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Unaudited Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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Student Tribe Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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Student Tribe Limited |
Student Tribe Limited (Registered number: 08572580) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2019 |
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Page |
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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 Limited |
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Company Information |
for the Year Ended 31 August 2019 |
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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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Chartered Accountants |
39A Welbeck Street |
London |
W1G 8DH |
Student Tribe Limited (Registered number: 08572580) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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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 | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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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 |
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Fair value reserve | 10 |
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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 Limited (Registered number: 08572580) |
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Balance Sheet - continued |
31 August 2019 |
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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 on
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Student Tribe Limited (Registered number: 08572580) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Student Tribe Limited is a
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number and registered office address can be found on the Company Information page. |
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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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At the balance sheet date, the company was reliant on the financial support of one of its directors. The director will continue |
to provide the company with interest free loan finance until the company meets its own working capital requirements which |
is expected to be in the next financial year. |
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It is the opinion of the directors that the company is a going concern and the financial statements have been prepared on this |
basis. |
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None of the accounting policies have changed as a result of the transition from FRS 105 to FRS 102 (section 1A) other than |
for investment property. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 August 2019 are the first that are prepared in accordance with FRS 102 |
Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 |
Section 1A is 1 September 2017. |
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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. |
Student Tribe Limited (Registered number: 08572580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. 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 or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Fixtures and fittings - 20% on cost |
Computer equipment - 33% on cost |
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The assets' 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 within |
'other operating income' in the Income Statement. |
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Debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective |
interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be |
immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
Cash and cash equivalents in the Balance Sheet comprise cash at banks and in hand and short term deposits with an original |
maturity date of three months or less. |
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Investment property |
Investment property is carried at fair value determined annually by external valuers 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. |
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In previous years under FRS 105, investment property was valued using the cost model. |
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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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Student Tribe Limited (Registered number: 08572580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2018 |
and 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2018 |
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Revaluations | 40,500 |
At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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Investment property was valued on an open market basis on 8 November 2019 by Exeter based estate agents. |
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If investment property had not been revalued it would have been held at historical cost less accumulated depreciation of |
£2,200,163. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade creditors |
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Other creditors |
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Student Tribe Limited (Registered number: 08572580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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31.08.2019 | 31.08.18 |
£ | £ |
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Creditors: amounts falling due after more than one year, less than five years | - | - |
Creditors: amounts falling due after more than five years | 1,812,568 | 1,787,473 |
1,812,568 | 1,787,473 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.19 | 31.8.18 |
£ | £ |
Mortgages | 1,812,568 | 1,787,473 |
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Each mortgage is secured by a fixed charge over the specific investment property to which it relates. |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 September 2018 |
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Fair value surplus | 33,615 |
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At 31 August 2019 |
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11. | FIRST YEAR ADOPTION |
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The accounting year ended 31 August 2019 is the first year the company has adopted FRS 102 (section 1A). The accounting |
year ended 31 August 2018 was prepared using FRS 105. The comparative figures in these accounts have been restated with |
the above adjustments. |