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Unaudited Financial Statements for the Year Ended 30th June 2022 |
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Student Tribe Investment Company Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30th June 2022 |
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for |
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Student Tribe Investment Company Ltd |
Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Contents of the Financial Statements |
for the Year Ended 30th June 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Student Tribe Investment Company Ltd |
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Company Information |
for the Year Ended 30th June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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34 - 35 Clarges Street |
Mayfair |
London |
W1J 7EJ |
Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Balance Sheet |
30th June 2022 |
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30/6/22 | 30/6/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 10 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Fair value reserve | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Balance Sheet - continued |
30th June 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Notes to the Financial Statements |
for the Year Ended 30th June 2022 |
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1. | STATUTORY INFORMATION |
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Student Tribe Investment Company Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Transaction costs are amortised evenly over the life of the transaction. |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
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Depreciation is provided on the following basis: |
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Plant and machinery - 20% |
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The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised through profit or loss. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised through profit or loss as other operating income. |
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Financial instruments |
The Company only enters into basic financial instrument transactions 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 ordinary shares. |
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Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st July 2021 |
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Additions |
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At 30th June 2022 |
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AMORTISATION |
At 1st July 2021 |
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Charge for year |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st July 2021 |
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Additions |
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At 30th June 2022 |
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DEPRECIATION |
At 1st July 2021 |
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Charge for year |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
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undertakings |
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COST |
Additions |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st July 2021 |
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Additions |
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Revaluations | 874,650 |
At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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Investment property was valued by Student Tribe Management Company Ltd on 18 August 2022. The valuation takes future market rate rental income figures into account. On 23 June 2021 an external inspection of each property held at that date was undertaken alongside an internal inspection of 59.5% of the properties by Allsop LLP. The valuation undertaken as at 30 June 2022 used a similar method to that used by Allsop LLP. |
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If investment property had not been revalued it would have been held at historical cost less accumulated depreciation of £17,985,360 (2021 - £17,118,627). |
Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/22 | 30/6/21 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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30/06/22 | 30/06/21 |
£ | £ |
Creditors: amounts falling due after more than one year, less than five years | 9,937,413 | 9,152,413 |
Creditors: amounts falling due after more than five years | - | - |
9,937,413 | 9,152,413 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/22 | 30/6/21 |
£ | £ |
Mortgages | 9,937,413 | 9,152,413 |
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Amounts included within non-current creditors relate to mortgages secured against the Investment Properties held by the company. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/22 | 30/6/21 |
value: | £ | £ |
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Ordinary £0.30 | £0.3 | 3,110,598 | 2,341,367 |
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Ordinary A | £1 | 1 | 1 |
3,110,599 | 2,341,368 |
Student Tribe Investment Company Ltd (Registered number: 10081396) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2022 |
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13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st July 2021 |
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Transfer to fair value reserve | 783,447 |
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At 30th June 2022 |
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14. | RELATED PARTY DISCLOSURES |
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Student Tribe Management Company Ltd, Student Tribe Ltd and Student Tribe Acquisition Company Ltd are related parties of Student Tribe Investment Company Ltd because Calum MacInnes is a director of each company. |
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During the year, Student Tribe Management Company Ltd invoiced the company for services to the value of £289,144 (2021 - £197,363). At the balance sheet date £14,101 (2021 - £14,740) remained outstanding. At the balance sheet date, Student Tribe Management Company Ltd owed the company £nil (2021 - £25) in respect of expenses paid on their behalf. |
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During the year, Student Tribe Acquisition Company Ltd invoiced the company for services to the value of £4,817 (2021 - £10,500). At the balance sheet date £nil (2021 - £nil) remained outstanding. |
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At the balance sheet date, Student Tribe Ltd owed the company £nil (2021 - £2,283) in respect of expenses paid on their behalf. |
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Student Tribe Investment Company Ltd acquired 100% of the share capital of Student Tribe (Lincoln) Ltd on 6 September 2021. As at the balance sheet date, included in other debtors, Student Tribe (Lincoln) Ltd owed the company £2,165,524 (2021 - £nil) in respect of monies lent and expenses paid on their behalf. During the year, Student Tribe Investment Company Ltd invoiced Student Tribe (Lincoln) Ltd for reimbursed expenses to the value of £3,377 (2021 - £nil) of which £nil (2021 - £nil) remains outstanding at the balance sheet date. |
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Except for the balances disclosed above, there were no other balances outstanding at the balance sheet date in 2021 or 2022. All of these transactions were at arm's length. |
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15. | POST BALANCE SHEET EVENTS |
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At the Board Meeting on 15 September 2022 it was proposed and agreed that Student Tribe Investment Company Ltd would pay a dividend of £nil (2021 - 3.0p) per share in respect of the financial year ended 30 June 2022. The dividend totals £nil (2021 - £234,137). |