Churchill Residences II Limited - Accounts

Registered number

03800360

Churchill Residences II Limited

Report and Accounts

30 June 2022

Churchill Residences II Limited

Company Information

Directors

Prof Dame A Donald

Mrs T M James

Mrs S McMeekin

Prof J Norris

Secretary

Mrs S McMeekin

Auditors

Price Bailey LLP

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

Bankers

Lloyds TSB Commercial

Sidney Street

Cambridge

CB2 3HQ

Registered office

Churchill College

Storey's Way

Cambridge

CB3 0DS

Registered number

03800360

England and Wales

Churchill Residences II Limited
Registered number:			03800360
Directors' Report
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 30 June 2022.
Parent Undertaking and Charitable contributions
The company is a wholly owned subsidiary of Churchill College, Cambridge.
No donation was made to Churchill College during the year (2021: £nil) under Deed of Covenant as the company returned a small deficit for the year.
Directors
The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report unless otherwise stated.
	Prof Dame A Donald
	Mrs T M James
	Mrs S McMeekin
	Prof J Norris
Directors' responsibilities

The directors are responsible for preparing the report and accounts 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 Financial Reporting Standard 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 period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	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. They 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.

Disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information

Auditors

The auditors, Price Bailey LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the board on 5 December 2022 and signed on its behalf.

Mrs T M James

Director

Churchill Residences II Limited

Independent auditor's report

to the members of Churchill Residences II Limited

Opinion

We have audited the financial statements of Churchill Residences II Limited (the 'company') for the year ended 30 June 2022 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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)) and applicable law. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and how it operates and considered the risk of the company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the company this included data protection, health and safety, employment law and financial reporting
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
●	We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness
●	We reviewed minutes of directors meetings and agreed the financial statement disclosures to underlying supporting documentation.
●	We have made enquiries of management and directors of the company regarding laws and regulations applicable to the organisation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is available 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.
Helena Wilkinsonn BSc FCA DChA
(Senior Statutory Auditor)		Tennyson House
for and on behalf of		Cambridge Business Park
Price Bailey LLP		Cambridge
Statutory Auditors
15 December 2022		CB4 0WZ

Churchill Residences II Limited
Statement of income and retained earnings
for the year ended 30 June 2022
						2022		2021
£							£
Turnover						-		111,896
Cost of sales						-		(110,242)
Gross profit						-		1,654
Administrative expenses						(31)		(2,030)
Operating loss						(31)		(376)
Loss before taxation						(31)		(376)
Tax on loss						-		-
Loss for the financial year						(31)		(376)
Retained earnings at the beginning of the year						435		811
Deficit for the year						(31)		(376)
Retained earnings at the end of the year						404		435
There were no other gains or losses in the year

Churchill Residences II Limited
Registered number:			03800360
Balance Sheet
as at 30 June 2022
Notes				2022			2021
£					£
Current assets
Cash at bank and in hand			2,025			2,530
Creditors: amounts falling due within one year	5		(1,521)			(1,995)
Net current assets				504			535
Net assets				504			535
Capital and reserves
Called up share capital				100			100
Profit and loss account				404			435
Shareholders' funds				504			535
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
Mrs T M James
Director
Approved by the board on 5 December 2022

Churchill Residences II Limited
Notes to the Accounts
for the year ended 30 June 2022
1	Statutory information
	Churchill Residences II Limited 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	Accounting policies
	Basis of preparing the financial statements
	The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
	The financial statements have been prepared under the historical cost convention.
	The accounts are reported in Pounds Sterling.
	Turnover
	The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
	Expenditure
	Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable he settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
	Significant accounting estimates and judgements
	There are no significant accounting estimates or judgements which might materially affect the financial statements.
	Going concern
	The company completed its projects by 31 December 2021 and there are no future projects planned
	Deferred tax
	Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
	Debtors receivable within one year
	Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
	Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
	Creditors payable within one year
	Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
	Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
	Cash and cash equivalents
	Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
	Financial instruments
	Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value which is deemed to be their cost.
	Tax
	Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
	Long term contracts
	The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. Costs associated with long-term contracts are included in stock to the extent that they cannot be matched with the contract work accounted for as turnover. Long-term contract balances included in stocks are stated at cost, after provision has been made for any foreseeable losses and the deduction of applicable payments on account. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
3	Operating loss/(profit)					2022		2021
£							£
	Operating loss/profit is stated after charging:
	Audit fees					-		1,995
4	Employees					2022		2021
Number							Number
	The company does not directly employ any individuals.					0		0
5	Creditors: amounts falling due within one year					2022		2021
£							£
	Accruals					1,521		1,995
6	Related party transactions
	The parent company is Churchill College and its principal place of business is Churchill College, Storey's Way, Cambridge CB3 0DS.
	During the year the company invoiced Churchill College an amount of £nil (2021: £111,896) for contracted work provided and £nil was due from the College at 30 June 2022 (2021: £nil). The amount owed by the company to Churchill College at 30 June 2022 was £nil (2021: £nil) in respect of payments under a Deed of Covenant.