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Lane's Storage and Removals Limited

Annual Report and Financial Statements
Year Ended 31 March 2023

Registration number: 00905182

 

Lane's Storage and Removals Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 11

Statement of Income and Retained Earnings

12

Balance Sheet

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 31

 

Lane's Storage and Removals Limited

Company Information

Directors

Michael Lane

Sylvia Lane

Mark Lane

Robert Lane

Maria Russell

Emma Lane

Sarah Hawkey

Matthew Lane

Alexandra Lane

Company secretary

Maria Russell

Registered office

Greenbottom
Chacewater
Truro
Cornwall
TR4 8QW

Auditors

PKF Francis Clark
Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Lane's Storage and Removals Limited

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Principal activity

The principal activity of the company is that of removal services and storage.

Fair review of the business

The directors are delighted to report a profit before tax for the year of £711k (2022 - £1,155k).

The company continues to experience strong demand, with revenue only suffering a slight fall in the year to £6,098k (2022 - £6,366k). Sales volumes have seemingly returned to the levels seen prior to the Covid-19 pandemic, with 2022 being an exceptional year due to the buoyant housing market.

The company opened a new self-store facility in Falmouth in December 2022, which has had high demand in the early stages.

Cost of Sales have increased to £3,066k (2022 - £3,039k) and administrative expenses have increased to £2,245k (2022 - £2,120k), with the principal reasons for this being a rise in fuel costs and utilities due to inflationary pressures after the pandemic.

The balance sheet has strengthened in the year, with the company currently trading from a net asset position of £4,870k (2022 - £4,484k) which is primarily due to additional fixed asset investments. Cash and cash equivalents have also risen in the year to £237k (2022 - £214k).

Management have given consideration to the appropriateness of the going concern assertion with further commentary provided in note 2 to the financial statements.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Revenue

£000's

6,098

6,366

Net profit before tax

£000's

711

1,155

Net assets

£000's

4,870

4,484

Cash generated from operations

£000's

878

2,153

 

Lane's Storage and Removals Limited

Strategic Report for the Year Ended 31 March 2023

Principal risks and uncertainties

In pursuing our strategic priorities to create value for our stakeholders, we experience risk. The Board is responsible for risk management and must ensure that the company maintains the appropriate level of risk to achieve its objectives whilst balancing the competing needs of these stakeholders.

The principal risks identified, separately or in combination, could have a material adverse effect on the implementation of the company strategy, our business, financial performance, shareholder value and returns and reputation. The principal risks identified by the Board are:

- Competition from both national and independent operators.
- Inflation and increased economic uncertainty impacting the housing market.
- Interest rate increases and impact on the housing market
- Changing legislation, such as the proposals around Minimum Energy Efficiency Standards, and impact on the rental market

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mark Lane
Director

 

Lane's Storage and Removals Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Michael Lane

Sylvia Lane

Mark Lane

Robert Lane

Maria Russell - Company secretary and director

Emma Lane

Sarah Hawkey

Matthew Lane

Alexandra Lane

Financial instruments

Objectives and policies

The company’s principal financial instruments comprise of bank balances, other debtors, trade creditors, other creditors and bank and other loans. The main purpose of these instruments is to raise funds for company operations.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity risk
Liquidity risk is managed to ensure that sufficient funds are available for on going operations and future developments.

Credit risk
The Company has policies in place to ensure that appropriate credit checks are performed on potential customers before any services are rendered.

Interest rate risk
The Company maintains its level of borrowings at a manageable level, rises in interest rates are not seen as a significant threat to the Company’s viability.

Important non adjusting events after the financial period

In July 2023, the business at Bridgwater in Somerset was sold to a third party for a consideration of £500,000.

 

Lane's Storage and Removals Limited

Directors' Report for the Year Ended 31 March 2023

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mark Lane
Director

 

Lane's Storage and Removals Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements 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). 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Lane's Storage and Removals Limited

Independent Auditor's Report to the Members of Lane's Storage and Removals Limited

Opinion

We have audited the financial statements of Lane's Storage and Removals Limited (the 'company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 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 31 March 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 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 director's 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 original financial statements were 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.

 

Lane's Storage and Removals Limited

Independent Auditor's Report to the Members of Lane's Storage and Removals Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

 

Lane's Storage and Removals Limited

Independent Auditor's Report to the Members of Lane's Storage and Removals Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Explanation as to what extent the audit was consiered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s licence to operate. In making this assessment we determined that the most significant elements of legislation include, employment laws and regulations (including CJRS compliance), health and safety legislation and GDPR.
 

