Company Registration No. 02358326 (England and Wales)
STUDYHOME 1992 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STUDYHOME 1992 LIMITED
COMPANY INFORMATION
Directors
R C W Barber
G R G Nicholson
J H Jackson
P J D Laws
Secretary
J R G Stonehouse
Company number
02358326
Registered office
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
Auditor
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
TAUNTON
Somerset
TA1 2PX
Bankers
Lloyds TSB
24 - 26 High Street
WELLS
Somerset
BA5 2SJ
Accountants
Old Mill Accountancy Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
STUDYHOME 1992 LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
STUDYHOME 1992 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the letting of residential property on assured shorthold tenancies in the UK.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R C W Barber
G R G Nicholson
J H Jackson
P J D Laws
Auditor

Albert Goodman LLP were appointed as statutory auditors to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Business review

The company's properties have continued to be let successfully throughout the year and into the following year.

 

Three properties were sold within the year ended 30 June 2024. No properties were on the market to be sold at the balance sheet date.

 

All shareholders who wished to realise their investments by selling their shares in July 2023 were paid in full on the set dates and at the agreed prices.

 

The directors have reviewed likely future developments and remain of the opinion that there is no reason to believe that the company will cease trading as a result of inadequate financial resources of the company, or any other foreseeable event, within a period of at least 12 months from the approval date of the financial statements.

Purchase of own shares

On 3 July 2023 the company purchased 210,542 of its own shares with a nominal value of £189,488. The ordinary shares were purchased for a consideration of £802,418 plus costs of £5,221 and represent 3.41% of the called up share capital. The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 3 July 2023.

 

On 1 July 2024 the company purchased 294,291 of its own shares with a nominal value of £264,862. The ordinary shares were purchased for a consideration of £1,101,826 plus costs of £5,510 and represent 4.93% of the called up share capital. The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2024.

 

 

STUDYHOME 1992 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
J R G Stonehouse
Secretary
12 November 2024
STUDYHOME 1992 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STUDYHOME 1992 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STUDYHOME 1992 LIMITED
- 4 -
Opinion

We have audited the financial statements of Studyhome 1992 Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, the balance sheet, the statement of changes in equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 section 1A ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

The Directors’ Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

STUDYHOME 1992 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STUDYHOME 1992 LIMITED
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.

 

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

STUDYHOME 1992 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STUDYHOME 1992 LIMITED
- 6 -

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims.

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

STUDYHOME 1992 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STUDYHOME 1992 LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Walford ACA (Senior Statutory Auditor)
for and on behalf of Albert Goodman LLP
12 November 2024
Statutory Auditor
Goodwood House
Blackbrook Park Avenue
TAUNTON
Somerset
TA1 2PX
STUDYHOME 1992 LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Turnover
2,327,363
2,157,074
Cost of sales
(682,245)
(667,930)
Gross profit
1,645,118
1,489,144
Administrative expenses
(142,869)
(139,940)
Operating profit
1,502,249
1,349,204
Interest receivable and similar income
3,933
720
Interest payable and similar expenses
(197,667)
(159,515)
(Loss)/profit on disposal of fixed asset investments
(34,239)
17,607
Fair value gains/(losses) on investment properties
62,678
(24,696)
Profit before taxation
1,336,954
1,183,320
Taxation
(338,653)
(280,377)
Profit for the financial year
998,301
902,943
STUDYHOME 1992 LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,436
9,007
Investment properties
4
29,410,001
30,730,001
29,416,437
30,739,008
Current assets
Debtors
5
50,949
52,302
Cash at bank and in hand
1,209,627
494,724
1,260,576
547,026
Creditors: amounts falling due within one year
6
(751,153)
(591,903)
Net current assets/(liabilities)
509,423
(44,877)
Total assets less current liabilities
29,925,860
30,694,131
Creditors: amounts falling due after more than one year
7
(2,277,558)
(2,306,762)
Provisions for liabilities
8
(3,607,015)
(3,766,068)
Net assets
24,041,287
24,621,301
Capital and reserves
Called up share capital
5,368,062
5,557,550
Share premium account
5,328
5,328
Other equity reserve
(342,033)
(342,033)
Own shares
189,488
-
0
Profit and loss reserves
18,820,442
19,400,456
Total equity
24,041,287
24,621,301

These financial statements have been prepared 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 12 November 2024 and are signed on its behalf by:
P J D Laws
Director
Company Registration No. 02358326
STUDYHOME 1992 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Share premium account
Equity reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
5,557,550
5,328
(342,033)
-
0
19,238,520
24,459,365
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
902,943
902,943
Dividends
-
-
-
-
(741,007)
(741,007)
Balance at 30 June 2023
5,557,550
5,328
(342,033)
-
0
19,400,456
24,621,301
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
-
998,301
998,301
Dividends
-
-
-
-
(771,882)
(771,882)
Own shares acquired
(189,488)
-
-
189,488
(806,433)
(616,945)
Balance at 30 June 2024
5,368,062
5,328
(342,033)
189,488
18,820,442
24,041,287
STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Studyhome 1992 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bishopbrook House, Cathedral Avenue, WELLS, Somerset, BA5 1FD.

