IRIS Accounts Production v23.3.1.45 07606835 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076068352022-03-31076068352023-03-31076068352022-04-012023-03-31076068352021-03-31076068352021-04-012022-03-31076068352022-03-3107606835ns10:Originalns15:EnglandWales2022-04-012023-03-3107606835ns14:PoundSterlingns10:Original2022-04-012023-03-3107606835ns10:Originalns10:Director12022-04-012023-03-3107606835ns10:Original2022-04-012023-03-3107606835ns10:Original2023-03-3107606835ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3107606835ns10:Originalns10:SmallEntities2022-04-012023-03-3107606835ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3107606835ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3107606835ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3107606835ns10:Originalns10:FullAccounts2022-04-012023-03-3107606835ns10:Original12022-04-012023-03-3107606835ns10:Originalns10:Director22022-04-012023-03-3107606835ns10:Originalns10:Director32022-04-012023-03-3107606835ns10:Originalns10:RegisteredOffice2022-04-012023-03-3107606835ns10:Original2022-03-3107606835ns10:Originalns5:CurrentFinancialInstruments2023-03-3107606835ns10:Originalns5:CurrentFinancialInstruments2022-03-3107606835ns5:ShareCapitalns10:Original2023-03-3107606835ns5:ShareCapitalns10:Original2022-03-3107606835ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3107606835ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3107606835ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3107606835ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3107606835ns10:Original2021-04-012022-03-3107606835ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-03-3107606835ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-03-3107606835ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-03-3107606835ns10:Originalns5:PlantMachinery2022-03-3107606835ns10:Originalns5:PlantMachinery2023-03-3107606835ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107606835ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 07606835 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THE SELF STORAGE COMPANY SOUTH EAST LTD

THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE SELF STORAGE COMPANY SOUTH EAST LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: J M R Berney
R C A Cosslett
E Jukes





REGISTERED OFFICE: 1 London Wall Place
London
EC2Y 5AU





REGISTERED NUMBER: 07606835 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 6 17,361 25,832
Debtors 7 328,990 283,055
Cash at bank and in hand 239,616 594,491
585,967 903,378
CREDITORS
Amounts falling due within one year 8 2,881,522 3,582,089
NET CURRENT LIABILITIES (2,295,555 ) (2,678,711 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,295,555

)

(2,678,711

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (2,295,557 ) (2,678,713 )
(2,295,555 ) (2,678,711 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Comprehensive Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





E Jukes - Director


THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

The Self Storage Company South East Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparation
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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in (£) which is also the functional currency for the Company.

Going concern
The company has net liabilities of £2,295,555 (2022 - £2,678,711) which include group balances of £2,046,635 (2022 - £2,647,321) following recent management accounts and forecasts and confirmation of group support for the period of at least 12 months from the date of approval of these financial statements, the directors are of the opinion that it is appropriate to prepare these financial statements on a going concern basis.

Turnover
Turnover represents the net invoice value of services provided. Income is recognised over the period which the storage room is occupied by the customer. Non-storage income is recognised over the period which it is earned.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Tangible fixed assets are included at cost or valuation less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery-10-20% on cost
Office equipment-25% on reducing balance
Motor vehicles-25% on reducing balance

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Statement of Comprehensive Income.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.
Amounts due to and from related undertakings, included directors, are repayable on demand and are measured at the undiscounted amount due. Other liabilities shall be measured at amortised cost using the effective interest rate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Positionstatement of financial position 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.

Operating leases
The annual rentals are charged to the Statement of Comprehensive Income on a straight line basis over the term of the lease.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 39,780
AMORTISATION
At 1 April 2022
and 31 March 2023 39,780
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 105,456
DEPRECIATION
At 1 April 2022
and 31 March 2023 105,456
NET BOOK VALUE
At 31 March 2023 -

6. STOCKS
2023 2022
£    £   
Stocks 17,361 25,832

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 245,472 215,894
Prepayments 83,518 67,161
328,990 283,055

THE SELF STORAGE COMPANY SOUTH EAST LTD (REGISTERED NUMBER: 07606835)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 16,512 45,227
Amounts owed to group undertakings 2,046,635 2,647,321
Social security and other taxes 74,589 117,420
Other creditors 11,198 7,465
Accruals and deferred income 732,588 764,656
2,881,522 3,582,089

9. OTHER FINANCIAL COMMITMENTS

Minimum lease payments fall due as follows:

20232022
££

Less than one year1,221,0811,221,081
Between two and five years4,716,2084,716,208
Over five years16,305,83217,526,913
22,243,12123,464,202

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Aztec (Trustees No.1) Limited and Aztec (Trustees No.2) Limited.. Group accounts are prepared and are available from 11-15 Seaton Place, St Helier, Jersey JE4 8XP, Channel Islands. The ultimate parent undertaking and controlling party is considered to be Schroder UK Real Estate Fund.