Company registration number 05345015 (England and Wales)
STORE 'N' GO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STORE 'N' GO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STORE 'N' GO LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,438,146
1,438,146
Current assets
Debtors
5
2,673,288
2,383,780
Cash at bank and in hand
3,210
56,838
2,676,498
2,440,618
Creditors: amounts falling due within one year
6
(2,541,614)
(2,305,614)
Net current assets
134,884
135,004
Net assets
1,573,030
1,573,150
Capital and reserves
Called up share capital
7
6
6
Profit and loss reserves
1,573,024
1,573,144
Total equity
1,573,030
1,573,150
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
M Charania
R Ranawat
Director
Director
Company registration number 05345015 (England and Wales)
STORE 'N' GO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Store 'N' Go Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 37 Duke Street, London, W1U 1LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.4
Financial instruments
All of the Company's financial instruments are basic and as such the company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
STORE 'N' GO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of trade debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing the provision against trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and management's historical experience.
Estimated useful lives of tangible fixed assets
Estimation is required in determining the useful lives of such assets and their residual values.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
STORE 'N' GO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Fixed asset investments
2023
2022
£
£
Investments in subsidiary undertakings
1,438,146
1,438,146
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 December 2022 & 30 November 2023
2,993,796
Impairment
At 1 December 2022 & 30 November 2023
1,555,650
Carrying amount
At 30 November 2023
1,438,146
At 30 November 2022
1,438,146
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,673,288
2,383,780
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,541,614
2,305,614
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6
6
6
6
8
Financial commitments, guarantees and contingent liabilities
The company is party to a cross company guarantee between Store and Go Holdings Limited, Store ‘N’ Go Limited and Lords Storage Co. Limited, in respect of amounts owed by Store and Go Holdings Limited to the British Arab Commercial Bank Plc.
The amount guaranteed by the company under this agreement at 30 November 2023 was £6,720,000 (2022: £6,720,000) which is secured by a fixed and floating charge over the assets of the company.
STORE 'N' GO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
As at 30 November 2023 the company owed £2,541,614 (2022: £2,305,614) to Lords Storage Co. Limited, a wholly owned subsidiary of the company.
As at 30 November 2023 the company was owed £2,673,288 (2022: £2,383,780) by Store and Go Holdings Limited, the immediate parent company.
10
Parent company
During the year the ultimate controlling parent was Highsky View Limited BVI, a company registered in the British Virgin Islands.