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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Universal Student Living Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hornbeam House, Hookstone Road, Harrogate, HG2 8QT.

These financial statements have been prepared in accordance with 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. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup and company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. This is taking account of the balance sheet position, cash resources and forecasted growth. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from annual contracts is recognised on a straight line basis over the period to which they relate. Where the contract includes a management fee, this is calculated and invoiced on a monthly basis.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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.

Basic financial liabilities, including creditors, 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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The costs of short-term employee benefits are recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Other Operating Income

Other operating income comprises income arising from the company's ordinary activities that is incidental to, but not part of, its principal revenue-generating activities. It is presented separately from turnover in the profit and loss account.

Other operating income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be measured reliably. Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax.

The average monthly number of persons employed by the company during the year was:

The company has no direct employees. Staff costs are recharged from the parent company, Homes for Students Limited.

Other debtors consist of prepayments of £2,576, accrued income of £9,244, VAT recoverable of £6,491 and other debtors of £21,473, all of which are expected to be recovered within one year of the balance sheet date.

Other creditors consist of accruals of £18,000 in respect of expenses relating to the current accounting period, deferred income of £23,528 and trade creditors of £1,036 due to suppliers at the balance sheet date.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

The immediate parent company of Universal Student Living Limited is Homes for Students Limited.

The ultimate holding company is Far East Organization Pte. Ltd., based in Singapore.

The following are the parents of the largest and smallest groups in which the companies results are consolidated;

Largest group         Far East Organization Pte. Ltd.

Smallest group         Homes for Students Limited

The smallest group information as presented above reflects the position as at the reporting date. The registered office of Homes for Students Limited and the address for which the consolidated financial statements of Homes for Students Limited may be obtained from is Hornbeam Park, Hookstone Road, Harrogate, North Yorkshire, HG2 8QT.