Company registration number 03087052 (England and Wales)
COLLEGE HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
COLLEGE HOMES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
COLLEGE HOMES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COLLEGE HOMES LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of College Homes Limited for the year ended 30 June 2024 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of College Homes Limited, as a body, in accordance with the terms of our engagement letter dated 22 June 2021. Our work has been undertaken solely to prepare for your approval the financial statements of College Homes Limited and state those matters that we have agreed to state to the board of directors of College Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than College Homes Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that College Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of College Homes Limited. You consider that College Homes Limited 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 financial statements of College Homes Limited. 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 financial statements.

Spencer Gardner Dickins Limited
20 March 2025
2025-03-20
Chartered Accountants
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
COLLEGE HOMES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,588
24,824
Investment property
4
50,000
50,000
80,588
74,824
Current assets
Stocks
1,705,058
1,661,464
Debtors
5
5,657
8,861
Cash at bank and in hand
45,330
20,243
1,756,045
1,690,568
Creditors: amounts falling due within one year
6
(629,735)
(462,820)
Net current assets
1,126,310
1,227,748
Total assets less current liabilities
1,206,898
1,302,572
Creditors: amounts falling due after more than one year
7
(563,289)
(629,289)
Provisions for liabilities
(3,337)
(399)
Net assets
640,272
672,884
Capital and reserves
Called up share capital
8
437,541
437,541
Non-distributable profits reserve
9
9,121
9,121
Distributable profit and loss reserves
193,610
226,222
Total equity
640,272
672,884

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

COLLEGE HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
R H Robotham
Director
Company registration number 03087052 (England and Wales)
COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

College Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm, Shipston Road, Upper Tysoe, Warwick, CV35 0TR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of properties and building works provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from property sales is recognised in the financial statements when legal completion takes place.

1.4
Tangible fixed assets

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

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

Computer equipment
over 3 years straight line
Plant, office furniture and equipment
over 3 to 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

1.6
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses.

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.

COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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 and work in progress.

 

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

 

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

1.12
Retirement benefits

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

2
Employees

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

2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
54,524
Additions
28,186
Disposals
(25,750)
At 30 June 2024
56,960
Depreciation and impairment
At 1 July 2023
29,700
Depreciation charged in the year
12,827
Eliminated in respect of disposals
(16,155)
At 30 June 2024
26,372
Carrying amount
At 30 June 2024
30,588
At 30 June 2023
24,824
COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
50,000

Investment property comprises a share of a residential property. The fair value of the investment property has been arrived on the basis of a valuation by the directors. The valuation was made on an open market value basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
38,740
38,740
Accumulated depreciation
-
-
Carrying amount
38,740
38,740
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
90
-
0
Corporation tax recoverable
800
762
Other debtors
-
0
3,114
Prepayments and accrued income
4,767
4,985
5,657
8,861
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
80,000
80,000
Trade creditors
13,904
21,164
Taxation and social security
18,397
6,123
Other creditors
458,216
324,524
Accruals and deferred income
59,218
31,009
629,735
462,820

Other borrowings includes a loan from WCHL Executive Pension Scheme of £80,000 (2023 : £80,000). This loan is secured by a registered charge relating to The Rowans, Kineton Road, Pillerton Priors, Warwick CV35 0PH.

COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
563,289
629,289

Other borrowings includes a loan from WCHL Executive Pension Scheme of £160,000 (2024 : £240,000). This loan is secured by a registered charge relating to The Rowans, Kineton Road, Pillerton Priors, Warwick CV35 0PH.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,500
3,500
3,500
3,500
Ordinary A shares of £1 each
432,541
432,541
432,541
432,541
Ordinary B shares of £1 each
1,500
1,500
1,500
1,500
437,541
437,541
437,541
437,541

The Ordinary A shares of £1 each have no voting rights, which the Ordinary shares and Ordinary B shares do, but otherwise are subject to the same conditions detailed in the Memorandum and Articles of Association as the Ordinary and Ordinary B shares.

9
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
9,121
9,121
10
Financial commitments, guarantees and contingent liabilities

Included within long term creditors is an interest bearing loan of £403,289 (2023 : £389,289). The interest rate will be set and is due to be paid on the completion of a specific property sale. No reliable estimate can be made of the quantum of the amount of the interest.

11
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
457,969
324,524
Other related parties
643,289
709,289
COLLEGE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Related party transactions
(Continued)
- 9 -

The company incurs interest payable on the above key management personnel loans at a rate of 10% per annum on a cumulative basis. The interest is credited to the directors loan accounts.

 

Included in other related parties above are interest bearing shareholder loans of £403,289 (2023 : £389,289). Also included in other related parties above are interest bearing loans from a related pension scheme of £240,000 (2023 : £320,000).

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