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Registration number: 12366592

George Street Self Storage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

George Street Self Storage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

George Street Self Storage Limited

Company Information

Directors

A L Coulson

C Betts

Registered office

Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

George Street Self Storage Limited

(Registration number: 12366592)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

69,927

91,353

Current assets

 

Debtors

5

1,902

5,023

Cash at bank and in hand

 

26,796

14,690

 

28,698

19,713

Creditors: Amounts falling due within one year

6

(70,111)

(96,743)

Net current liabilities

 

(41,413)

(77,030)

Total assets less current liabilities

 

28,514

14,323

Creditors: Amounts falling due after more than one year

6

(22,500)

(24,500)

Provisions for liabilities

(13,253)

(11,141)

Net liabilities

 

(7,239)

(21,318)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,339)

(21,418)

Shareholders' deficit

 

(7,239)

(21,318)

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 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.

 

George Street Self Storage Limited

(Registration number: 12366592)
Balance Sheet as at 31 March 2024

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 27 July 2024 and signed on its behalf by:
 


C Betts
Director

 

George Street Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA
England

These financial statements were authorised for issue by the Board on 27 July 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 the Financial Reporting Standard 102 Section 1A smaller entities - "The financial Reporting Standards applicable in the United Kingdon and the 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

George Street Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Fixtures and fittings

33% on straight line

Plant and machinery

25% on reducing balance

Office equipment

15% on straight line

Leasehold improvements

2% on straight line

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

George Street Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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 2 (2023 - 2).

 

George Street Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

4,478

1,962

115,517

539

Additions

-

762

-

-

At 31 March 2024

4,478

2,724

115,517

539

Depreciation

At 1 April 2023

269

1,752

28,879

243

Charge for the year

89

359

21,660

80

At 31 March 2024

358

2,111

50,539

323

Carrying amount

At 31 March 2024

4,120

613

64,978

216

At 31 March 2023

4,209

210

86,638

296

Total
£

Cost or valuation

At 1 April 2023

122,496

Additions

762

At 31 March 2024

123,258

Depreciation

At 1 April 2023

31,143

Charge for the year

22,188

At 31 March 2024

53,331

Carrying amount

At 31 March 2024

69,927

At 31 March 2023

91,353

 

George Street Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

1,052

1,170

Other debtors

850

3,853

1,902

5,023

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,000

2,000

Trade creditors

 

1,500

-

Taxation and social security

 

10,963

5,192

Accruals and deferred income

 

51,248

74,336

Other creditors

 

4,400

15,215

 

70,111

96,743

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

2,500

4,500

Other non-current financial liabilities

 

20,000

20,000

 

22,500

24,500

7

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

C Betts

Interest on the overdrawn directors loan account is charged at 2%

-

829

829