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REGISTERED NUMBER: 04886412 (England and Wales)















CRM STUDENTS LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


CRM STUDENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K White
R A Skeels
J Persechino
W Rainsford
C R Holloway





SECRETARY: Kerry Secretarial Services Limited





REGISTERED OFFICE: Hanborough House
5 Wallbrook Court
North Hinksey Lane
Botley
Oxfordshire
OX2 0QS





REGISTERED NUMBER: 04886412 (England and Wales)





AUDITORS: Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 December 2023, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.

The directors consider the results to be satisfactory given the challenges resulting from the implementation of the replacement property management systems. The implementation was successfully completed in 2024 which, together with the ongoing investment in technology and our teams, will enable us to provide an enhanced offering to key stakeholders, and students through their educational journey.

PRINCIPAL RISKS AND UNCERTAINTIES
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company.

The demand for student accommodation is affected by economic conditions. Occupancy levels have improved significantly in 2023/23 as the market returns to normality after the COVID-19 pandemic. However, a prolonged further period of disruption could adversely affect the financial results.

The Company operates in a competitive market featuring innovation in products and the methods by which it is marketed, as well as price pressures. The Company seeks to constantly invest in its brand to increase public awareness. The Company also monitors competitor activity closely.

The Company has well established and close relationships with clients and risk is spread by not placing over-reliance on any one client. However, if a relationship were lost or damaged with a major client this could have a detrimental effect on the business. The management team meets regularly with clients to maintain good working relationships and is confident they can make appropriate adjustments to existing expenditure to mitigate these risks.

The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk.

KEY PERFORMANCE INDICATORS
The key performance indicators used by the directors to monitor the progress of the Company are set out below:

2023 2022
Key performance indicators £ £

Turnover 8,187,581 7,438,658
Gross profit 8,060,730 7,280,545
Gross profit margin 98.45% 97.87%
Operating loss (565,685) (1,631,781)
Loss before taxation (551,899) (1,628,779)

DIRECTORS' VIEW ON ADOPTING THE GOING CONCERN BASIS
As at the balance sheet date, the financial statements showed loss after tax £551,899 and net liabilities
£807,708. The company meets its day-to-day working capital requirements through its bank facilities and
financial support from its parent company.

In 2024, the company has reported a profit, from ongoing trading, in its management accounts to November.
The parent company management charges have ceased since the change of ownership company which has facilitated the reporting of a small profit before taxation in the post acquisition period.

The directors have given due consideration to the working capital and cash flow requirements based on the current
management accounts information and 2025 budget and forecast statements.

The long term success of the business is dependent on it continuing to increase its turnover, effective cost
management and careful cash flow management. The directors are confident that this can be achieved and thus
the company continues to adopt the going concern basis in preparing its financial statements.


CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE COMPANY SUCCESS
The directors believe that they have acted at all times to promote the success of the Company for the benefit of its members as a whole. In doing so, the Board has considered the interests of a range of stakeholders impacted by the business, as well as having regard for the matters set out in s.172(1) of the Companies Act 2006, namely:

- the likely consequences of any decisions in the long term;
- the interests of the Company's employees;
- the need to foster the Company's business relationships with suppliers, customers and others;
- the impact of the Company's operations on the community and the environment;
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the Company.

This report was approved by the board on 18 December 2024 and signed on its behalf.

ON BEHALF OF THE BOARD:





J Persechino - Director


18 December 2024

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the management of residential property in particular the student accommodation market.

DIVIDENDS
The loss for the year, after taxation, amounted to £551,899 (2022: loss £1,628,779)

The directors do not recommend a final dividend for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
During 2023, the company will continue to operate as outlined in the principal activity note above.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

J Persechino (Appointed 18 April 2024)
W Rainsford (Appointed 1 August 2024)
C Holloway (Appointed 18 April 2024, resigned 31 July 2024)
K White (Resigned 30 June 2024)
R Skeels (Resigned 30 June 2024)

CHARITABLE DONATIONS
No donations made this year (2022: £351)

ENGAGEMENT WITH EMPLOYEES
The Company has a culture of continuous improvement through investment in people at all levels within the Company, looking to encourage and develop all members of staff to realise their full potential. Wherever possible, vacancies are filled from within the Company and adequate opportunities for internal promotion are created.

The Company is committed to pursuing equality and diversity in all its employment activities including recruitment, training, career development and promotion and ensuring there is no bias or discrimination in the treatment of employees.

Employees are consulted regularly about changes which may affect them through regular meetings and communications, which are used to ensure that employees are kept up to date with the business performance of their employer and the financial and economic factors affecting the performance of the Company.

Disabled employees

Through its diversity policy, the Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities.

The Company's policies and procedures fully support our disabled colleagues. We take active measures to do so via:

- A robust and reasonable adjustment policy;

- disability-specific resources maintained by HR; and

- processes to ensure that colleagues are fully supported.

