has the financial support of its parent company and, therefore, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the rent received in the normal course of business.
1.4
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:
HMO Licenses
20% straight line
1.5
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.
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
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.
1.9
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. 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.
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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. Trade creditors are recognised initially at transaction price.
1.10
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.
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
HMO Licenses
£
Cost
At 1 January 2023
Additions
4,500
At 31 December 2023
4,500
Amortisation and impairment
At 1 January 2023
Amortisation charged for the year
240
At 31 December 2023
240
Carrying amount
At 31 December 2023
4,260
At 31 December 2022
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023
Additions
5,361
At 31 December 2023
5,361
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
291
At 31 December 2023
291
Carrying amount
At 31 December 2023
5,070
At 31 December 2022
5
Investment property
2023
£
Fair value
At 1 January 2023
Additions
1,134,358
Transfers
2,671,828
Revaluations
(803,041)
At 31 December 2023
3,003,145
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.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
28,354
VSHF DURHAM LIMITED (FORMERLY VSHF LEICESTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,598,421
2,157
Other creditors
8,275
2,508
2,606,696
4,665
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,217,966
Bank loans are secured by fixed and floating charges over the company's assets.
9
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).