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REGISTRAR OF COMPANIES

Registration number: 05020799

U Student (Carlisle) Ltd

Unaudited Financial Statements

31 July 2024

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U Student (Carlisle) Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
U Student (Carlisle) Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of U Student (Carlisle) Ltd for the year ended 31 July 2024 as 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of U Student (Carlisle) Ltd, as a body, in accordance with the terms of our engagement letter dated 20 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of U Student (Carlisle) Ltd and state those matters that we have agreed to state to the Board of Directors of U Student (Carlisle) Ltd, 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 U Student (Carlisle) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that U Student (Carlisle) 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 U Student (Carlisle) Ltd. You consider that U Student (Carlisle) 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 U Student (Carlisle) 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.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

22 April 2025

 

U Student (Carlisle) Ltd

(Registration number: 05020799)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,520,000

1,520,000

Current assets

 

Cash at bank and in hand

 

39,636

26,632

Creditors: Amounts falling due within one year

6

(260,531)

(254,878)

Net current liabilities

 

(220,895)

(228,246)

Total assets less current liabilities

 

1,299,105

1,291,754

Creditors: Amounts falling due after more than one year

6

(332,338)

(367,621)

Provisions for liabilities

(69,658)

(69,531)

Net assets

 

897,109

854,602

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Non-distributable reserve

 

356,310

356,310

Profit and loss account

540,699

498,192

Total equity

 

897,109

854,602

 

U Student (Carlisle) Ltd

(Registration number: 05020799)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2025
 

.........................................

M H Boak

Director

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Oakvale House
Thomas Lane
Burgh Road Industrial Estate
CARLISLE
CA2 7ND

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

The company has net current liabilities at 31 July 2024 and meets its day to day working capital requirements through support from other related companies and bank borrowings. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its other related companies or the bank, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 and deferred 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.

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Furniture, fittings and office equipment

15% reducing balance and 33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses 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. Trade creditors 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 where due after more than one year.

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 August 2023

11,242

11,242

At 31 July 2024

11,242

11,242

Depreciation

At 1 August 2023

11,242

11,242

At 31 July 2024

11,242

11,242

Carrying amount

At 31 July 2024

-

-

5

Investment properties

£

At 1 August 2023

1,520,000

At 31 July 2024

1,520,000

There has been no valuation of investment property by an independent valuer. The director considers the current valuation to be appropriate.

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

205,516

59,405

Trade creditors

 

13,134

144,023

Taxation and social security

 

108

-

Corporation tax liability

 

14,042

9,907

Other creditors

 

27,731

41,543

 

260,531

254,878

Due after one year

 

Loans and borrowings

8

332,338

367,621

2024
£

2023
£

After more than five years by instalments

163,777

209,722

163,777

209,722

7

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

356,310

Transfer

-

Other movement

-

Deferred tax

-

Carried forward

356,310

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

35,632

33,378

Other borrowings

169,884

26,027

205,516

59,405

 

U Student (Carlisle) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

35,632

33,378

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

332,338

367,621

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

332,338

367,621

Bank borrowings are secured by fixed and floating charges over the company's assets.