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”), with the adoption of the Triennial Review, 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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors consider it appropriate to prepare the statutory accounts on a going concern basis. Fixed assets could be liquidated to ensure all liabilities are met as they fall due. The company also has the ability to borrow based on assets held.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable from the provision of property rental within the UK, net of discounts and VAT.

 

Turnover is recognised in line with rental periods.

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, fittings & equipment
25% reducing balance

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 properties

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.

STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.6
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). 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
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.

 

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.

STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

Equity reserve

The other equity reserve is the difference between the nominal value of the shares cancelled on 1 July 2017 and 1 July 2019 under a company purchase of own shares, and the amount charged to capital after utilising the available capital redemption reserve of £99,624.

 

On 3 July 2023 the other equity reserve was then decreased further by a redemption of capital of £189,448, being the nominal value of the shares cancelled under a company purchase of own shares.

1.13

Profit and loss reserve

The profit and loss reserve of £18,813,109 carried forward at the year ended 30 June 2024, comprises of distributable profit reserves of £3,046,639 and non-distributable profit reserves of £15,766,470

2
Employees

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

2024
2023
Number
Number
Total
4
4
STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 July 2023
73,735
Disposals
(7,419)
At 30 June 2024
66,316
Depreciation and impairment
At 1 July 2023
64,728
Depreciation charged in the year
2,248
Eliminated in respect of disposals
(7,096)
At 30 June 2024
59,880
Carrying amount
At 30 June 2024
6,436
At 30 June 2023
9,007
4
Investment property
2024
£
Fair value
At 1 July 2023
30,730,001
Additions
42,322
Disposals
(1,425,000)
Revaluations
62,678
At 30 June 2024
29,410,001

The fair value of the investment property is comprised of freehold and long leasehold investment properties in the Clifton, Redland and Cotham areas of Bristol. They were valued on a vacant possession basis, by reference to market evidence of transaction prices for similar properties, as at 31 December 2023 by Ocean Surveyors Limited. Having made further enquiry of Ocean Surveyors Limited and having assessed the local property market with due consideration of the impact of current market conditions the directors believe there has been no material change in the value of the properties since the valuation.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
50,949
52,302
STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
29,203
26,153
Trade creditors
31,653
38,907
Corporation tax
511,381
362,929
Other creditors
178,916
163,914
751,153
591,903

The bank loans of £29,203 (2023: £26,153) are secured by fixed charges over certain investment properties.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,277,558
2,306,762

The bank loans of £2,775,588 (2023: £2,306,762) are secured by fixed charges over certain investment properties.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
3,607,015
3,766,068
2024
Movements in the year:
£
Liability at 1 July 2023
3,766,068
Credit to profit or loss
(159,053)
Liability at 30 June 2024
3,607,015

The rate used to calculate the deferred tax is 25%.

STUDYHOME 1992 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
9
Repurchase of own shares

On 3 July 2023, the company purchased 210,542 of its own shares with a nominal value of £189,488. The ordinary shares were purchased for a consideration of £802,418, plus costs of £5,221 and represent 3.41% of the called up share capital. The shares were repurchased in order to enable shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 3 July 2023.

 

On 1 July 2024 the company purchased 294,291 of its own shares with a nominal value of £264,862. The ordinary shares were purchased for a consideration of £1,101,826 plus costs of £5,510 and represent 4.93% of the called up share capital. The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2024.

10
Post balance sheet events

At a board meeting on 9 October 2024, the directors of Studyhome 1992 Limited declared a dividend of 13.5 pence per share to all registered shareholders at 30 June 2024. There being 5,964,514 registered shares in issue at 30 June 2024, this equates to a total dividend of £805,210.

 

On 1 July 2024, 294,291 shares with a nominal value of 90p each, being 4.93% of the shares in issue, were repurchased by the company for a total consideration of £1,101,826, in order to enable shareholders to realise their investments in the company. These shares were cancelled after repurchased.

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