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Company No: 04330040 (England and Wales)

SIMPLY SECURE STORAGE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SIMPLY SECURE STORAGE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SIMPLY SECURE STORAGE LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
SIMPLY SECURE STORAGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTORS Helen Rebecca Jane Smalley
Timothy John Smalley
SECRETARY Timothy John Smalley
REGISTERED OFFICE Stondon Place
Chivers Road
Stondon Massey
CM15 0LG
United Kingdom
BUSINESS ADDRESS The Barton Road Trading Estate
Barton Road
Bury St Edmunds
Suffolk
IP32 7BE
COMPANY NUMBER 04330040 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
SIMPLY SECURE STORAGE LIMITED

BALANCE SHEET

As at 29 February 2024
SIMPLY SECURE STORAGE LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 264,371 217,546
264,371 217,546
Current assets
Debtors 4 176,523 125,579
Cash at bank and in hand 22,298 32,768
198,821 158,347
Creditors: amounts falling due within one year 5 ( 56,954) ( 34,420)
Net current assets 141,867 123,927
Total assets less current liabilities 406,238 341,473
Provision for liabilities 6 ( 23,293) ( 3,334)
Net assets 382,945 338,139
Capital and reserves
Called-up share capital 7 2 2
Revaluation reserve 62,097 32,056
Profit and loss account 320,846 306,081
Total shareholder's funds 382,945 338,139

For the financial year ending 29 February 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 Simply Secure Storage Limited (registered number: 04330040) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Timothy John Smalley
Director
SIMPLY SECURE STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SIMPLY SECURE STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Simply Secure 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 Stondon Place, Chivers Road, Stondon Massey, CM15 0LG, United Kingdom. The principal place of business is The Barton Road Trading Estate, Barton Road, Bury St Edmunds, Suffolk, IP32 7BE.

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 Balance Sheet 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.

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 Balance Sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 Balance Sheet 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

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

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 March 2023 200,000 166,296 366,296
Revaluations 50,000 0 50,000
At 29 February 2024 250,000 166,296 416,296
Accumulated depreciation
At 01 March 2023 0 148,750 148,750
Charge for the financial year 0 3,175 3,175
At 29 February 2024 0 151,925 151,925
Net book value
At 29 February 2024 250,000 14,371 264,371
At 28 February 2023 200,000 17,546 217,546

4. Debtors

2024 2023
£ £
Trade debtors 17,526 19,373
Prepayments 969 962
Other debtors 158,028 105,244
176,523 125,579

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors ( 1,128) ( 1,095)
Amounts owed to directors 175 58
Accruals and deferred income 23,898 9,561
Corporation tax 22,037 14,940
Other taxation and social security 9,433 10,865
Other creditors 2,539 91
56,954 34,420

6. Provision for liabilities

2024 2023
£ £
Deferred tax 23,293 3,334

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Other related party transactions

Mr TJ Smalley, company director, and Mrs HRJ Smalley, company director and sole shareholder, are directors of Stondon Capital Limited of which Mr TJ Smalley is the sole director.

During the year ended 29 February 2029 Stondon Capital Limited paid Simply Secure Storage Limited £5,000 (2023 - £5,000) being 5% interest charged on a loan from Simply Secure Storage Limited to Stondon Capital Limited.

At 29 February 2029 the amount of the loan advanced to Stondon Capital Limited was £100,000 ( 2023 - £100,000).