 

Lane's Storage and Removals Limited

Independent Auditor's Report to the Members of Lane's Storage and Removals Limited

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
• Considering the filings made at Companies House, and any omissions thereon of which there were none identified.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business, of which there were none.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to be come aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Lane's Storage and Removals Limited

Independent Auditor's Report to the Members of Lane's Storage and Removals Limited

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.

......................................
Thomas Roach BSc FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

18 October 2023

 

Lane's Storage and Removals Limited

Statement of Income and Retained Earnings

Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

6,097,794

6,366,053

Cost of sales

 

(3,065,874)

(3,039,287)

Gross profit

 

3,031,920

3,326,766

Administrative expenses

 

(2,245,275)

(2,120,397)

Operating profit

4

786,645

1,206,369

Interest payable and similar charges

8

(75,245)

(51,381)

Profit before tax

 

711,400

1,154,988

Taxation

9

(117,760)

(374,867)

Profit for the financial year

 

593,640

780,121

Retained earnings brought forward

 

2,704,469

2,132,311

Dividends paid

 

(208,000)

(207,963)

Retained earnings carried forward

 

3,090,109

2,704,469

 

Lane's Storage and Removals Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

7,099,444

6,638,691

Investments

12

60,209

59,845

 

7,159,653

6,698,536

Current assets

 

Stocks

13

36,632

54,353

Debtors

14

232,371

205,739

Cash at bank and in hand

 

237,359

214,464

 

506,362

474,556

Creditors: Amounts falling due within one year

17

(1,190,403)

(1,378,361)

Net current liabilities

 

(684,041)

(903,805)

Total assets less current liabilities

 

6,475,612

5,794,731

Creditors: Amounts falling due after more than one year

17

(885,974)

(611,066)

Provisions for liabilities

20

(719,946)

(699,613)

Net assets

 

4,869,692

4,484,052

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

21

1,769,583

1,769,583

Profit and loss account

21

3,090,109

2,704,469

Shareholders' funds

 

4,869,692

4,484,052

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mark Lane
Director

Company Registration Number: 00905182

 

Lane's Storage and Removals Limited

Statement of Cash Flows

Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

593,640

780,121

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

357,608

332,020

Profit on disposal of tangible assets

(32,345)

(27,199)

Finance costs

8

75,245

51,381

Income tax expense

9

117,760

374,867

 

1,111,908

1,511,190

Working capital adjustments

 

Decrease/(increase) in stocks

13

17,721

(22,237)

(Increase)/decrease in trade debtors

14

(26,632)

904,483

Decrease in trade creditors

17

(87,263)

(135,772)

Decrease in deferred income, including government grants

 

(3,169)

(315)

Cash generated from operations

 

1,012,565

2,257,349

Income taxes paid

9

(134,599)

(104,392)

Net cash flow from operating activities

 

877,966

2,152,957

Cash flows from investing activities

 

Purchase of unlisted investments

12

(364)

-

Acquisitions of tangible assets

(656,347)

(1,628,764)

Proceeds from sale of tangible assets

 

40,951

36,733

Net cash flows from investing activities

 

(615,760)

(1,592,031)

Cash flows from financing activities

 

Interest paid

8

(75,245)

(51,381)

Proceeds from bank borrowing draw downs

 

606,000

-

Repayment of bank borrowing

 

(365,043)

(270,832)

Payments to finance lease creditors

 

(197,023)

(204,664)

Dividends paid

23

(208,000)

(207,963)

Net cash flows from financing activities

 

(239,311)

(734,840)

Net increase/(decrease) in cash and cash equivalents

 

22,895

(173,914)

Cash and cash equivalents at 1 April

 

214,464

388,378

Cash and cash equivalents at 31 March

 

237,359

214,464

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Greenbottom
Chacewater
Truro
Cornwall
TR4 8QW

These financial statements were authorised for issue by the Board on 18 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within this note.

The financial statements are prepared in pounds sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

At the balance sheet date the company had net current liabilities of £684,041 (2022 - £903,805) and net assets of £4,869,692 (2022 - £4,484,052).

In preparing and approving these financial statements the directors have given due consideration to going concern risks, and in particular the current economic environment characterised by heightened inflation that may impact activity in the housing market. Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate.

