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Registration number: 09337263

Tidworth Self Storage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Tidworth Self Storage Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Tidworth Self Storage Limited

(Registration number: 09337263)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

125,898

131,488

Current assets

 

Stocks

5

2,500

2,500

Debtors

6

13,728

15,737

Cash at bank and in hand

 

37,403

7,623

 

53,631

25,860

Creditors: Amounts falling due within one year

7

(61,170)

(42,199)

Net current liabilities

 

(7,539)

(16,339)

Total assets less current liabilities

 

118,359

115,149

Creditors: Amounts falling due after more than one year

7

(55,080)

(48,682)

Provisions for liabilities

(14,539)

(18,314)

Net assets

 

48,740

48,153

Capital and reserves

 

Called up share capital

100

100

Retained earnings

48,640

48,053

Shareholders' funds

 

48,740

48,153

 

Tidworth Self Storage Limited

(Registration number: 09337263)
Balance Sheet as at 31 December 2023

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr M A Scott
Director

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

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.

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases:

Asset class

Depreciation method and rate

Freehold land and buildings

4% reducing balance

Plant and equipment

15% reducing balance

Fixtures and fittings

25% reducing balance

Other fixed assets

4% straight line

Motor Vehicles

25% reducing balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

16,696

3,112

59,145

45,180

62,561

186,694

Additions

12,015

-

465

13,495

-

25,975

Disposals

-

-

-

(17,581)

-

(17,581)

At 31 December 2023

28,711

3,112

59,610

41,094

62,561

195,088

Depreciation

At 1 January 2023

1,116

402

35,930

6,640

11,118

55,206

Charge for the year

352

677

3,500

8,418

2,502

15,449

Eliminated on disposal

-

-

-

(1,465)

-

(1,465)

At 31 December 2023

1,468

1,079

39,430

13,593

13,620

69,190

Carrying amount

At 31 December 2023

27,243

2,033

20,180

27,501

48,941

125,898

At 31 December 2022

15,580

2,710

23,215

38,540

51,443

131,488

Included within the net book value of land and buildings above is £27,243 (2022 - £15,580) in respect of freehold land and buildings.
 

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

2,500

2,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,220

5,680

Other debtors

3,508

10,057

 

13,728

15,737

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

13,565

15,832

Trade creditors

20,445

12,841

Taxation and social security

15,256

595

Other creditors

11,904

12,931

61,170

42,199

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

55,080

48,682

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,784

2,785

Hire purchase contracts

7,771

8,847

Other borrowings

3,010

4,200

13,565

15,832

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,022

17,804

Hire purchase contracts

20,196

30,878

Other borrowings

19,862

-

55,080

48,682

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr M A Scott

Directors loan account

7,430

1,011

(8,876)

(435)

         
       

Mr P M Scott

Directors loan account

(10,931)

5,928

(4,388)

(9,391)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr M A Scott

Directors loan account

4,729

4,053

(1,352)

7,430

         
       

Mr P M Scott

Directors loan account

(685)

7,987

(18,233)

(10,931)

         
       

 

Tidworth Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

Other transactions with directors

During the year payments of £27,063 (2022 - £25,400) were paid to P M Scott (director) for rent of the premises