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REGISTRAR OF COMPANIES

Registration number: 2665120

The Major Storage Company Limited

Unaudited Financial Statements

31 March 2024

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The Major Storage Company Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Major Storage Company Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Major Storage Company Limited for the year ended 31 March 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Major Storage Company Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Major Storage Company Limited and state those matters that we have agreed to state to the Board of Directors of The Major Storage Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Major Storage Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Major Storage Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Major Storage Company Limited. You consider that The Major Storage Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Major Storage Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

26 July 2024

 

The Major Storage Company Limited

(Registration number: 2665120)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

719,754

562,239

Current assets

 

Stocks

5,000

5,000

Debtors

5

155,264

130,491

Cash at bank and in hand

 

265,226

207,350

 

425,490

342,841

Creditors: Amounts falling due within one year

6

(585,970)

(454,604)

Net current liabilities

 

(160,480)

(111,763)

Total assets less current liabilities

 

559,274

450,476

Creditors: Amounts falling due after more than one year

6

-

(30,847)

Provisions for liabilities

(93,190)

(76,338)

Net assets

 

466,084

343,291

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

465,984

343,191

Total equity

 

466,084

343,291

 

The Major Storage Company Limited

(Registration number: 2665120)
Balance Sheet as at 31 March 2024 (continued)

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................

C R Major

Director

 

The Major Storage Company 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:
Castle Hayes Park
Tutbury
BURTON ON TRENT
DE13 9HL

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 31 March 2024 and meets its day to day working capital requirements through financial support by way of short term loans provided by the director and the shareholder. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

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.

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.

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.

 

The Major Storage Company Limited

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

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

Land and buildings

No depreciation basis, 50 year straight line basis, 25 year straight line basis, 15 year straight line basis and 10 year straight line basis

Plant and equipment

No depreciation basis, 10 year straight line basis and 5 year straight line basis

Furniture, fittings and office equipment

5 year straight line basis and 10 year straight line basis

Motor vehicles

25% reducing balance basis

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 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.

 

The Major Storage Company Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

 

The Major Storage Company Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

The Major Storage Company Limited

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

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

425,719

313,913

19,701

20,172

779,505

Additions

7,540

198,879

4,800

-

211,219

At 31 March 2024

433,259

512,792

24,501

20,172

990,724

Depreciation

At 1 April 2023

54,424

136,005

9,291

17,546

217,266

Charge for the year

16,049

32,725

3,603

1,327

53,704

At 31 March 2024

70,473

168,730

12,894

18,873

270,970

Carrying amount

At 31 March 2024

362,786

344,062

11,607

1,299

719,754

At 31 March 2023

371,295

177,908

10,410

2,626

562,239

5

Debtors

2024
£

2023
£

Trade debtors

136,343

126,553

Other debtors

18,921

3,938

155,264

130,491

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

294,591

228,134

Trade creditors

 

32,232

12,414

Taxation and social security

 

17,968

17,991

Corporation tax liability

 

76,548

39,019

Other creditors

 

164,631

157,046

 

585,970

454,604

Due after one year

 

Loans and borrowings

7

-

30,847

 

The Major Storage Company Limited

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

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,840

13,700

Finance lease liabilities

-

10,519

Other borrowings

263,751

203,915

294,591

228,134

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

30,840

13,700

Finance lease liabilities

-

10,519

30,840

24,219

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

30,847

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

-

30,847

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

The Major Storage Company Limited

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

8

Transition to FRS 102

For the year ended 31 March 2024 the company transitioned from FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime' to FRS 102, which has involved a full retrospective restatement of assets and liabilities from the transition date, 1 April 2022. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 April 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(50,315)

(50,315)

Capital and reserves

Profit and loss account

348,595

-

(50,315)

298,280

Balance Sheet at 31 March 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(76,338)

(76,338)

Capital and reserves

Profit and loss account

419,529

-

(76,338)

343,191