The Company is responsive to the needs of its employees. As such, should any employee of the Company become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, in order to keep the employee with the Company. It is the policy of the Company that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have disclosed additional performance data for the Company in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.


CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Cox Costello & Horne, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





J Persechino - Director


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRM STUDENTS LIMITED


Opinion
We have audited the financial statements of CRM Students Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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.

Material uncertainty related to going concern
In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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 in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRM STUDENTS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of rregularities, including fraud.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding
compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the
company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits
legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the
related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an effect: laws and regulations relevant to employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and
regulations, and no procedures over and above those already noted are required. These limited procedures did not
identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the
financial statements.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRM STUDENTS LIMITED


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 a Report of the Auditors 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.




Michael F Cox BSc FCA (Senior Statutory Auditor)
for and on behalf of Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

18 December 2024

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 8,187,581 7,438,658

Cost of sales 126,851 158,113
GROSS PROFIT 8,060,730 7,280,545

Administrative expenses 8,680,531 8,959,906
(619,801 ) (1,679,361 )

Other operating income 54,116 47,580
OPERATING LOSS 5 (565,685 ) (1,631,781 )

Interest receivable and similar income 13,786 3,002
LOSS BEFORE TAXATION (551,899 ) (1,628,779 )

Tax on loss 6 - (39,301 )
LOSS FOR THE FINANCIAL YEAR (551,899 ) (1,589,478 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(551,899

)

(1,589,478

)

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 84,054 250,227
Investments 9 117,441 114,350
201,495 364,577

CURRENT ASSETS
Debtors 10 4,390,195 3,206,339
Cash at bank and in hand 2,607,341 3,306,437
6,997,536 6,512,776
CREDITORS
Amounts falling due within one year 11 8,006,737 7,133,160
NET CURRENT LIABILITIES (1,009,201 ) (620,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(807,706

)

(255,807

)

CAPITAL AND RESERVES
Called up share capital 13 100,700 100,700
Share premium 87,500 87,500
Capital redemption reserve 1,974 1,974
Retained earnings (997,880 ) (445,981 )
SHAREHOLDERS' FUNDS (807,706 ) (255,807 )

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





J Persechino - Director


CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 100,700 1,143,497 87,500 1,974 1,333,671

Changes in equity
Total comprehensive income - (1,589,478 ) - - (1,589,478 )
Balance at 31 December 2022 100,700 (445,981 ) 87,500 1,974 (255,807 )

Changes in equity
Total comprehensive income - (551,899 ) - - (551,899 )
Balance at 31 December 2023 100,700 (997,880 ) 87,500 1,974 (807,706 )

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

CRM Students Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Going Concern
As at the balance sheet date, the financial statements showed loss after tax £551,899 and net liabilities £807,707. The company meets its day-to-day working capital requirements through its bank facilities and financial support from its parent company.

In 2024, the company has reported a profit, from ongoing trading, in its management accounts to November. The parent company management charges have ceased since the change of ownership company which has facilitated the reporting of a small profit before taxation in the post acquisition period. The directors have given due consideration to the working capital and cash flow requirements based on the current management accounts information and 2025 budget and forecast statements.

The long term success of the business is dependent on it continuing to increase its turnover, effective cost management and careful cash flow management. The directors are confident that this can be achieved and thus the company continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Preparation of consolidated financial statements
The financial statements contain information about CRM Students Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Yugo Holdings Limited, 2nd Floor Castlemead, Lower Castle Street, Bristol, England, BS1 3AG.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

- Critical judgements
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities outlined below:

- Useful economic life of tangible fixed assets
Management reviews its estimates of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Residual value and useful life assessments consider issues such as future market conditions, the remaining life of the asset and maintenance programmes.

- Impairment
Management assesses the impairment of fixed assets subject to depreciation or amortisation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that may trigger an impairment review include the following: changes in the manner of the use of the acquired assets or the strategy of the overall business, significant negative industry or economic trends, taking into account market knowledge, professional judgement and historical transactional comparable.

Turnover
Turnover comprises revenue recognised by the company in respect of services supplied. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.

Rendering of services

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of the services provided to the client;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial instruments
a) Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank and in hand
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
Under the Pension Act 2008, the company must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrollment laws, the company signed a participation agreement with a pension provider by which staff become members of an independently administered pension plan (plan). The plan is run as a trust with assets held separately from the company. The company and staff make contributions as specified in the plan which is considered to be on a defined contribution basis. The contributions payable by the company and staff are deposited in the pension plan within 30 days following the deduction. Once the contributions have been paid, the company as employer, has no further obligations. The company's contributions are charged to the profit and loss account in the period to which they relate.

Investment in subsidiaries and joint venture
Investment in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment in jointly controlled entities are recognised at cost less accumulated impairment losses.

