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IDEAL STORAGE LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2024






IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

IDEAL STORAGE LIMITED

Company Information
for the year ended 31st March 2024







DIRECTORS: A Proudlove
G Sawford





REGISTERED OFFICE: 1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH





REGISTERED NUMBER: 07538829 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 268,005 272,575

CURRENT ASSETS
Debtors 5 15,799 14,072
Cash at bank 71,044 32,128
86,843 46,200
CREDITORS
Amounts falling due within one year 6 81,448 122,479
NET CURRENT ASSETS/(LIABILITIES) 5,395 (76,279 )
TOTAL ASSETS LESS CURRENT LIABILITIES 273,400 196,296

CREDITORS
Amounts falling due after more than one
year

7

(96,137

)

(129,827

)

PROVISIONS FOR LIABILITIES (42,185 ) (19,399 )
NET ASSETS 135,078 47,070

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 134,978 46,970
SHAREHOLDERS' FUNDS 135,078 47,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th August 2024 and were signed on its behalf by:




A Proudlove - Director



G Sawford - Director


IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Ideal Storage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

The useful lives of property, plant and equipment which are estimated based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 50 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Financial instruments
Debtors, creditors, directors loan (being repayable on demand) and inter company loans (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 886,112 68,246 30,024 1,664 986,046
Additions 16,075 2,834 - - 18,909
At 31st March 2024 902,187 71,080 30,024 1,664 1,004,955
DEPRECIATION
At 1st April 2023 653,426 48,475 10,100 1,470 713,471
Charge for year 8,856 7,601 6,831 191 23,479
At 31st March 2024 662,282 56,076 16,931 1,661 736,950
NET BOOK VALUE
At 31st March 2024 239,905 15,004 13,093 3 268,005
At 31st March 2023 232,686 19,771 19,924 194 272,575

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,502 2,784
Other debtors 11,297 11,288
15,799 14,072

IDEAL STORAGE LIMITED (REGISTERED NUMBER: 07538829)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,769 20,628
Hire purchase contracts 19,750 19,750
Trade creditors 26,644 20,500
Taxation and social security 14,590 17,512
Other creditors 6,695 44,089
81,448 122,479

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 81,241 95,514
Hire purchase contracts 14,896 34,313
96,137 129,827

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 35,500 38,552

8. RESERVES
Retained
earnings
£   

At 1st April 2023 46,970
Profit for the year 90,008
Dividends (2,000 )
At 31st March 2024 134,978

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ideal Storage Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ideal Storage Limited for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Ideal Storage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ideal Storage Limited. You consider that Ideal Storage 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 financial statements of Ideal Storage 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 financial statements.






Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH


28th August 2024