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Company registration number: 11966930







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023


LENHAM STORAGE (MIDLANDS) LIMITED






































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LENHAM STORAGE (MIDLANDS) LIMITED
 


 
COMPANY INFORMATION


Directors
A. M. Burgess 
K. N. Abrehart 




Company secretary
A M Burgess



Registered number
11966930



Registered office
Ashcombe House,
5 The Crescent

Leatherhead

Surrey

KT22 8DY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


LENHAM STORAGE (MIDLANDS) LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9

 


LENHAM STORAGE (MIDLANDS) LIMITED
REGISTERED NUMBER:11966930



STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
80,000
90,000

Investments
 5 
652,969
652,969

Investment property
 6 
2,226,000
2,226,000

  
2,958,969
2,968,969

Current assets
  

Debtors: amounts falling due within one year
 7 
29,440
29,115

Bank and cash balances
  
60,062
12,557

  
89,502
41,672

Creditors: amounts falling due within one year
 8 
(559,496)
(328,720)

Net current liabilities
  
 
 
(469,994)
 
 
(287,048)

Total assets less current liabilities
  
2,488,975
2,681,921

Creditors: amounts falling due after more than one year
 9 
(2,334,857)
(2,639,857)

Provisions for liabilities
  

Deferred tax
  
(5,000)
(2,500)

  
 
 
(5,000)
 
 
(2,500)

Net assets
  
149,118
39,564


Capital and reserves
  

Allotted and called up share capital
  
100
100

Profit and loss account
  
149,018
39,464

  
149,118
39,564


Page 1

 


LENHAM STORAGE (MIDLANDS) LIMITED
REGISTERED NUMBER:11966930


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A. M. Burgess
K. N. Abrehart
Director
Director
Date: 16 February 2024
Date:16 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Lenham Storage (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The principal place of business is Avian Way, Salhouse Road, Norwich, Norfolk, NR7 9AJ.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to
the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated accounts

The group, and its subsidiary, qualify as small as set out in section 383 of the Companies Act 2006 and are therefore considered as eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue relates to the rental of investment property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairments losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
 

 The estimated useful lives range as follows:

Goodwill
-
10
years straight line

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 4

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
100,000



At 30 November 2023

100,000



Amortisation


At 1 December 2022
10,000


Charge for the year
10,000



At 30 November 2023

20,000



Net book value



At 30 November 2023
80,000



At 30 November 2022
90,000



Page 5

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
652,969



At 30 November 2023
652,969





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Fitzmaurice Carriers Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Fitzmaurice Carriers Limited
90,024
49,468

Under the provision of section 24B of the Companies Act 2006 the company is exempt from preparing
consolidated accounts and has not done so, therefore the accounts show information about the company as an
individual entity.

Page 6

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
2,226,000



At 30 November 2023
2,226,000

The land and buildings were valued at £2,226,000 on 30 November 2023 by the directors on an open market basis.
There is a fixed charge over the investment properties held at the balance sheet date.
 


If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,226,000
2,226,000

2,226,000
2,226,000

Page 7

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
24,853
18,676

Called up share capital not paid
100
100

Prepayments and accrued income
4,487
10,339

29,440
29,115



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
180
180

Amounts owed to related parties
228,437
278,437

Corporation tax
48,614
21,000

Other taxation and social security
690
1,309

Other creditors
226,412
14,828

Accruals and deferred income
55,163
12,966

559,496
328,720


A loan of £155,000 (2022: £Nil) included within other creditors due within 1 year is secured by way of fixed charge over the Company's land and buildings.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
2,334,857
2,639,857

2,334,857
2,639,857


A loan of £305,000 (2022 - £610,000) included within other creditors due after more than 1 year is secured by way of fixed charge over the Company's land and buildings.
Included within other creditors are 2,029,857 preference shares owned by a independent shareholder. Each share has a nominal value of £1. Each share is entitled to dividend payments or any distribution and to participate in a distribution arising from a winding up of the Company. The preference shares have no voting rights.
The directors have considered the rights associated with the preference shares along with the associated legal terms of the preference shares and consider these represent a financial liability rather than equity.
 
Page 8

 


LENHAM STORAGE (MIDLANDS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Contingent liabilities

A contingent liability exists at the accounting date in respect of an unlimited cross-guarantee and a debenture,
secured on all of the company's assets, given to/by specific other companies with common shareholders, being
Fitzmaurice Carriers Limited, Lenham Garages Limited, Lenham Storage (Southern) Limited and Lenham
Storage Company Limited in order to secure their banking facilities.


11.


Related party transactions

As at the 30 November 2023 there is an amount of £228,437 (2022 - £278,437) owed to a Company under common control as per note 8.
Included within note 9 is £2,029,859 (2022- £2,029,857) worth of preference shares held by an independent shareholder.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 22 February 2024 by Andrew Hookway (Senior statutory auditor) on behalf of Menzies LLP.

Page 9