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Company No: 02358326 (England and Wales)

# STUDYHOME 1992 LIMITED

### Annual Report and Financial Statements
For the financial year ended 30 June 2025

STUDYHOME 1992 LIMITED

## Annual Report and Financial Statements

For the financial year ended 30 June 2025

Contents

STUDYHOME 1992 LIMITED

## COMPANY INFORMATION

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 30 June 2025

DIRECTORS | Roy C W Barber
| John H Jackson
| Peter J D Laws
| Grahame R G Nicholson

SECRETARY | Jolyon Stonehouse

REGISTERED OFFICE | Bishopbrook House
| Cathedral Avenue
| Wells
| BA5 1FD
| United Kingdom

COMPANY NUMBER | 02358326 (England and Wales)

AUDITOR | Albert Goodman LLP
| Statutory Auditor
| Goodwood House
| Blackbrook Park Avenue
| Taunton
| TA1 2PX

BANKERS | Lloyds TSB
| 24 - 26 High Street
| Wells
| Somerset
| BA5 1FD

STUDYHOME 1992 LIMITED

## DIRECTORS' REPORT

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 30 June 2025

The directors present their annual report and the audited financial statements of the Company for the financial year ended 30 June 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of the letting of residential property on assured shorthold tenancies in the UK.

Business Review

The company's properties have continued to be let successfully throughout the year and into the following year.
Two properties are on the market at the year ended 30 June 2025 to be sold within the next financial year.
All shareholders who wished to realise their investments by selling their shares in July 2024 were paid in full on the set dates and at the agreed prices.
The directors have reviewed likely future developments and remain of the opinion that there is no reason to believe that the company will cease trading as a result of inadequate financial resources of the company, or any other foreseeable event, within a period of at least 12 months from the approval date of the financial statements.

Purchase of own shares

On 1 July 2024 the company purchased 294,291 of its own shares with a nominal value of 90p each. The ordinary shares were purchased for a consideration of £1,101,826 plus costs of £5,510 . The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2024.
On 1 July 2025 the company purchased 381,488 of its own shares with a nominal value of 90p each. The ordinary shares were purchased for a consideration of £1,446,603 plus costs of £7,235 . The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2025.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Roy C W Barber |
John H Jackson |
Peter J D Laws |
Grahame R G Nicholson |

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Albert Goodman LLP were appointed as statutory auditors to the company and are deemed to be reappointed under section 487(2) of the companies Act 2006

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

Jolyon Stonehouse Secretary |

Bishopbrook House
Cathedral Avenue
Wells
BA5 1FD
United Kingdom

31 October 2025

STUDYHOME 1992 LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 30 June 2025

The directors are responsible for preparing the annual 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 FRS 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 financial 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; and
* 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. The directors 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.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDYHOME 1992 LIMITED

For the financial year ended 30 June 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STUDYHOME 1992 LIMITED (continued)

For the financial year ended 30 June 2025

Opinion
We have audited the financial statements of Studyhome 1992 Limited for the financial year ended 30 June 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the accounting policies, and the related notes 1 to 10, including 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) incorporating the requirements of Section 1A.
In our opinion the financial statements of Studyhome 1992 Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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)). Our responsibilities under those standards are further described in the auditor's 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.

Conclusions relating 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Directors' Report has 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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; or
* The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, 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 is 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.

Auditor’s 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance;
•enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 auditor's report.

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 an auditor’s report 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.

Neil Johnstone (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP
Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX

31 October 2025

STUDYHOME 1992 LIMITED

## PROFIT AND LOSS ACCOUNT

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 June 2025

|  | 2025 |  | 2024
|  | £ |  | £
Turnover |  | 2,497,037 |  | 2,327,363
Cost of sales |  | ( 732,682) |  | ( 682,245)
Gross profit |  | 1,764,355 |  | 1,645,118
Administrative expenses |  | ( 156,749) |  | ( 142,869)
Operating profit |  | 1,607,606 |  | 1,502,249
Other non-operating loss |  | 0 |  | ( 34,239)
Profit before interest and taxation |  | 1,607,606 |  | 1,468,010
Interest receivable and similar income |  | 1,479 |  | 3,933
Interest payable and similar expenses |  | ( 188,203) |  | ( 197,667)
Other finance income |  | 19,150 |  | 62,678
Profit before taxation |  | 1,440,032 |  | 1,336,954
Tax on profit |  | ( 368,179) |  | ( 338,653)
Profit for the financial year |  | 1,071,853 |  | 998,301