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Revenue recognition

Revenue is recognised at the fair value of consideration received of receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, volume discounts and settlement discounts.

Revenue for contracts for the provision of professional services is recognised by reference to stage of completion, when the stage of completion, costs incurred and costs to complete can be measured reliably. Revenue deferred to future periods (where services span the balance sheet date, or where deposits have been paid) is recognised within accruals.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Tangible assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Other tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Fair values are determined from market based evidence normally undertaken by professionally qualified values.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Tangible fixed assets under the valuation model are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% on cost

Self Store

3.3% on cost

Plant and Machinery

20% on reducing balance

Fixtures and Fittings

20% on reducing balance

Containers

10% on reducing balance

Steel containers

4% on cost

Plant and machinery in buildings

4% on cost

Motor Vehicles

20% on cost, except for Hire Vans at 14.28% on cost

Lorries

20% on reducing balance for 5 years and then 5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

For defined contribution schemes the amounts recognised in profit and loss is the contributions payable for the year.

Contributions that are unpaid at the balance sheet date are recognised in creditors less than one year.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas where the Directors have considered estimation uncertainty are as follows:

Carrying value of fixed assets (note 11)
Management have carefully considered the amortisation and depreciation estimates applied on the intangible and tangible assets held by the Company. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset.

The carrying value of tangible fixed assets at the balance sheet date is £7,099,444 (2022 - £6,638,691), with depreciation being recognised in the year of £357,608 (2022 - £332,020).

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

6,097,794

6,366,053

The analysis of the company's Turnover for the year by market is as follows:

2023
£

2022
£

UK

6,097,794

6,366,053

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

357,608

332,020

Operating lease expense - plant and machinery

1,754

2,141

Profit on disposal of property, plant and equipment

(32,345)

(27,199)

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,148,539

2,134,884

Social security costs

207,474

189,121

Pension costs, defined contribution scheme

241,231

240,426

2,597,244

2,564,431

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

75

82

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

458,237

237,178

Contributions paid to money purchase schemes

125,000

121,308

583,237

358,486

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

7

7

In respect of the highest paid director:

2023
£

2022
£

Remuneration

135,280

106,858

7

Auditor's remuneration

2023
£

2022
£

Audit of the financial statements

9,375

8,600


 

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

65,016

41,051

Interest on obligations under finance leases and hire purchase contracts

10,229

10,330

75,245

51,381

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

9

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

97,427

134,599

Deferred taxation

Arising from origination and reversal of timing differences

20,333

240,268

Tax expense in the income statement

117,760

374,867

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

711,400

1,154,988

Corporation tax at standard rate

135,166

219,448

Effect of expense not deductible in determining taxable profit (tax loss)

8,993

9,464

Deferred tax expense relating to changes in tax rates or laws

4,880

167,908

Decrease from effect of tax incentives

(14,008)

(5,579)

Other tax effects for reconciliation between accounting profit and tax expense (income)

(17,271)

(16,374)

Total tax charge

117,760

374,867

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Capital allowances in excess of depreciation

603,636

Revaluations

118,187

Other timing differences

(1,877)

719,946

2022

Liability
£

Capital allowances in excess of depreciation

583,583

Revaluations

118,187

Other timing differences

(2,157)

699,613

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

10

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

117,944

117,944

At 31 March 2023

117,944

117,944

Amortisation

At 1 April 2022

117,944

117,944

At 31 March 2023

117,944

117,944

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

11

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

5,028,175

1,693,546

2,598,452

1,361,059

10,681,232

Additions

167,267

25,596

263,325

370,779

826,967

Disposals

-

-

(354,746)

(2,841)

(357,587)

Transfers

11,655

(650,975)

-

639,320

-

At 31 March 2023

5,207,097

1,068,167

2,507,031

2,368,317

11,150,612

Depreciation

At 1 April 2022

593,457

749,831

1,888,056

811,197

4,042,541

Charge for the year

83,000

27,547

204,800

42,261

357,608

Eliminated on disposal

-

-

(346,189)

(2,792)

(348,981)

At 31 March 2023

676,457

777,378

1,746,667

850,666

4,051,168

Carrying amount

At 31 March 2023

4,530,640

290,789

760,364

1,517,651

7,099,444

At 31 March 2022

4,434,718

943,715

710,396

549,862

6,638,691

Land and buildings at Truro with a carrying amount of £1,140,595 were revalued to £3,000,000 at 31 March 2014 by BLS Estates Ltd independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Had freehold land and buildings been held at historical cost at the balance sheet date their carrying value would be £1,724,751 (2022 - £1,586,057).