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Management fees 6,603,106 5,996,307
Recharges 1,067,786 963,024
Set up fees 465,630 403,557
Consultancy fees 51,059 75,770
8,187,581 7,438,658

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 8,187,581 7,438,658
8,187,581 7,438,658

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 4,646,108 4,475,247
Social security costs 440,973 449,124
Other pension costs 87,448 94,868
5,174,529 5,019,239

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administrative and head office staff 109 106

31.12.23 31.12.22
£    £   
Directors' remuneration 194,849 212,861

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Other operating leases 228,888 250,595
Depreciation - owned assets 166,173 230,092
Auditors' remuneration 11,500 11,500
Foreign exchange differences (12,662 ) 55,937

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Deferred tax - (39,301 )
Tax on loss - (39,301 )

UK corporation tax has been charged at 25% (2022 - 19%).

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Loss before tax (551,899 ) (1,628,779 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(137,975

)

(309,468

)

Effects of:
Expenses not deductible for tax purposes 45,456 44,565
Income not taxable for tax purposes (6,138 ) (1,418 )
Capital allowances in excess of depreciation - (39,301 )
Utilisation of tax losses 3,447 570
Loss carried forward 95,210 265,751

Total tax credit - (39,301 )

No liabilities to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

At the reporting date, the company has tax losses of approximately £4,037,565 (2022: £3,656,725), subject to agreement with HMRC, are available to carry forward and offset against future profits of the company.

No deferred tax is recognised in relation to the tax losses as the directors do not consider it prudent to recognise a deferred tax asset on the balance sheet at the current time in light of the accounting losses incurred to date.

No deferred tax is recognised in relation to capital allowances in excess of depreciation as there are sufficient tax losses to utilise against future profits.

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 153,970
AMORTISATION
At 1 January 2023
and 31 December 2023 153,970
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 169,738 183,720 2,863,634 3,217,092
DEPRECIATION
At 1 January 2023 128,848 157,352 2,680,665 2,966,865
Charge for year 13,262 6,470 146,441 166,173
At 31 December 2023 142,110 163,822 2,827,106 3,133,038
NET BOOK VALUE
At 31 December 2023 27,628 19,898 36,528 84,054
At 31 December 2022 40,890 26,368 182,969 250,227

9. FIXED ASSET INVESTMENTS
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 January 2023 355,423 103,625 459,048
Share of profit/(loss) - 53,091 53,091
Dividends received - (50,000 ) (50,000 )
At 31 December 2023 355,423 106,716 462,139
PROVISIONS
At 1 January 2023
and 31 December 2023 344,698 - 344,698
NET BOOK VALUE
At 31 December 2023 10,725 106,716 117,441
At 31 December 2022 10,725 103,625 114,350

The company together with Cityheart Limited, are equal partners in Santes Fair Management LLP. The company has provided a parental company guarantee for the partnership. The directors do not expect a claim to be made against this guarantee.

10. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,416,619 412,947
Other debtors 628 8,580
Prepayments and accrued income 2,071,595 1,984,949
3,488,842 2,406,476

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DEBTORS - continued
31.12.23 31.12.22
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 901,353 799,863

Aggregate amounts 4,390,195 3,206,339

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 369,412 522,851
Amounts owed to group undertakings 2,380,300 1,862,048
Social security and other taxes 979,432 1,020,643
Other creditors 1,960,530 1,943,002
Accruals and deferred income 2,317,063 1,784,616
8,006,737 7,133,160

Within other creditors balance, £1,896,833 (2022: £1,811,642) related to the liabilities due to their clients as a result of overpayments made.

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Between one and five years 411,667 608,000

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,700 A Ordinary 10p 170 170
171,059 B Ordinary 50p 85,530 85,530
15,000 C Ordinary £1 15,000 15,000
100,700 100,700

A Ordinary
The shares carry a right to receive a notice of and attend, speak and vote at all general meetings of the company. Each A share does not carry the right to receive a dividend.

B Ordinary
The shares carry a right to receive a notice of and attend and speak at all general meetings of the company, but shall not have the right to vote at any general meetings of the company. Each B share shall rank equally for dividends and shall be entitled to receive any dividends or other distributions made by the company.

C Ordinary
The shares do not carry a right to receive a notice of and attend, speak and vote at all general meetings of the company. Each C share shall rank equally for dividends and shall be entitled to receive any dividends to the extent that one is declared in favour of C ordinary shares in accordance with the articles of association. The holders of the C ordinary shares shall be entitled to a share in the proceeds on a winding up or liquidation in accordance with article 4 of the articles of association.

CRM STUDENTS LIMITED (REGISTERED NUMBER: 04886412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £108,752 (2022: £105,425). Contribution totalling £48,976 (2022: £25,821) were payable to the fund at the reporting date and are included in creditors.

15. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking of CRM Students Limited is The Dot Group Limited, a company incorporated in The Cayman Islands.

The ultimate parent undertaking of Yugo Holdings Ltd is Capital Values Group Limited, a company incorporated in Jersey.

The ultimate controlling party, by virtue of his majority shareholding, is Mr Nicholas Porter.

The largest and smallest group in which the results of the Company and its group are consolidated is that headed by Yugo Holdings Limited.