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Registered Number: 09063525
England and Wales

 

 

 

SO STORAGE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Report to the directors on the preparation of the unaudited statutory accounts of So Storage Limited for the year ended 31 May 2023. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of So Storage Limited for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/. This report is made solely to the Board of Directors of So Storage Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of So Storage Limited and state those matters that we have agreed to state to the Board of Directors of So Storage Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than So Storage Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that So Storage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of So Storage Limited. You consider that So Storage Limited is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of So Storage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts for the period ending 31 May 2023.



....................................................
Baranov Associates Limited
4 Academy Close
Kirkby Stephen
Cumbria
CA17 4JG
19 February 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 104,291    80,355 
104,291    80,355 
Current assets      
Debtors 12,625    7,552 
Cash at bank and in hand 114,264    99,678 
126,889    107,230 
Creditors: amount falling due within one year (23,023)   (24,707)
Net current assets 103,866    82,523 
 
Total assets less current liabilities 208,157    162,878 
Creditors: amount falling due after more than one year (225,840)   (181,136)
Net liabilities (17,683)   (18,258)
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account (17,783)   (18,358)
Shareholder's funds (17,683)   (18,258)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 February 2024 and were signed on its behalf by:


-------------------------------
Matthew Denham
Director
2
General Information
So Storage Limited is a private company, limited by shares, registered in England and Wales, registration number 09063525, registration address Unit 4, Oakfield Industrial Estate, Eynsham, Oxfordshire, OX29 3TN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 June 2022 134,718    93,311    5,419    233,448 
Additions 25,833    47,069      72,902 
Disposals   (31,872)     (31,872)
At 31 May 2023 160,551    108,508    5,419    274,478 
Depreciation
At 01 June 2022 107,452    43,020    2,621    153,093 
Charge for year 10,620    19,858    560    31,038 
On disposals   (13,944)     (13,944)
At 31 May 2023 118,072    48,934    3,181    170,187 
Net book values
Closing balance as at 31 May 2023 42,479    59,574    2,238    104,291 
Opening balance as at 01 June 2022 27,266    50,291    2,798    80,355 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £0.00 each  
 

3