Company registration number 12858505 (England and Wales)
MY STUDENT DIGS YORK ROAD LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MY STUDENT DIGS YORK ROAD LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MY STUDENT DIGS YORK ROAD LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,500,000
2,500,000
Current assets
Stocks
1,698,476
9,517
Debtors
4
65,815
Cash at bank and in hand
157,104
134,261
1,921,395
143,778
Creditors: amounts falling due within one year
5
(213,375)
(112,723)
Net current assets
1,708,020
31,055
Total assets less current liabilities
4,208,020
2,531,055
Creditors: amounts falling due after more than one year
6
(2,641,500)
(1,000,000)
Provisions for liabilities
(216,912)
(216,912)
Net assets
1,349,608
1,314,143
Capital and reserves
Called up share capital
7
650,000
650,000
Revaluation reserve
8
650,736
650,736
Profit and loss reserves
48,872
13,407
Total equity
1,349,608
1,314,143
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.
MY STUDENT DIGS YORK ROAD LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr N R Morris
Director
Company registration number 12858505 (England and Wales)
MY STUDENT DIGS YORK ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
My Student Digs York Road Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 63 Regent Road, Leicester, LE1 6YF.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 investment properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income from freehold investment properties provided in the normal course of business and is shown net of VAT and other sales related taxes.
Rental income is recognised on a straight line basis over the term of the relevant lease.
1.3
Investment property
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.
1.4
Stocks
Stocks 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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.6
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MY STUDENT DIGS YORK ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,500,000
Investment property comprises of residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30/06/2022 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and gross yield of the rental income generated by the property. The directors do not consider the fair value at 30/06/2024 to be significantly different to that of the most recent valuation.
MY STUDENT DIGS YORK ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Investment property
(Continued)
- 5 -
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
1,632,352
1,632,352
Accumulated depreciation
-
-
Carrying amount
1,632,352
1,632,352
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,169
Other debtors
15,577
Prepayments and accrued income
49,069
65,815
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,242
201
Corporation tax
8,534
3,163
Other creditors
115,506
90,000
Accruals and deferred income
30,093
19,359
213,375
112,723
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
2,641,500
1,000,000
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
650,000
650,000
650,000
650,000
MY STUDENT DIGS YORK ROAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
650,736
650,736
The revaluation reserve comprises revaluation surpluses for certain investment properties, net of associated deferred tax on these surpluses.
9
Transition to FRS 102
For the year ended 30 June 2024 the company adopted FRS 102 Financial Reporting Standard. The changes arising due to the transition from FRS105 to FRS102 are the recognition of investment property at fair value (increase of £867,648) and accounting for deferred tax (£216,912). Adjustments have been made as at the transition date of 1 July 2022 to effect these changes. The accounting policies detailed in Note 1 to the financial statements explain in more detail the treatment of specific items and balances under FRS102.
10
Events after the reporting date
A further issue of 583,000 share capital was made on 25 October 2024, totalling £583,000.