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Registration number: 03107220

A&A Self Storage Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

A&A Self Storage Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

A&A Self Storage Ltd

Company Information

Director

Susan Fabre

Company secretary

E Adler

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

A&A Self Storage Ltd

(Registration number: 03107220)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,979

2,615

Current assets

 

Stocks

6

197,653

-

Debtors

7

7,915,686

4,874,127

Investments

8

993,970

993,970

Cash at bank and in hand

 

2,968,220

1,727,685

 

12,075,529

7,595,782

Creditors: Amounts falling due within one year

9

(16,536)

(74,806)

Net current assets

 

12,058,993

7,520,976

Total assets less current liabilities

 

12,064,972

7,523,591

Creditors: Amounts falling due after more than one year

9

(4,500,000)

-

Net assets

 

7,564,972

7,523,591

Capital and reserves

 

Called up share capital

2

2

Retained earnings

7,564,970

7,523,589

Shareholders' funds

 

7,564,972

7,523,591

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

A&A Self Storage Ltd

(Registration number: 03107220)
Balance Sheet as at 28 February 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 February 2024
 

.........................................
Susan Fabre
Director

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the director on 15 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseable future. Thus the director continue to adopt the going concern basis of accounting in preparing the annual financial statements. The director intends to keep the company in operational existence for the foreseeable future and is prepared to provide all the financial assistance to enable the company to continue and meet its ongoing obligations as they fall due.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Turnover also represents amounts receivable from properties sold.
 

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Fixtures, fittings & equipment

25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Long leasehold property is amortised over the term of the lease of 20 years.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverbale amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Leases

Rentals payable under operating leases, where substantially all of the benefits are risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks represents work in progress relating to property development, and are stated at the lower of cost and net realisable value. The cost of work in progress comprises land, buildings, design costs, raw materials, direct labour, borrowing costs, and other direct costs incurred in bringing the inventories to their present condition. Net realisable value is the estimated selling price in the ordinary course of business, less applicable selling expenses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 12).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

8,588

270,663

Deferred taxation

Arising from origination and reversal of timing differences

-

(68,851)

Tax expense in the income statement

8,588

201,812

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

2,729

2,729

Additions

5,395

5,395

At 28 February 2023

8,124

8,124

Depreciation

At 1 March 2022

114

114

Charge for the year

2,031

2,031

At 28 February 2023

2,145

2,145

Carrying amount

At 28 February 2023

5,979

5,979

At 28 February 2022

2,615

2,615

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Stock of properties and work in progress

197,653

-

Stocks represent stock of properties available for resale and work in progress relating to property development.

7

Debtors

Current

2023
£

2022
£

Prepayments

92,380

13,494

Other debtors

7,823,306

4,860,633

 

7,915,686

4,874,127

Other debtors include £3,799,051 (2021: £3,799,051) due from Central Link Properties Limited, an associated concern. In addition, a further £896,223 (2022: £182,941) is due from Fortnum Developments Limited, £297,385 (2022: £297,385) due from Fortnum Investments Limited, £1,819,907 (2022: £Nil) due from Chester Row Limited. £73,042 (2022: £Nil) due from Holmdale Road Properties Limited, and £19,005 (2022: £Nil) due from 48 The Mall Limited, other associated concerns.
 

8

Current asset investments

2023
£

2022
£

Other investments

993,970

993,970

Current asset investments represent short term interest bearing investments.

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,516

16,562

Taxation and social security

-

22,761

Accruals and deferred income

14,020

6,800

Other creditors

-

28,683

16,536

74,806

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

4,500,000

-

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,500,000

-

Bank loans outstanding at the reporting date include instalments due within 2 years of £4,500,000 (2022: £Nil). The bank loans carry a fixed rate of interest at 3.21% and 3.2% respectively and are due for repayment by April 2024.

The bank loans are secured by a fixed and floating charge over the company's assets.

 

A&A Self Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Related party transactions

At the balance sheet date, the company was owed £527,583 (2022: £490,692) by its director. The directors' current account balance bears a commercial rate of interest at 4% per annum. Interest of £21,103 was charged by the company in the period to 28 February 2023. The directors' loan is unsecured and is repayable on demand. The balance is included in other debtors.

The directors of the company had no other material transactions with the company during the year, other than directors' emoluments as disclosed in the notes.