STUDYHOME 1992 LIMITED

## BALANCE SHEET

As at 30 June 2025
STUDYHOME 1992 LIMITED

## BALANCE SHEET (continued)

As at 30 June 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 4,827 |  | 6,436
Investment property | 4 | 29,470,001 |  | 29,410,001
|  | 29,474,828 |  | 29,416,437
Current assets |  |  |  |
Debtors | 5 | 36,478 |  | 50,949
Cash at bank and in hand |  | 123,094 |  | 1,209,627
|  | 159,572 |  | 1,260,576
Creditors: amounts falling due within one year | 6 | ( 575,177) |  | ( 751,153)
Net current (liabilities)/assets |  | (415,605) |  | 509,423
Total assets less current liabilities |  | 29,059,223 |  | 29,925,860
Creditors: amounts falling due after more than one year | 7 | ( 2,246,826) |  | ( 2,277,558)
Provision for liabilities | 8 | ( 3,611,803) |  | ( 3,607,015)
Net assets |  | 23,200,594 |  | 24,041,287
Capital and reserves |  |  |  |
Called-up share capital | 9 | 5,103,201 |  | 5,368,062
Share premium account |  | 5,328 |  | 5,328
Capital redemption reserve |  | 112,316 |  | ( 152,545 )
Profit and loss account |  | 17,979,749 |  | 18,820,442
Total shareholder's funds |  | 23,200,594 |  | 24,041,287

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

The financial statements of Studyhome 1992 Limited (registered number: 02358326) were approved and authorised for issue by the Board of Directors on 31 October 2025. They were signed on its behalf by:

Peter J D Laws Director |

STUDYHOME 1992 LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 30 June 2025

| Called-up share capital |  | Share premium account |  | Capital redemption reserve |  | Profit and loss account |  | Total
| £ |  | £ |  | £ |  | £ |  | £
At 01 July 2023 | 5,557,550 |  | 5,328 |  | ( 342,033) |  | 19,400,457 |  | 24,621,302
Profit for the financial year | 0 |  | 0 |  | 0 |  | 998,301 |  | 998,301
Total comprehensive income | 0 |  | 0 |  | 0 |  | 998,301 |  | 998,301
Dividends paid on equity shares | 0 |  | 0 |  | 0 |  | ( 771,883) |  | ( 771,883)
Own shares acquired | ( 189,488) |  | 0 |  | 189,488 |  | ( 806,433) |  | ( 806,433)
At 30 June 2024 | 5,368,062 |  | 5,328 |  | ( 152,545) |  | 18,820,442 |  | 24,041,287
At 01 July 2024 | 5,368,062 |  | 5,328 |  | ( 152,545) |  | 18,820,442 |  | 24,041,287
Profit for the financial year | 0 |  | 0 |  | 0 |  | 1,071,853 |  | 1,071,853
Total comprehensive income | 0 |  | 0 |  | 0 |  | 1,071,853 |  | 1,071,853
Dividends paid on equity shares | 0 |  | 0 |  | 0 |  | ( 805,210) |  | ( 805,210)
Own shares acquired | ( 264,861) |  | 0 |  | 264,861 |  | ( 1,107,336) |  | ( 1,107,336)
At 30 June 2025 | 5,103,201 |  | 5,328 |  | 112,316 |  | 17,979,749 |  | 23,200,594

STUDYHOME 1992 LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025
STUDYHOME 1992 LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Studyhome 1992 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishopbrook House, Cathedral Avenue, Wells, BA5 1FD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors consider it appropriate to prepare the statutory accounts on a going concern basis. Fixed assets could be liquidated to ensure all liabilities are met as they fall due. The company also has the ability to borrow based on assets held.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable from the provision of property rental within the UK, net of discounts and VAT.
Turnover is recognised in line with rental periods.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### Equity reserve

The other equity reserve is the difference between the nominal value of the shares cancelled on 1 July 2017 and 1 July 2019 under a company purchase of own shares, and the amount charged to capital after utilising the available capital redemption reserve of £99,624.
On 25 July 2024 the other equity reserve was then decreased further by a redemption of capital of £264,862, being the nominal value of the shares cancelled under a company purchase of own shares.

