Student City Inn Limited - Accounts to registrar (filleted) - small 18.2

Student City Inn Limited - Accounts to registrar (filleted) - small 18.2

STUDENT CITY INN LIMITED - Company Information

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REGISTERED NUMBER: 09444548 (England and Wales)



















STUDENT CITY INN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020






STUDENT CITY INN LIMITED (REGISTERED NUMBER: 09444548)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020




Page

Balance Sheet 1

Notes to the Financial Statements 2


STUDENT CITY INN LIMITED (REGISTERED NUMBER: 09444548)

BALANCE SHEET
29 FEBRUARY 2020

2020 2019
Notes £    £   
CURRENT ASSETS
Debtors 4 1,829,113 2,900,100
Cash at bank 623,630 90,453
2,452,743 2,990,553
CREDITORS
Amounts falling due within one year 5 158,080 696,121
NET CURRENT ASSETS 2,294,663 2,294,432
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,294,663
2,294,432

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 2,294,363 2,294,132
SHAREHOLDERS' FUNDS 2,294,663 2,294,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 November 2020 and were signed by:





M S Basra - Director


The notes form part of these financial statements

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STUDENT CITY INN LIMITED (REGISTERED NUMBER: 09444548)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020

1. STATUTORY INFORMATION

Student City Inn Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09444548

Registered office: 10 Station Road
Letchworth
Herts
SG6 3AU

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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STUDENT CITY INN LIMITED (REGISTERED NUMBER: 09444548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other debtors 1,829,113 2,900,100

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Taxation and social security 89 538,130
Other creditors 157,991 157,991
158,080 696,121

6. RELATED PARTY DISCLOSURES

JR Gill Investments Limited
A joint shareholder of the company.

Amounts due to the related party at the balance sheet date is £111,000 (2019: nil).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.


Waterstone Construction Limited
A company jointly owned by a close family member of the director.

Amounts due to the related party at the balance sheet date is £300,000 (2019: nil).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.


Moor Park Capital Limited
A company jointly owned by a close family member of the director.

Amounts due to the related party at the balance sheet date is £230,000 (2019: £1,230,000).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.


Moor Park Estates Limited
A company which M S Basra is a director and a shareholder.

Amounts due to the related party at the balance sheet date is nil (2019: £750,000).

This loan is unsecured, there is no interest payable and there are no agreed repayment terms.

7. ULTIMATE CONTROLLING PARTY

Oakmont Estates Limited, Kallarview Homes Limited and JR Gill Investments Limited are the shareholders of the company.

No individual shareholder has overall control of the company.

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