Company registration number 10492957 (England and Wales)
ACTION ACCOMMODATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ACTION ACCOMMODATION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ACTION ACCOMMODATION LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
3,296
Investment property
4
13,283,010
12,388,951
Investments
5
-
0
51,032
13,283,010
12,443,279
Current assets
Debtors
7
189,225
6,974
Cash at bank and in hand
-
0
25,143
189,225
32,117
Creditors: amounts falling due within one year
8
(657,604)
(341,457)
Net current liabilities
(468,379)
(309,340)
Total assets less current liabilities
12,814,631
12,133,939
Creditors: amounts falling due after more than one year
9
(5,306,529)
(5,710,258)
Provisions for liabilities
(1,201,415)
(943,750)
Net assets
6,306,687
5,479,931
Capital and reserves
Called up share capital
2,145,000
2,145,000
Fair value reserve
3,604,244
2,831,250
Profit and loss reserve
10
557,443
503,681
Total equity
6,306,687
5,479,931
ACTION ACCOMMODATION LTD
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 period 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 period 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 10492957 (England and Wales)
ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Action Accommodation Ltd 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
Reporting period

These financial statements cover the 9 months to 31 December 2023. The comparative figures and notes cover the 12 months to 31 March 2023.

1.2
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the rent received in the normal course of business.

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.

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.

ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 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.

ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

1.11
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2023
Number
Number
Total
2
2
ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
11,818
Additions
2,005
At 31 December 2023
13,823
Depreciation and impairment
At 1 April 2023
8,522
Depreciation charged in the period
5,301
At 31 December 2023
13,823
Carrying amount
At 31 December 2023
-
0
At 31 March 2023
3,296
4
Investment property
2023
£
Fair value
At 1 April 2023
12,388,951
Additions
42,000
Disposals
(233,600)
Revaluations
1,085,659
At 31 December 2023
13,283,010

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.

5
Fixed asset investments
2023
2023
£
£
Other investments other than loans
-
0
51,032
ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
51,032
Disposals
(51,032)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 March 2023
51,032
6
Financial instruments
2023
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
51,032
7
Debtors
2023
2023
Amounts falling due within one year:
£
£
Other debtors
189,225
6,974
8
Creditors: amounts falling due within one year
2023
2023
£
£
Amounts owed to group undertakings
524,321
-
0
Corporation tax
43,000
45,330
Other creditors
90,283
296,127
657,604
341,457
ACTION ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
9
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans and overdrafts
5,306,529
5,710,258

Bank loans are secured by fixed and floating charges over the company's assets.

10
Profit and loss reserve

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.

11
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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