##### Profit and loss reserve

The profit and loss reserve of £17,949,750 carried forward at the year ended 30 June 2025, comprises of distributable profit reserves of £2,936,581 and non-distributable profit reserves of £15,013,168.

##### Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost less impairment. Where the directors consider that the value of such investments is not material to the financial statements, the investments have not been recognised.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 3. Tangible assets

| Fixtures and fittings |  | Total
| £ |  | £
Cost |  |  |
At 01 July 2024 | 66,316 |  | 66,316
At 30 June 2025 | 66,316 |  | 66,316
Accumulated depreciation |  |  |
At 01 July 2024 | 59,880 |  | 59,880
Charge for the financial year | 1,609 |  | 1,609
At 30 June 2025 | 61,489 |  | 61,489
Net book value |  |  |
At 30 June 2025 | 4,827 |  | 4,827
At 30 June 2024 | 6,436 |  | 6,436

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 July 2024 | 29,410,001
Additions | 40,850
Fair value movement | 19,150
As at 30 June 2025 | 29,470,001

Valuation

The fair value of the investment property is comprised of freehold and long leasehold investment properties in the Clifton, Redland and Cotham areas of Bristol. They were valued on a vacant possession basis, by reference to market evidence of transaction prices for similar properties, as at 31 December 2024 by Ocean Surveyors Limited. Having made further enquiry of Ocean Surveyors Limited and having assessed the local property market with due consideration of the impact of current market conditions the directors believe there has been no material change in the value of the properties since the valuation.

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 490 |  | 0
Other debtors | 35,988 |  | 50,949
| 36,478 |  | 50,949

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 30,732 |  | 29,203
Trade creditors | 46,178 |  | 31,653
Taxation and social security | 156,058 |  | 511,381
Other creditors | 342,209 |  | 178,916
| 575,177 |  | 751,153

The bank loans of £30,732 (2024: £29,203) are secured by fixed charges over certain investment properties.

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 2,246,826 |  | 2,277,558

The bank loans of £2,246,826 (2024: £2,775,588) are secured by fixed charges over certain investment properties.

#### 8. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Other provisions | 3,611,803 |  | 3,607,015

| Other |  | Total
| £ |  | £
At 01 July 2024 | 3,607,015 |  | 3,607,015
Charged to the Statement of Comprehensive Income | 4,788 |  | 4,788
At 30 June 2025 | 3,611,803 |  | 3,611,803

The rate used to calculate the deferred tax is 25% and relates to the revaluation movement only.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
5,670,223 Ordinary shares of £ 0.90 each (2024: 5,964,514 shares of £ 0.90 each) | 5,103,201 |  | 5,368,062

On 1 July 2024 the company purchased 294,291 of its own shares with a nominal value of 90p each. The ordinary shares were purchased for a consideration of £1,101,826 plus costs of £5,510 . The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2024.

#### 10. Events after the Balance Sheet date

At a board meeting on 23 October 2025, the directors of Studyhome 1992 Limited declared a dividend of 14 pence per share to all registered shareholders at 30 June 2025. There being registered 5,670,233 shares in issue at 30 June 2025, this equates to a total dividend of £793,831.
On 1 July 2025 the company purchased 381,488 of its own shares with a nominal value of 90p each. The ordinary shares were purchased for a consideration of £1,446,603 plus costs of £7,235. The shares were repurchased in order to enable the shareholders to realise their investments in the company. These shares were then cancelled after repurchase on the 1 July 2025.