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REGISTERED NUMBER: 03037683 (England and Wales)













Financial Statements

for the Year Ended 31 August 2023

for

Scott Storage Ltd

Scott Storage Ltd (Registered number: 03037683)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Scott Storage Ltd

Company Information
for the year ended 31 August 2023







DIRECTOR: Mr M S Scott



SECRETARY: Mr M S Scott



REGISTERED OFFICE: Stephenson Road
Off Station Road
North Hykeham
LINCOLN
Lincolnshire
LN6 3QU



REGISTERED NUMBER: 03037683 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Lloyds Bank Plc
2 Northgate
SLEAFORD
Lincolnshire
NG34 7BL

Scott Storage Ltd (Registered number: 03037683)

Abridged Statement of Financial Position
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,544,556 1,517,165

CURRENT ASSETS
Stocks 500 4,000
Debtors 103,971 106,113
Cash at bank 90,107 62,743
194,578 172,856
CREDITORS
Amounts falling due within one year 224,937 212,787
NET CURRENT LIABILITIES (30,359 ) (39,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,514,197

1,477,234

CREDITORS
Amounts falling due after more than
one year

5

(404,019

)

(411,082

)

PROVISIONS FOR LIABILITIES (104,146 ) (80,999 )
NET ASSETS 1,006,032 985,153

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 331,957 331,957
Retained earnings 673,975 653,096
SHAREHOLDERS' FUNDS 1,006,032 985,153

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

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

The director acknowledges his 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.

Scott Storage Ltd (Registered number: 03037683)

Abridged Statement of Financial Position - continued
31 August 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 April 2024 and were signed by:





Mr M S Scott - Director


Scott Storage Ltd (Registered number: 03037683)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Scott Storage 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 preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - at variable rates on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Land and buildings and plant and machinery held and used in the company's own activities are included in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the financial statement position.

Any revaluation increase or decrease on land and buildings and plant and machinery is taken to the revaluation reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Scott Storage Ltd (Registered number: 03037683)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

Scott Storage Ltd (Registered number: 03037683)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 September 2022 1,962,247
Additions 92,934
Disposals (56,000 )
At 31 August 2023 1,999,181
DEPRECIATION
At 1 September 2022 445,082
Charge for year 35,377
Eliminated on disposal (25,834 )
At 31 August 2023 454,625
NET BOOK VALUE
At 31 August 2023 1,544,556
At 31 August 2022 1,517,165

Cost or valuation at 31 August 2023 is represented by:

Totals
£   
Valuation in 2018 143,310
Valuation in 2020 11,462
Valuation in 2021 155,000
Cost 1,689,409
1,999,181

If property and plant had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,322,495 1,322,495
Aggregate depreciation 224,456 210,687

Value of land in freehold land and buildings 368,259 368,259

Scott Storage Ltd (Registered number: 03037683)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

The freehold land and buildings were valued on an open market basis by an interim valuation on 23 March 2021 by Boothby Property Consultancy Limited FRICS.

A revaluation was completed on the full plant and machinery asset category ,by the Director, to bring the values to their estimated market value as at 31 August 2021. This has resulted in an upward valuation of the asset category of £155,000. There is no tax effect on this revaluation.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 September 2022 78,900
Additions 92,934
Disposals (56,000 )
Transfer to ownership (22,900 )
At 31 August 2023 92,934
DEPRECIATION
At 1 September 2022 26,491
Charge for year 5,808
Eliminated on disposal (25,835 )
Transfer to ownership (656 )
At 31 August 2023 5,808
NET BOOK VALUE
At 31 August 2023 87,126
At 31 August 2022 52,409

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2023 2022
£    £   

Repayable by instalments
Bank loans more 5 yr by instal 185,643 205,525

Scott Storage Ltd (Registered number: 03037683)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 7,321 15,392
Between one and five years 69,582 29,121
76,903 44,513

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 385,516 432,495
Hire purchase contracts 76,903 44,513
462,419 477,008

The bank loan is secured by a fixed and floating charge over the assets of the company.

Hire purchase agreements are secured on the assets to which they relate.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
Mr M S Scott
Balance outstanding at start of year 63,647 7,024
Amounts advanced 100,550 57,028
Amounts repaid (115,364 ) (405 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,833 63,647

The above loan is unsecured.

Interest has been charged as per the HMRC beneficial loan interest rate.