Company registration number SC536394 (Scotland)
EDINBURGH STUDENT LETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
EDINBURGH STUDENT LETS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
EDINBURGH STUDENT LETS LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
771,794
771,794
Current assets
Stocks
8,877,657
5,419,585
Creditors: amounts falling due within one year
4
(10,753)
(9,793)
Net current assets
8,866,904
5,409,792
Total assets less current liabilities
9,638,698
6,181,586
Creditors: amounts falling due after more than one year
5
(9,765,547)
(6,305,675)
Net liabilities
(126,849)
(124,089)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(126,851)
(124,091)
Total equity
(126,849)
(124,089)

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 30 June 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 member has 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 20 September 2024 and are signed on its behalf by:
S O'Driscoll
Director
Company Registration No. SC536394
EDINBURGH STUDENT LETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Edinburgh Student Lets Ltd is a private company limited by shares incorporated in Scotland. The registered office is c/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh, Scotland, EH3 8BP.

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 financial statements have been prepared on a going concern basis even though at the balance sheet date the company's net liabilities were £126,849 (2022: £124,089).

 

The directors consider the going concern basis to be appropriate because, in his opinion, the company will continue to obtain support to enable it to pay its debts as they fall due.

 

If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.        

1.3
Fixed asset investments

Interests in subsidiaries 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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

EDINBURGH STUDENT LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments 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
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
771,794
771,794
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
360
-
0
Other creditors
10,393
9,793
10,753
9,793
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
9,765,547
6,305,675
EDINBURGH STUDENT LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Related party transactions

Included in creditors falling due within one year is an amount of £7,993 (2022: £5,593) owed to a company in which S O'Drisoll and B Patel are directors.

 

A loan in Lanark Student Living Limited, an immediate parent, is secured against the assets of the company.

8
Parent company

The company's immediate parent company is Lanark Student Living Limited and the ultimate parent company is CAS Property Limited. The registered office address is 166 College Road, Harrow, Middlesex, HA1 1RA.

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