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Company No: NI618785 (Northern Ireland)

HELMSMAN STORAGE SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HELMSMAN STORAGE SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HELMSMAN STORAGE SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
HELMSMAN STORAGE SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Paul Gormley
Sharon Gormley
SECRETARY Paul Gormley
REGISTERED OFFICE C/O Murray House
Murray Street
Belfast
BT1 6DN
Northern Ireland
United Kingdom
COMPANY NUMBER NI618785 (Northern Ireland)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
HELMSMAN STORAGE SOLUTIONS LIMITED

BALANCE SHEET

As at 31 December 2023
HELMSMAN STORAGE SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,336,922 2,317,455
2,336,922 2,317,455
Current assets
Stocks 669,756 799,908
Debtors 4 819,272 885,429
Cash at bank and in hand 2,146,489 1,396,255
3,635,517 3,081,592
Creditors: amounts falling due within one year 5 ( 911,041) ( 862,623)
Net current assets 2,724,476 2,218,969
Total assets less current liabilities 5,061,398 4,536,424
Creditors: amounts falling due after more than one year 6 ( 194,823) ( 182,991)
Provision for liabilities 7 ( 118,433) ( 79,145)
Net assets 4,748,142 4,274,288
Capital and reserves
Called-up share capital 8 10 10
Share premium account 1,646,460 1,646,460
Profit and loss account 3,101,672 2,627,818
Total shareholder's funds 4,748,142 4,274,288

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Helmsman Storage Solutions Limited (registered number: NI618785) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Paul Gormley
Director
HELMSMAN STORAGE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HELMSMAN STORAGE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Helmsman Storage Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Northern Ireland. The address of the Company's registered office is C/O Murray House, Murray Street, Belfast, BT1 6DN, Northern Ireland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 100 years straight line
Plant and machinery 15 % reducing balance
Vehicles 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 60 54

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 1,807,955 818,868 186,675 38,068 2,851,566
Additions 0 163,957 19,800 3,010 186,767
Disposals 0 ( 9,200) 0 0 ( 9,200)
At 31 December 2023 1,807,955 973,625 206,475 41,078 3,029,133
Accumulated depreciation
At 01 January 2023 145,569 238,064 125,028 25,450 534,111
Charge for the financial year 18,080 109,955 33,102 4,452 165,589
Disposals 0 ( 7,489) 0 0 ( 7,489)
At 31 December 2023 163,649 340,530 158,130 29,902 692,211
Net book value
At 31 December 2023 1,644,306 633,095 48,345 11,176 2,336,922
At 31 December 2022 1,662,386 580,804 61,647 12,618 2,317,455

4. Debtors

2023 2022
£ £
Trade debtors 767,556 732,973
Other debtors 51,716 152,456
819,272 885,429

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 22,700 21,806
Trade creditors 453,788 402,337
Taxation and social security 244,585 70,115
Other creditors 189,968 368,365
911,041 862,623

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 128,211 150,930
Other creditors 66,612 32,061
194,823 182,991

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 118,433 79,145

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

9. Ultimate controlling party

Bury Storage Products Limited owns the entire share capital of Helmsman Storage Solutions Limited. Mr P Gormley is the ultimate controlling party by virtue as he is a director of both Bury Storage Products Limited and Helmsman Storage Solutions Limited, and owns 100% of the shares of Bury Storage Products Limited.