Company registration number 13347317 (England and Wales)
BTR PRS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BTR PRS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BTR PRS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
79,059
132,299
Tangible assets
4
9,134
4,103
88,193
136,402
Current assets
Debtors - deferred tax
221,856
167,774
Debtors - other
5
231,431
264,904
Cash at bank and in hand
135,853
111,682
589,140
544,360
Creditors: amounts falling due within one year
6
(781,299)
(445,726)
Net current (liabilities)/assets
(192,159)
98,634
Net (liabilities)/assets
(103,966)
235,036
Capital and reserves
Called up share capital
7
750,100
750,100
Profit and loss reserves
(854,066)
(515,064)
Total equity
(103,966)
235,036

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 18 November 2024 and are signed on its behalf by:
Mr M Corbett
Director
Company registration number 13347317 (England and Wales)
BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

BTR PRS Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hornbeam House, Hornbeam Park, Harrogate, HG2 8QT.

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

At the time of approving the financial statements, the directors havetrue reviewed the balance sheet position, cash resources and forecasts covering at least the next 12 months.

 

The directors have received written confirmation that the parent company will continue to provide support to the company, including with respect to recovery of the amounts owed to group undertakings, to allow the company to meet its obligations as they fall due for a period of at least 12 months following approval of the accounts.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from annual contracts is recognised on a straight line basis over the period to which they relate. Where the contract includes a management fee, this is calculated and invoiced on a monthly basis.

 

Project income is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Revenue is recognised only to the extent of the expenses recognised that are recoverable or the work has been certified.

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.

BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
Trade Marks
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
33% 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
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.7
Cash and cash equivalents

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

1.8
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.

BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2024
2023
Number
Number
Total
14
6
3
Intangible fixed assets
Software
Trade Marks
Total
£
£
£
Cost
At 1 April 2023
164,612
5,848
170,460
Additions
35,354
-
0
35,354
At 31 March 2024
199,966
5,848
205,814
Amortisation and impairment
At 1 April 2023
36,049
2,112
38,161
Amortisation charged for the year
86,828
1,766
88,594
At 31 March 2024
122,877
3,878
126,755
Carrying amount
At 31 March 2024
77,089
1,970
79,059
At 31 March 2023
128,563
3,736
132,299
BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Equipment
£
Cost
At 1 April 2023
6,126
Additions
8,915
At 31 March 2024
15,041
Depreciation and impairment
At 1 April 2023
2,023
Depreciation charged in the year
3,884
At 31 March 2024
5,907
Carrying amount
At 31 March 2024
9,134
At 31 March 2023
4,103
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,779
141,544
Other debtors
61,652
123,360
231,431
264,904
Deferred tax asset
221,856
167,774
453,287
432,678
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,446
74,997
Amounts owed to group undertakings
632,983
243,603
Taxation and social security
88,399
32,836
Other creditors
32,471
94,290
781,299
445,726
BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
85
85
85
85
Ordinary B shares of £1 each
15
15
15
15
100
100
100
100
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
500,000
500,000
500,000
500,000
Preference A shares of £1 each
250,000
250,000
250,000
250,000
750,000
750,000
750,000
750,000
Preference shares classified as equity
750,000
750,000
Total equity share capital
750,100
750,100

On 6 May 2022 the company issued an additional £250,000 of preference A shares to existing shareholders.

8
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.

Senior Statutory Auditor:
Paul Spencer BSc(Hons) FCA
Statutory Auditor:
MHA
9
Related party transactions
Transactions with related parties

During the year the company incurred expenditure of £720,267 (2023: £268,779) from entities with control over the company. At the year end a net amount of £729,549 (2023: £243,603) was owed to entities with control over the company.

BTR PRS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Parent company

The parent company of BTR PRS Ltd is Homes For Students Limited, and its registered office is Hornbeam Park, Hookstone Road, Harrogate, North Yorkshire, HG2 8QT.

 

The largest and only group of which the company is a member and for which group accounts are drawn up is that headed by Homes For Students Limited.

 

Copies of group accounts for Homes For Students Limited, have been delivered to, and are available from, The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

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