0
31/10/2021
2021-10-31
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
No description of principal activities is disclosed
2020-11-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC200748
2020-11-01
2021-10-31
SC200748
2021-10-31
SC200748
2020-10-31
SC200748
2020-10-31
SC200748
core:PlantMachinery
2020-11-01
2021-10-31
SC200748
bus:RegisteredOffice
2020-11-01
2021-10-31
SC200748
bus:OrdinaryShareClass1
2020-11-01
2021-10-31
SC200748
bus:LeadAgentIfApplicable
2020-11-01
2021-10-31
SC200748
bus:Director1
2020-11-01
2021-10-31
SC200748
bus:Director2
2020-11-01
2021-10-31
SC200748
bus:CompanySecretary1
2020-11-01
2021-10-31
SC200748
core:PlantMachinery
2020-10-31
SC200748
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-10-31
SC200748
core:PlantMachinery
2021-10-31
SC200748
core:WithinOneYear
2021-10-31
SC200748
core:WithinOneYear
2020-10-31
SC200748
core:ShareCapital
2021-10-31
SC200748
core:ShareCapital
2020-10-31
SC200748
core:RevaluationReserve
2021-10-31
SC200748
core:RevaluationReserve
2020-10-31
SC200748
core:RetainedEarningsAccumulatedLosses
2021-10-31
SC200748
core:RetainedEarningsAccumulatedLosses
2020-10-31
SC200748
bus:OrdinaryShareClass1
core:ShareCapital
2021-10-31
SC200748
bus:OrdinaryShareClass1
core:ShareCapital
2020-10-31
SC200748
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-10-31
SC200748
core:PlantMachinery
2020-10-31
SC200748
bus:SmallEntities
2020-11-01
2021-10-31
SC200748
bus:AuditExemptWithAccountantsReport
2020-11-01
2021-10-31
SC200748
bus:FullAccounts
2020-11-01
2021-10-31
SC200748
bus:SmallCompaniesRegimeForAccounts
2020-11-01
2021-10-31
SC200748
bus:PrivateLimitedCompanyLtd
2020-11-01
2021-10-31
Company registration number:
SC200748
U Store (Scotland) Limited
31 October 2021
DICKSON MIDDLETON
Chartered Accountants
www.dicksonmiddleton.co.uk
A member firm of the UK 200 Group
U Store (Scotland) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
U Store (Scotland) Limited
Directors and other information
|
|
|
|
Directors |
Jack S Frew |
|
|
Bryan Frew |
|
|
|
|
|
|
|
Secretary |
Jack S Frew |
|
|
|
|
|
|
|
Company number |
SC200748 |
|
|
|
|
|
|
|
Registered office |
Burnbank Industrial Estate |
|
|
Burnbank Road |
|
|
Falkirk |
|
|
FK2 7PE |
|
|
|
|
|
|
|
Accountants |
Dickson Middleton |
|
|
Chartered Accountants |
|
|
5/9 Bridge Street |
|
|
Bonnybridge |
|
|
Stirlingshire |
|
|
FK4 1AD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
The Royal Bank of Scotland plc |
|
|
2 Newmarket Street |
|
|
Falkirk |
|
|
FK1 1JX |
|
|
|
U Store (Scotland) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of U Store (Scotland) Limited
Year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of U Store (Scotland) Limited for the year ended 31 October 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of U Store (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 25 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of U Store (Scotland) Limited and state those matters that we have agreed to state to the board of directors of U Store (Scotland) Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U Store (Scotland) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that U Store (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of U Store (Scotland) Limited. You consider that U Store (Scotland) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of U Store (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dickson Middleton
Chartered Accountants
5/9 Bridge Street
Bonnybridge
Stirlingshire
FK4 1AD
11 August 2022
U Store (Scotland) Limited
Statement of financial position
31 October 2021
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
375,104 |
|
|
|
375,671 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
375,104 |
|
|
|
375,671 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
469,405 |
|
|
|
457,993 |
|
|
Cash at bank and in hand |
|
|
138,121 |
|
|
|
136,767 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
607,526 |
|
|
|
594,760 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
155,919) |
|
|
|
(
156,726) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
451,607 |
|
|
|
438,034 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
826,711 |
|
|
|
813,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
4,340) |
|
|
|
(
4,389) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
822,371 |
|
|
|
809,316 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
1,000 |
|
|
|
1,000 |
Revaluation reserve |
|
|
|
|
126,705 |
|
|
|
126,705 |
Profit and loss account |
|
|
|
|
694,666 |
|
|
|
681,611 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
822,371 |
|
|
|
809,316 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
11 August 2022
, and are signed on behalf of the board by:
Jack S Frew
Bryan Frew
Director
Director
Company registration number:
SC200748
U Store (Scotland) Limited
Notes to the financial statements
Year ended 31 October 2021
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Burnbank Industrial Estate, Burnbank Road, Falkirk, FK2 7PE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historic cost basis, as modified by the revaluation of freehold property. The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
10 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors.Cash and cash equivalents comprise cash in hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less.Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. At the end of each reporting year, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in the statement of income and retained earnings.Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.
4.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 November 2020 and 31 October 2021 |
370,000 |
20,077 |
390,077 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2020 |
- |
14,406 |
14,406 |
|
|
|
|
|
Charge for the year |
- |
567 |
567 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 October 2021 |
- |
14,973 |
14,973 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2021 |
370,000 |
5,104 |
375,104 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 October 2020 |
370,000 |
5,671 |
375,671 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
The value above is based on a valuation by Shepherd Chartered Surveyrors on 17 July 2017. The original cost of the properties is £243,295.
5.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade debtors |
|
17,462 |
17,027 |
|
Other debtors |
|
451,943 |
440,966 |
|
|
|
_______ |
_______ |
|
|
|
469,405 |
457,993 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade creditors |
|
200 |
200 |
|
Corporation tax |
|
15,309 |
16,633 |
|
Social security and other taxes |
|
1,410 |
2,493 |
|
Other creditors |
|
139,000 |
137,400 |
|
|
|
_______ |
_______ |
|
|
|
155,919 |
156,726 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Called up share capital
Authorised share capital
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
Issued, called up and fully paid
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
8.
Controlling party
The directors are considered to be the ultimate controlling party.