The Residence Coventry Management Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 12057025 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE RESIDENCE COVENTRY MANAGEMENT LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

N Morjaria

C Morjaria

REGISTERED OFFICE:

204 Winsford Avenue

Coventry

England

CV5 9NB

REGISTERED NUMBER:

12057025 (England and Wales)

ACCOUNTANTS:

Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

CURRENT ASSETS

Debtors

5

531,251

1,051,937

Cash at bank

20,504

1,643

551,755

1,053,580

CREDITORS

Amounts falling due within one year

6

923,943

1,244,526

NET CURRENT LIABILITIES

(372,188

)

(190,946

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(372,188

)

(190,946

)

CREDITORS

Amounts falling due after more than one year

7

18,420

20,000

NET LIABILITIES

(390,608

)

(210,946

)

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

(390,708

)

(211,046

)

SHAREHOLDERS' FUNDS

(390,608

)

(210,946

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

C Morjaria - Director

1.	STATUTORY INFORMATION

The Residence Coventry Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Going concern

The company continues to be loss making but retains full support of the Directors and shareholders and for this reason the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position ans the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

374,414

272,329

Other debtors

156,837

779,608

531,251

1,051,937

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

948

10,000

Trade creditors

34,173

18,898

Amounts owed to group undertakings

458,650

-

Other creditors

430,172

1,215,628

923,943

1,244,526

The company has a Coronavirus business interruption loan on which the lender has been provided with a partial guarantee from the UK Government.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

18,420

20,000

The company has a Coronavirus business interruption loan on which the lender has been provided with a partial guarantee from the UK Government.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

755,909

Between one and five years

3,023,636

In more than five years

9,070,909

9,826,818

12,850,454

13,606,363

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

100

Ordinary

1

100

10.	CONTINGENT LIABILITIES

The company has provided a cross guarantee of bank loans of £8.3 million advanced to Canal Basin Developments LLP by way of a first fixed and floating charge over assets held by the company.

11.	RELATED PARTY DISCLOSURES

The company has a major interest in the property and paid rent amounting to £755,909 (2023 - £755,909) to Canal Basin Developments LLP, a LLP under common ownership.

The total balance owed to related parties who are under common control is £458,650 (2023 owed by - £682,750).

The amount owed to the company's Directors at the year end was £226,000 (2023 - £224,0000). The loan is interest free, unsecured and repayable on demand. During the year, the maximum amount outstanding was £226,000.

12.	POST BALANCE SHEET EVENTS

Mr Nickhil Morjaria resigned as Director on 1 August 2025.