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Company registration number: 06651691
Stable Self-Storage Limited
Unaudited filleted financial statements
31 July 2023
Stable Self-Storage Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Stable Self-Storage Limited
Directors and other information
Directors
Mrs Tania Jennings
Mr Jack Jennings
Mr Joe Jennings
Company number 06651691
Registered office Elmshaws Farm
Tye Common Road
Billericay
CM12 9SB
Business address Elmshaws Farm
Tye Common Road
Billericay
CM12 9SB
Accountants Hill Allen (Wickford) Limited
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Bankers Lloyds Bank plc
Billericay Branch
PO Box 1000
BX1 1LT
Stable Self-Storage Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 99,847 81,132
_______ _______
99,847 81,132
Current assets
Debtors 6 2,019 2,119
Cash at bank and in hand 100,578 84,771
_______ _______
102,597 86,890
Creditors: amounts falling due
within one year 7 ( 51,519) ( 51,588)
_______ _______
Net current assets 51,078 35,302
_______ _______
Total assets less current liabilities 150,925 116,434
Creditors: amounts falling due
after more than one year 8 - ( 3,970)
Provisions for liabilities ( 24,963) ( 15,416)
_______ _______
Net assets 125,962 97,048
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 124,962 96,048
_______ _______
Shareholders funds 125,962 97,048
_______ _______
For the year ending 31 July 2023 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mrs Tania Jennings
Director
Company registration number: 06651691
Stable Self-Storage Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Elmshaws Farm, Tye Common Road, Billericay, CM12 9SB.
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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 20 % straight line
Fittings fixtures and equipment - 33 % straight line
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: Nil).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2022 205,591 262 205,853
Additions 47,075 - 47,075
Disposals ( 2,383) - ( 2,383)
_______ _______ _______
At 31 July 2023 250,283 262 250,545
_______ _______ _______
Depreciation
At 1 August 2022 124,460 261 124,721
Charge for the year 28,360 - 28,360
Disposals ( 2,383) - ( 2,383)
_______ _______ _______
At 31 July 2023 150,437 261 150,698
_______ _______ _______
Carrying amount
At 31 July 2023 99,846 1 99,847
_______ _______ _______
At 31 July 2022 81,131 1 81,132
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 2,019 2,119
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,852 5,271
Trade creditors 7,957 8,956
Corporation tax 6,180 8,241
Social security and other taxes 8,954 4,544
Other creditors 24,576 24,576
_______ _______
51,519 51,588
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 3,970
_______ _______
9. Controlling party
The company is controlled by the director T Jennings .