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Registered number: 01802596
K.L.M. Storage Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Charlton Accountants Ltd
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 01802596
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,036 2,080
Investment Properties 5 6,000,000 6,000,000
Investments 6 1 1
6,017,037 6,002,081
CURRENT ASSETS
Debtors 7 21,140 5,379
Cash at bank and in hand 7 7
21,147 5,386
Creditors: Amounts Falling Due Within One Year 8 (27,988 ) (19,164 )
NET CURRENT ASSETS (LIABILITIES) (6,841 ) (13,778 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,010,196 5,988,303
PROVISIONS FOR LIABILITIES
Deferred Taxation (768,883 ) (768,883 )
NET ASSETS 5,241,313 5,219,420
CAPITAL AND RESERVES
Called up share capital 10 3,000 3,000
Income Statement 5,238,313 5,216,420
SHAREHOLDERS' FUNDS 5,241,313 5,219,420
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Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Justin Humphryes
Director
05/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
K.L.M. Storage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01802596 . The registered office is Unit 349 Rushock Trading Estate, Droitwich Road, Droitwich Spa, Worcestershire, WR9 0NR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20
Fixtures & Fittings 20
Investment Property is carried at the revalued amount based on the valuation carried out in June 2022. Under FRS102 Section 1a a deferred taxation provision has been included based on the revalued amount. 
2.4. Investment Properties
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
Contributions to a director's pension scheme are charged to the income statement in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 March 2023 74,252 56,084 130,336
Additions 18,678 3,167 21,845
As at 29 February 2024 92,930 59,251 152,181
Depreciation
As at 1 March 2023 72,172 56,084 128,256
Provided during the period 6,256 633 6,889
As at 29 February 2024 78,428 56,717 135,145
Net Book Value
As at 29 February 2024 14,502 2,534 17,036
As at 1 March 2023 2,080 - 2,080
Cost of Investment property is £1332331.
Cost or valuation as at 29 February 2024 represented by:
Plant & Machinery Fixtures & Fittings Total
£ £ £
At cost 92,930 59,251 152,181
92,930 59,251 152,181
The freehold property was professionally revalued in June 2022 and the directors consider that the value would have remained the same in February 2024.
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 6,000,000
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6. Investments
Unlisted
£
Cost
As at 1 March 2023 1
As at 29 February 2024 1
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 1
As at 1 March 2023 1
7. Debtors
2024 2023
£ £
Due within one year
Associated company 9,661 5,379
Employee Loan 10,000 -
Directors' loan accounts 1,479 -
21,140 5,379
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,376 10,626
Bank loans and overdrafts 225 256
Corporation tax 6,111 -
VAT 3,158 5,164
Directors' loan accounts 3,118 3,118
27,988 19,164
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 768,883 768,883
Balance at 29 February 2024 768,883 768,883
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3,000 3,000
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Justin Humphryes - 1,479 - - 1,479
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
KLM Storage Ltd is the 100% shareholder in KLM Storage (Midlands) Ltd.
The directors in KLM Storage Ltd are also directors in KLM Storage (Midlands) Ltd.
KLM Storage Ltd owns the freehold property where KLM Storage (Midlands) Ltd trades from.
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