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REGISTERED NUMBER: 01459367 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Economy Storage Limited

Economy Storage Limited (Registered number: 01459367)

Contents of the Financial Statements
for the Year Ended 31 December 2021










Page

Balance Sheet 1

Notes to the Financial Statements 3


Economy Storage Limited (Registered number: 01459367)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £ £
Fixed assets
Tangible assets 5 361,693 384,795

Current assets
Stocks 200 850
Debtors 6 62,681 58,239
Cash at bank 220,819 158,820
283,700 217,909
Creditors
Amounts falling due within one year 7 (238,551 ) (209,447 )
Net current assets 45,149 8,462
Total assets less current liabilities 406,842 393,257

Provisions for liabilities (32,670 ) (27,790 )
Net assets 374,172 365,467

Capital and reserves
Called up share capital 30,000 30,000
Retained earnings 344,172 335,467
374,172 365,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

Economy Storage Limited (Registered number: 01459367)

Balance Sheet - continued
31 December 2021


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2022 and were signed by:





Mr P D Page - Director


Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. Statutory information

Economy Storage 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: 01459367

Registered office: Mill Lane Farm
Syderstone
King's Lynn
Norfolk
PE31 8RX

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for annual depreciation, as described below.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. Accounting policies - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying value of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. Accounting policies - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 5 (2020 - 5 ) .

Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


5. Tangible fixed assets
Freehold Short Plant and
property leasehold machinery
£ £ £
Cost
At 1 January 2021 1,223,762 86,950 249,905
Additions - - 3,965
Disposals - - (1,525 )
At 31 December 2021 1,223,762 86,950 252,345
Depreciation
At 1 January 2021 986,392 85,797 167,009
Charge for year 7,656 1,153 13,753
Eliminated on disposal - - (1,200 )
At 31 December 2021 994,048 86,950 179,562
Net book value
At 31 December 2021 229,714 - 72,783
At 31 December 2020 237,370 1,153 82,896

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 January 2021 142,411 6,200 1,709,228
Additions 2,624 - 6,589
Disposals - - (1,525 )
At 31 December 2021 145,035 6,200 1,714,292
Depreciation
At 1 January 2021 82,135 3,100 1,324,433
Charge for year 5,254 1,550 29,366
Eliminated on disposal - - (1,200 )
At 31 December 2021 87,389 4,650 1,352,599
Net book value
At 31 December 2021 57,646 1,550 361,693
At 31 December 2020 60,276 3,100 384,795

Economy Storage Limited (Registered number: 01459367)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


6. Debtors: amounts falling due within one year
31.12.21 31.12.20
£ £
Trade debtors 6,292 13,443
Other debtors 56,389 44,796
62,681 58,239

7. Creditors: amounts falling due within one year
31.12.21 31.12.20
£ £
Trade creditors 12,634 1,797
Taxation and social security 25,017 8,851
Other creditors 200,900 198,799
238,551 209,447

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.21 31.12.20
£ £
Within one year 15,360 23,160
Between one and five years 28,060 43,420
43,420 66,580