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Registration number: 11738239

Smart Student Rentals Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Smart Student Rentals Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

Smart Student Rentals Ltd

Company Information

Directors

Dr Justin Rhys Thompson

Ms Lesley Jane Spencer

Registered office

Garlands
Stovar Long Lane
Beer
Devon
EX12 3EA

Accountants

CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smart Student Rentals Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smart Student Rentals Ltd for the year ended 30 June 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of International Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Smart Student Rentals Ltd, as a body, in accordance with the terms of our engagement letter dated 4 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of Smart Student Rentals Ltd and state those matters that we have agreed to state to the Board of Directors of Smart Student Rentals Ltd, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Student Rentals Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Smart Student Rentals Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Smart Student Rentals Ltd. You consider that Smart Student Rentals Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Smart Student Rentals Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.




CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

31 January 2025

 

Smart Student Rentals Ltd

(Registration number: 11738239)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

658

-

Investment property

2,370,475

1,925,000

 

2,371,133

1,925,000

Current assets

 

Cash at bank and in hand

 

6,578

59,443

Creditors: Amounts falling due within one year

(1,378,081)

(1,132,789)

Net current liabilities

 

(1,371,503)

(1,073,346)

Total assets less current liabilities

 

999,630

851,654

Creditors: Amounts falling due after more than one year

(809,854)

(635,400)

Accruals and deferred income

 

(35,929)

(59,134)

Net assets

 

153,847

157,120

Capital and reserves

 

Called up share capital

6

158

158

Share premium reserve

2,842

2,842

Revaluation reserve

144,884

144,884

Retained earnings

5,963

9,236

Shareholders' funds

 

153,847

157,120

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Smart Student Rentals Ltd

(Registration number: 11738239)
Abridged Balance Sheet as at 30 June 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

Dr Justin Rhys Thompson
Director

Ms Lesley Jane Spencer
Director

 
     
 

Smart Student Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Garlands
Stovar Long Lane
Beer
Devon
EX12 3EA

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Smart Student Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Smart Student Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

877

877

At 30 June 2024

877

877

Depreciation

Charge for the year

219

219

At 30 June 2024

219

219

Carrying amount

At 30 June 2024

658

658

 

Smart Student Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Investment properties

2024
£

At 1 July

1,925,000

Additions

445,475

At 30 June

2,370,475

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

40

40

40

40

Ordinary B shares of £1 each

40

40

40

40

Ordinary C shares of £1 each

39

39

39

39

Ordinary D shares of £1 each

39

39

39

39

158

158

158

158

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

144,884

144,884

 

Smart Student Rentals Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

8

Dividends

2024

2023

£

£

Interim dividend of £25.32 (2023 - £25.32) per ordinary share

4,000

4,000