Company No:
Contents
| 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 |
The directors present their annual report and the audited financial statements of the Company for the financial year ended 30 June 2025.
PRINCIPAL ACTIVITIES
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:
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AUDITOR
* 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
Approved by the Board of Directors and signed on its behalf by:
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Jolyon Stonehouse
Secretary |
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.
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.
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.
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.
For and on behalf of
Statutory Auditor
Blackbrook Park Avenue
Taunton
TA1 2PX
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| Turnover |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Operating profit |
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| Other non-operating loss |
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| Profit before interest and taxation | 1,607,606 | 1,468,010 | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| Other finance income |
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| Profit before taxation |
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| Profit for the financial year |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 29,474,828 | 29,416,437 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 159,572 | 1,260,576 | |||
| Creditors: amounts falling due within one year | 6 | (
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| 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 | (
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| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Share premium account |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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The financial statements of Studyhome 1992 Limited (registered number:
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Peter J D Laws
Director |
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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.
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 £.
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 is recognised in line with rental periods.
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.
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.
| Fixtures and fittings |
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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.
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.
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.
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.
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.
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 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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 July 2024 |
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| At 30 June 2025 |
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| Accumulated depreciation | |||
| At 01 July 2024 |
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| Charge for the financial year |
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| At 30 June 2025 |
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| Net book value | |||
| At 30 June 2025 | 4,827 | 4,827 | |
| At 30 June 2024 | 6,436 | 6,436 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 July 2024 |
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| Additions | 40,850 |
| Fair value movement | 19,150 |
| As at 30 June 2025 |
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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.
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| Trade debtors |
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| Other debtors |
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| Bank loans (secured) |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| £ | £ | ||
| Bank loans (secured) |
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| £ | £ | ||
| Other provisions |
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| Other | Total | ||
| £ | £ | ||
| At 01 July 2024 |
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3,607,015 | |
| Charged to the Statement of Comprehensive Income |
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4,788 | |
| At 30 June 2025 |
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3,611,803 | |
The rate used to calculate the deferred tax is 25% and relates to the revaluation movement only.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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.