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REGISTERED NUMBER: SC288778 (Scotland)











Financial Statements for the Year Ended 30th September 2023

for

Edinburgh Self Storage Limited

Edinburgh Self Storage Limited (Registered number: SC288778)






Contents of the Financial Statements
for the Year Ended 30th September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


Edinburgh Self Storage Limited

Company Information
for the Year Ended 30th September 2023







DIRECTORS: S S Hodgson
Mrs E A Jack
P D R Landale
Ms E A Jack
W D J Jack
Mrs A D Brooke



SECRETARY: Farries, Kirk & McVean C.A.



REGISTERED OFFICE: Farries, Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DG1 3SJ



REGISTERED NUMBER: SC288778 (Scotland)



AUDITORS: Farries, Kirk and McVean
Chartered Accountants
Statutory Auditors
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ



BANKERS: HSBC UK Bank plc
76 Hanover Street
Edinburgh
EH2 1EL



SOLICITORS: Messrs Gillespie MacAndrew
5 Atholl Crescent
Edinburgh
EH3 8EJ

Edinburgh Self Storage Limited (Registered number: SC288778)

Balance Sheet
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,058,848 9,181,618
Investments 5 10,003 10,003
9,068,851 9,191,621

CURRENT ASSETS
Stocks 4,881 5,458
Debtors 6 715,464 976,024
Cash at bank and in hand 684,455 755,781
1,404,800 1,737,263
CREDITORS
Amounts falling due within one year 7 (844,579 ) (866,014 )
NET CURRENT ASSETS 560,221 871,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,629,072

10,062,870

CREDITORS
Amounts falling due after more than one year 8 (567,500 ) (1,237,500 )

PROVISIONS FOR LIABILITIES (12,493 ) (1,255,730 )
NET ASSETS 9,049,079 7,569,640

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Revaluation reserve 5,394,122 4,234,052
Retained earnings 3,649,957 3,330,588
9,049,079 7,569,640

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 5th March 2024 and were signed on its behalf by:





S S Hodgson - Director


Edinburgh Self Storage Limited (Registered number: SC288778)

Notes to the Financial Statements
for the Year Ended 30th September 2023

1. STATUTORY INFORMATION

Edinburgh Self Storage Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sales of goods
Turnover from the sale of packaging is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither the continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide insurance and storage 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 turnover 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 5% on cost and at varying rates on cost

Amounts written off each asset over the estimated useful life represent cost less residual value. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 balance sheet date.

Edinburgh Self Storage Limited (Registered number: SC288778)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Financial instruments
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.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

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 transactions 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.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

Edinburgh Self Storage Limited (Registered number: SC288778)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st October 2022 9,338,581 1,168,082 10,506,663
Additions - 29,483 29,483
Disposals - (14,638 ) (14,638 )
At 30th September 2023 9,338,581 1,182,927 10,521,508
DEPRECIATION
At 1st October 2022 745,986 579,059 1,325,045
Charge for year 106,570 45,683 152,253
Eliminated on disposal - (14,638 ) (14,638 )
At 30th September 2023 852,556 610,104 1,462,660
NET BOOK VALUE
At 30th September 2023 8,486,025 572,823 9,058,848
At 30th September 2022 8,592,595 589,023 9,181,618

Cost or valuation at 30th September 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2011 5,037,487 - 5,037,487
Valuation in 2014 2,152,293 - 2,152,293
Cost 2,148,801 1,182,927 3,331,728
9,338,581 1,182,927 10,521,508

Land and buildings were valued on an open market basis on 31st May 2014 by Cushman & Wakefield .

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1st October 2022
and 30th September 2023 3 10,000 10,003
NET BOOK VALUE
At 30th September 2023 3 10,000 10,003
At 30th September 2022 3 10,000 10,003

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 70,273 61,376
Amounts owed by associates 594,363 542,240
Other debtors 50,828 372,408
715,464 976,024

Edinburgh Self Storage Limited (Registered number: SC288778)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 170,000 170,000
Trade creditors 59,133 53,308
Taxation and social security 281,496 272,264
Other creditors 333,950 370,442
844,579 866,014

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 567,500 1,237,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 557,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 737,500 1,407,500

Included in creditors are bank loans totalling £737,500 (2022: £1,407,500) which are secured by a first standard security over 140 Balgreen Road, Edinburgh, EH12 5XQ and a floating charge over all the assets of the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Paterson, BCom CA (Senior Statutory Auditor)
for and on behalf of Farries, Kirk and McVean

11. RELATED PARTY DISCLOSURES

At 30th September 2023, the company was owed the sum of £48,363 (2022 - £46,240) by NSM Partnership. The company is a 25% partner in NSM Partnership.

At 30th September 2023, the company was owed the sum of £546,000 (2022 - £496,000) by NSM Farms Limited. The company itself is a 25% shareholder in NSM Farms Limited and two directors are also 25% shareholders.

At 30th September 2023, the company was owed the sum of £0 (2022 - £327,448) by RARS Woodlands Limited, a company in which one of the directors has a 30% shareholding.