Company registration number 03173015 (England and Wales)
PETERBOROUGH SELF STORAGE CENTRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PETERBOROUGH SELF STORAGE CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
PETERBOROUGH SELF STORAGE CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,989,654
5,066,313
Current assets
Stocks
6,281
6,996
Debtors
6
1,515,080
448,393
Cash at bank and in hand
665,005
767,640
2,186,366
1,223,029
Creditors: amounts falling due within one year
7
(798,803)
(1,295,537)
Net current assets/(liabilities)
1,387,563
(72,508)
Total assets less current liabilities
6,377,217
4,993,805
Provisions for liabilities
(430,896)
(298,113)
Net assets
5,946,321
4,695,692
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,946,221
4,695,592
Total equity
5,946,321
4,695,692
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
R Ranawat
M Charania
Director
Director
Company registration number 03173015 (England and Wales)
PETERBOROUGH SELF STORAGE CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
100
3,465,847
3,465,947
Year ended 31 March 2022:
Profit and total comprehensive income
-
1,229,745
1,229,745
Balance at 31 March 2022
100
4,695,592
4,695,692
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,250,629
1,250,629
Balance at 31 March 2023
100
5,946,221
5,946,321
PETERBOROUGH SELF STORAGE CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. These would be in respect of depreciation and provision for bad debts.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Debtor recoverability
The Directors' make an estimate of the recoverable value of trade and other debtors. When assessing the provision against trade and other debtors, management considers factors including the ageing profile of debtors and management's historical experience.
Impairment of fixed assets
Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
2
Accounting policies
Company information
Peterborough Self Storage Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 37 Duke Street, London, W1U 1LN.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements are prepared in sterling, which is the functional currency of the entity.
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 4 -
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.
The financial statements of the company are consolidated in the financial statements of PSSC (Holdings) Limited. These consolidated financial statements are available from 3rd Floor, 37 Duke Street, London W1U 1LN.
Under Companies Act 2006, s.454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.
2.2
Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
2.3
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Freehold Property
2% straight line
Leasehold Property
Straight line over the life of the lease
Plant & Machinery
4% - 20% straight-line
Equipment
20% - 33% straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 5 -
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. When applicable bank overdrafts are shown within borrowings in current liabilities.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 6 -
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.10
Employee benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
15
4
Auditor's remuneration
The fees for the audit are disclosed in the parent company accounts, where the fees for the group audit are borne.
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
4,515,580
3,480,995
7,996,575
Additions
48,855
170,206
219,061
At 31 March 2023
4,564,435
3,651,201
8,215,636
Depreciation and impairment
At 1 April 2022
698,435
2,231,827
2,930,262
Depreciation charged in the year
63,548
232,172
295,720
At 31 March 2023
761,983
2,463,999
3,225,982
Carrying amount
At 31 March 2023
3,802,452
1,187,202
4,989,654
At 31 March 2022
3,817,145
1,249,168
5,066,313
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
140,854
148,579
Amounts owed by group undertakings
1,277,093
229,352
Other debtors
97,133
70,462
1,515,080
448,393
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,771
59,572
Amounts owed to group undertakings
102,568
Corporation tax
101,122
114,119
Other taxation and social security
137,791
112,227
Deferred income
258,473
255,556
Other creditors
22,283
179,428
Accruals and deferred income
129,795
574,635
798,803
1,295,537
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Matthew Burge
Statutory Auditor:
Beavis Morgan Audit Limited
9
Financial commitments, guarantees and contingent liabilities
The parent company's bankers hold certain guarantees and debentures to secure a loan for the group. There is a debenture in favour of SV Real Estate Debt Finco S.a.r.l, the amount secured being all present freehold and leasehold property and a fixed and floating charge over the assets of the company.
PETERBOROUGH SELF STORAGE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Related party transactions
At the balance sheet date £1,277,093 (2022: £229,352) was owed by PSSC (Holdings) Limited, the parent company.
The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with other group companies on the grounds that consolidated financial statements are being prepared by the ultimate parent company.
At the balance sheet date, £53,090 (2022: £25,727) was owed by Ready Steady Store Limited, a connected company by virtue of common control. There was a cost recharge for £304,795 ( 2022: £375,178) during the year from Ready Steady Store Limited.
At the balance sheet date, £139,508 (2022: £154,460) was owed to Ready Steady Store Services Limited, a connected company by virtue of common control. There was a cost recharge for £172,407 (2022: £74,135) and a management fee expense for £339,411 (2022: £280,720) during the year from Ready Steady Store Services Limited.
At the balance sheet date, £nil (2022: £2,520) was owed to Jumbo Self Storage Limited, and a balance of £nil (2022: £180) was owed to Bogoria Holdings Inc, both of which are connected companies by virtue of common control.
Ready Steady Store Limited, Ready Steady Store Services Limited, and Jumbo Self Storage Limited are incorporated in England and Wales. Bogoria Holdings Inc is incorporated in the British Virgin Islands.
During the period, Khajana LLP, a connected entity by virtue of common control, charged £290,018 (2022: £277,262) to the company in asset management fees. At the balance sheet date, the company owed £82,071 (2022: £409,028) with respect to these fees.
11
Controlling party
The ultimate controlling parent is Highsky View Limited, a company registered in the British Virgin Islands. The immediate parent undertaking is PSSC (Holdings) Limited, a company registered in England & Wales. Copies of group accounts are publicly available at Companies House.
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