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COMPANY REGISTRATION NUMBER: 04933263
Stevens Storage Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Stevens Storage Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,768,347
1,780,804
Current assets
Debtors
7
14,017
61,799
Cash at bank and in hand
550,791
575,699
---------
---------
564,808
637,498
Creditors: amounts falling due within one year
8
62,615
91,484
---------
---------
Net current assets
502,193
546,014
------------
------------
Total assets less current liabilities
2,270,540
2,326,818
Provisions
Taxation including deferred tax
6,655
8,927
------------
------------
Net assets
2,263,885
2,317,891
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,263,785
2,317,791
------------
------------
Shareholders funds
2,263,885
2,317,891
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stevens Storage Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr J Stevens
Director
Company registration number: 04933263
Stevens Storage Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dapple Farm, Oakington Road, Girton, Cambridge, CB3 0QH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in profit and loss represents amounts receivable for storage services during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Freehold Land is not depreciated .
Defined contribution plans
The company makes pension contributions for certain employees into their own personal pension arrangements. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
30,000
--------
Amortisation
At 1 December 2022 and 30 November 2023
30,000
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
1,888,913
42,606
16,518
1,948,037
Additions
6,070
3,065
9,135
Disposals
( 1,911)
( 1,911)
------------
--------
--------
------------
At 30 November 2023
1,888,913
46,765
19,583
1,955,261
------------
--------
--------
------------
Depreciation
At 1 December 2022
135,785
24,594
6,854
167,233
Charge for the year
11,838
5,053
2,999
19,890
Disposals
( 209)
( 209)
------------
--------
--------
------------
At 30 November 2023
147,623
29,438
9,853
186,914
------------
--------
--------
------------
Carrying amount
At 30 November 2023
1,741,290
17,327
9,730
1,768,347
------------
--------
--------
------------
At 30 November 2022
1,753,128
18,012
9,664
1,780,804
------------
--------
--------
------------
7. Debtors
2023
2022
£
£
Other debtors
14,017
61,799
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
22,057
58,443
Other creditors
40,558
33,041
--------
--------
62,615
91,484
--------
--------
9. Directors' advances, credits and guarantees
During the current and previous year the company made advances to and received repayments from the directors. These amounts are repayable on demand and interest has been charged on any outstanding balances on a daily basis, calculated at the HMRC official beneficial loan rate. Details of the balances, advances and amounts repaid are; The company operated a joint loan account for 3 directors
2023 2022
£ £
Advances 34,606 131,469
Repayments 81,716 104,958
Balance due from directors 47,110
The company operated a loan account for a director
2023 2022
£ £
Repayments 59,984