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Motor vehicles

495,128

493,197

Plant and machinery

-

-

 

495,128

493,197

Depreciation charged of these assets amounted to £97,380 (2022 - £99,823).

12

Investments

2023
£

2022
£

Other investments

60,209

59,845

Unlisted investments

£

Cost or valuation

At 1 April 2022 and 31 March 2022

59,845

Additions

364

At 31 March 2023

60,209

Carrying amount

At 31 March 2023

60,209

At 31 March 2022

59,845

13

Stocks

2023
£

2022
£

Consumables

36,632

54,353

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

14

Debtors

2023
£

2022
£

Trade debtors

187,910

187,553

Other debtors

29,551

5,672

Prepayments

14,910

12,514

232,371

205,739

15

Cash and cash equivalents

2023
£

2022
£

Cash on hand

604

1,051

Cash at bank

217,064

193,759

Short-term deposits

19,691

19,654

237,359

214,464

16

Analysis of changes in net debt

At 1 April 2022

Cash flow

Other movements

At 31 March 2023

£

£

£

£

Cash at bank and on hand

214,464

22,895

-

237,359

Bank overdrafts

-

-

-

-

Cash and cash equivalents

214,464

22,895

-

237,359

Bank loans

(575,038)

(240,957)

-

(815,995)

Amounts due under finance lease

(349,141)

197,023

(170,620)

(322,738)

Net debt

(709,715)

(21,039)

(170,620)

(901,374)

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

17

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

257,743

321,266

Trade creditors

 

238,642

330,253

Corporation tax

9

97,427

134,599

Social security and other taxes

 

195,540

206,844

Outstanding defined contribution pension costs

 

7,508

8,628

Other creditors

 

7,343

10,110

Accruals

 

386,200

366,661

 

1,190,403

1,378,361

Due after one year

 

Loans and borrowings

18

880,990

602,913

Deferred income

 

4,984

8,153

 

885,974

611,066

18

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

95,636

146,158

Hire purchase contracts

162,107

175,108

257,743

321,266

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

720,359

428,880

Hire purchase contracts

160,631

174,033

880,990

602,913

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

19

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

162,107

175,108

Later than one year and not later than five years

160,631

174,033

322,738

349,141

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

150,344

189,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £189,000 (2022 - £189,000).

20

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2022

699,613

699,613

Increase (decrease) in existing provisions

20,333

20,333

At 31 March 2023

719,946

719,946

21

Reserves

Share capital

The share capital reserve reflects the nominal value of shares issued.

Revaluation reserve

The revaluation reserve relates to historic revaluation movements on freehold property, net of associated deferred tax

Profit and loss account

This reserve reflects all current and prior profit and losses.

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

10,000

10,000

10,000

10,000

         

23

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £21 (2022 - £21) per ordinary share

 

208,000

 

207,963

         

24

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £129,898 (2022 - £Nil).

The cash deposit for the purchase of the motor vehicle has been advanced prior to the balance sheet date and is included in other debtors.

25

Non adjusting events after the financial period

In July 2023, the business at Bridgwater in Somerset was sold to a third party for a consideration of £500,000.

26

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £241,231 (2022 - £240,426).

Contributions totalling £7,508 (2022 - £8,628) were payable to the scheme at the end of the year and are included in creditors.

 

Lane's Storage and Removals Limited

Notes to the Financial Statements

Year Ended 31 March 2023

27

Related party transactions

Transactions with directors

During the year the company has had overdrawn loan accounts due to it from certain directors. The loans are interest free, unsecured and repayable upon demand.

In the year there were advances made to these directors of £nil (2022 - £nil) and repayments of £nil (2022 - £6,667), with the company being owed £5,872 (2022 - £5,872) at the balance sheet date.
 

Summary of transactions with other related parties

During the year the company entered into the following transactions with related parties:

The company is a lessee of its Exeter and Bridgwater sites from the Lanes Executive Pension scheme. During the year rents of £189,000 (2022 - £189,000) were paid to the scheme. Contributions of £205,000 (2022 - £200,500) were made to the scheme in the year.