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Company No: 09997301 (England and Wales)

BRIGHTON STUDENT DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

BRIGHTON STUDENT DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

BRIGHTON STUDENT DEVELOPMENTS LIMITED

BALANCE SHEET

As at 29 February 2024
BRIGHTON STUDENT DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,847 9,365
Investment property 4 10,563,313 10,738,313
Investments 5 4 4
10,570,164 10,747,682
Current assets
Debtors 6 13,020 24,193
Cash at bank and in hand 232,416 285,465
245,436 309,658
Creditors: amounts falling due within one year 7 ( 417,669) ( 352,014)
Net current liabilities (172,233) (42,356)
Total assets less current liabilities 10,397,931 10,705,326
Creditors: amounts falling due after more than one year 8 ( 6,710,632) ( 7,054,885)
Provision for liabilities ( 361,359) ( 412,991)
Net assets 3,325,940 3,237,450
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 1,078,941 1,231,950
Profit and loss account 2,246,899 2,005,400
Total shareholder's funds 3,325,940 3,237,450

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Brighton Student Developments Limited (registered number: 09997301) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr J Blackburn-Panteli
Director
Mrs N Blackburn-Panteli
Director
BRIGHTON STUDENT DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
BRIGHTON STUDENT DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Brighton Student Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 March 2023 11,775 1,693 13,468
At 29 February 2024 11,775 1,693 13,468
Accumulated depreciation
At 01 March 2023 2,944 1,159 4,103
Charge for the financial year 2,208 310 2,518
At 29 February 2024 5,152 1,469 6,621
Net book value
At 29 February 2024 6,623 224 6,847
At 28 February 2023 8,831 534 9,365

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 10,738,313
Fair value movement (175,000)
As at 29 February 2024 10,563,313

Valuation

The investment properties were valued by the directors at 29 February 2024 to reflect the fair value.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 March 2023 4 4
At 29 February 2024 4 4
Carrying value at 29 February 2024 4 4
Carrying value at 28 February 2023 4 4

6. Debtors

2024 2023
£ £
Trade debtors 2,686 14,737
Other debtors 10,334 9,456
13,020 24,193

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 222,971 216,004
Amounts owed to Group undertakings 100 100
Taxation and social security 69,183 48,882
Other creditors 125,415 87,028
417,669 352,014

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,380,632 4,604,885
Amounts owed to directors 2,330,000 2,450,000
6,710,632 7,054,885

Lloyds Bank PLC hold fixed and floating charges over the properties and other assets owned by the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40 Ordinary A shares of £ 1.00 each 40 40
40 Ordinary B shares of £ 1.00 each 40 40
5 Ordinary C shares of £ 1.00 each 5 5
5 Ordinary D shares of £ 1.00 each 5 5
5 Ordinary E shares of £ 1.00 each 5 5
5 Ordinary F shares of £ 1.00 each 5 5
100 100