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Registration number: 04314790

U-Store Self Storage Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

U-Store Self Storage Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

U-Store Self Storage Limited

Company Information

Directors

Ms Via Papadopoulos

Mr Harry Jones

Registered office

The Hangars
Harbury Lane
Leamington Spa
Warwickshire
CV33 5BA

Accountants

John Holmes-Accountant
3 Vermont Grove
Leamington Spa
Warwickshire
CV31 1SE

 

Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
U-Store Self Storage Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of U-Store Self Storage Limited for the year ended 30 November 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of U-Store Self Storage Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2005. Our work has been undertaken solely to prepare for your approval the accounts of U-Store Self Storage Limited and state those matters that we have agreed to state to the Board of Directors of U-Store Self Storage Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U-Store Self Storage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that U-Store Self Storage 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 U-Store Self Storage Limited. You consider that U-Store Self Storage Limited is exempt from the statutory audit requirement for the year.

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

John Holmes-Accountant
3 Vermont Grove
Leamington Spa
Warwickshire
CV31 1SE

21 August 2024

 

U-Store Self Storage Limited

(Registration number: 04314790)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

242,814

272,402

Current assets

 

Debtors

5

215,165

221,760

Cash at bank and in hand

 

223,967

143,125

 

439,132

364,885

Creditors: Amounts falling due within one year

6

(39,379)

(168,265)

Net current assets

 

399,753

196,620

Total assets less current liabilities

 

642,567

469,022

Creditors: Amounts falling due after more than one year

6

(153,086)

(100,000)

Net assets

 

489,481

369,022

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

489,479

369,020

Shareholders' funds

 

489,481

369,022

For the financial year ending 30 November 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.

 

U-Store Self Storage Limited

(Registration number: 04314790)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr Harry Jones
Director

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Hangars
Harbury Lane
Leamington Spa
Warwickshire
CV33 5BA
England

These financial statements were authorised for issue by the Board on 21 August 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 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.

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 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.

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 & Buildings

0%

Fixtures & Fittings

20.0% straight Line

Motor Vehicles

25.0% straight line

Plant & Equipment

20.0% straight Line

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 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.

Borrowings

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

152,211

30,812

233,196

1,099,910

1,516,129

Additions

-

6,025

31,000

-

37,025

At 30 November 2023

152,211

36,837

264,196

1,099,910

1,553,154

Depreciation

At 1 December 2022

-

17,087

198,261

1,028,379

1,243,727

Charge for the year

-

5,336

28,740

32,537

66,613

At 30 November 2023

-

22,423

227,001

1,060,916

1,310,340

Carrying amount

At 30 November 2023

152,211

14,414

37,195

38,994

242,814

At 30 November 2022

152,211

13,725

34,935

71,531

272,402

Included within the net book value of land and buildings above is £152,211 (2022 - £152,211) in respect of freehold land and buildings.
 

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

-

6,595

Other debtors

 

215,165

215,165

   

215,165

221,760

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

182

363

Taxation and social security

 

26,596

157,362

Accruals and deferred income

 

8,100

6,300

Other creditors

 

4,501

4,240

 

39,379

168,265

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

153,086

100,000

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

153,086

100,000

Current loans and borrowings

 

U-Store Self Storage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Other borrowings

182

363