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Company No: 04674822 (England and Wales)

SOMERSET STORAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SOMERSET STORAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SOMERSET STORAGE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
SOMERSET STORAGE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 625
Tangible assets 4 777,838 743,452
777,838 744,077
Current assets
Debtors
- due within one year 5 1,577,804 1,703,024
- due after more than one year 5 21,771 45,639
Cash at bank and in hand 867,332 651,139
2,466,907 2,399,802
Creditors: amounts falling due within one year 6 ( 291,713) ( 333,204)
Net current assets 2,175,194 2,066,598
Total assets less current liabilities 2,953,032 2,810,675
Provision for liabilities ( 81,253) ( 57,305)
Net assets 2,871,779 2,753,370
Capital and reserves
Called-up share capital 7 6 6
Capital redemption reserve 2 2
Profit and loss account 2,871,771 2,753,362
Total shareholders' funds 2,871,779 2,753,370

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Somerset Storage Limited (registered number: 04674822) were approved and authorised for issue by the Board of Directors on 24 July 2024. They were signed on its behalf by:

Mr J C Thomas
Director
SOMERSET STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SOMERSET STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Somerset Storage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is Dyehouse Lane, Glastonbury, Somerset, BA6 9LZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 30,000 30,000
At 31 March 2024 30,000 30,000
Accumulated amortisation
At 01 April 2023 29,375 29,375
Charge for the financial year 625 625
At 31 March 2024 30,000 30,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 625 625

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 1,048,437 6,198 1,187,258 3,385 15,766 2,261,044
Additions 0 0 150,540 0 0 150,540
Disposals 0 0 ( 5,416) 0 0 ( 5,416)
At 31 March 2024 1,048,437 6,198 1,332,382 3,385 15,766 2,406,168
Accumulated depreciation
At 01 April 2023 510,823 3,255 986,180 3,385 13,949 1,517,592
Charge for the financial year 42,579 620 72,466 0 455 116,120
Disposals 0 0 ( 5,382) 0 0 ( 5,382)
At 31 March 2024 553,402 3,875 1,053,264 3,385 14,404 1,628,330
Net book value
At 31 March 2024 495,035 2,323 279,118 0 1,362 777,838
At 31 March 2023 537,614 2,943 201,078 0 1,817 743,452

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 65,970 78,611
Amounts owed by associates 1,500,000 1,500,000
Prepayments 11,834 10,222
Other debtors 0 114,191
1,577,804 1,703,024
Debtors: amounts falling due after more than one year
Amounts owed by directors 17,417 36,511
Other debtors 4,354 9,128
21,771 45,639

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,728 14,049
Accruals and deferred income 93,718 164,495
Corporation tax 114,531 81,661
Other taxation and social security 39,589 44,914
Other creditors 30,147 28,085
291,713 333,204

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each 6 6

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 104,000 104,000
between one and five years 286,000 390,000
390,000 494,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 84 72

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed by a director 17,417 36,511

Throughout the year there was a loan due to the company by a director. The loan constitutes an advance by the company and is repayable over twenty five years from the initial advance date of October 2013. It is unsecured and is on an interest only basis of 2.5% per annum. The capital is repayable at the end of the term although sums may be repaid earlier with no penalty. During the year, repayments of £20,000 (2023: £65,500) were made and interest of £906 (2023: £2,323) was charged. The balance outstanding at 31 March 2024 was £17,417 (2023: £36,511).

During the year, the directors received dividends of £300,000 (2023: £300,000).

At the year end, the company was owed £1,500,000 (2023: £1,500,000) from a company under common control. The balance is included within amounts owed by associates and is unsecured, interest free and has no fixed date for repayment