Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.2024-03-312454189790Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.falsefalse2023-04-01falsefalse 05314946 2023-04-01 2024-03-31 05314946 2022-04-01 2023-03-31 05314946 2024-03-31 05314946 2023-03-31 05314946 2022-04-01 05314946 c:Director1 2023-04-01 2024-03-31 05314946 c:Director1 2024-03-31 05314946 c:Director2 2023-04-01 2024-03-31 05314946 c:Director2 2024-03-31 05314946 c:Director3 2023-04-01 2024-03-31 05314946 c:Director3 2024-03-31 05314946 c:Director4 2023-04-01 2024-03-31 05314946 c:Director4 2024-03-31 05314946 c:Director5 2023-04-01 2024-03-31 05314946 c:Director5 2024-03-31 05314946 c:RegisteredOffice 2023-04-01 2024-03-31 05314946 d:Buildings 2023-04-01 2024-03-31 05314946 d:Buildings 2024-03-31 05314946 d:Buildings 2023-03-31 05314946 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05314946 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 05314946 d:Buildings d:LongLeaseholdAssets 2024-03-31 05314946 d:Buildings d:LongLeaseholdAssets 2023-03-31 05314946 d:PlantMachinery 2023-04-01 2024-03-31 05314946 d:PlantMachinery 2024-03-31 05314946 d:PlantMachinery 2023-03-31 05314946 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05314946 d:MotorVehicles 2023-04-01 2024-03-31 05314946 d:MotorVehicles 2024-03-31 05314946 d:MotorVehicles 2023-03-31 05314946 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05314946 d:FurnitureFittings 2023-04-01 2024-03-31 05314946 d:FurnitureFittings 2024-03-31 05314946 d:FurnitureFittings 2023-03-31 05314946 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05314946 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05314946 d:CurrentFinancialInstruments 2024-03-31 05314946 d:CurrentFinancialInstruments 2023-03-31 05314946 d:Non-currentFinancialInstruments 2024-03-31 05314946 d:Non-currentFinancialInstruments 2023-03-31 05314946 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05314946 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05314946 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05314946 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05314946 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 05314946 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 05314946 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 05314946 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 05314946 d:UKTax 2023-04-01 2024-03-31 05314946 d:UKTax 2022-04-01 2023-03-31 05314946 d:ShareCapital 2023-04-01 2024-03-31 05314946 d:ShareCapital 2024-03-31 05314946 d:ShareCapital 2022-04-01 2023-03-31 05314946 d:ShareCapital 2023-03-31 05314946 d:ShareCapital 2022-04-01 05314946 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05314946 d:RetainedEarningsAccumulatedLosses 2024-03-31 05314946 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05314946 d:RetainedEarningsAccumulatedLosses 2023-03-31 05314946 d:RetainedEarningsAccumulatedLosses 2022-04-01 05314946 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 05314946 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05314946 d:OtherDeferredTax 2024-03-31 05314946 d:OtherDeferredTax 2023-03-31 05314946 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05314946 c:OrdinaryShareClass1 2024-03-31 05314946 c:OrdinaryShareClass1 2023-03-31 05314946 c:FRS102 2023-04-01 2024-03-31 05314946 c:Audited 2023-04-01 2024-03-31 05314946 c:FullAccounts 2023-04-01 2024-03-31 05314946 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05314946 d:WithinOneYear 2024-03-31 05314946 d:WithinOneYear 2023-03-31 05314946 d:BetweenOneFiveYears 2024-03-31 05314946 d:BetweenOneFiveYears 2023-03-31 05314946 d:MoreThanFiveYears 2024-03-31 05314946 d:MoreThanFiveYears 2023-03-31 05314946 2 2023-04-01 2024-03-31 05314946 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05314946









UK STORAGE COMPANY (SW) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
UK STORAGE COMPANY (SW) LIMITED
 
 
COMPANY INFORMATION


Directors
P F M Le Normand (appointed 8 June 2023)
S A B King (appointed 14 August 2023)
G Morris (appointed 1 January 2024)
C W Taylor (resigned 8 June 2023)
K M Taylor (resigned 8 June 2023)




Registered number
05314946



Registered office
Unit 3 East Quay
Wylds Road

Bridgwater

Somerset

TA6 4DB




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

90 Victoria Street

Bristol

BS1 6DP





 
UK STORAGE COMPANY (SW) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 29


 
UK STORAGE COMPANY (SW) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report of the year ended 31st March 2024.

Business review
 
The principal activity of the company continues to be the provision of self-storage for predominantly residential and business customers, operating from 28 sites across the UK. UK Storage ("UKS") provides a mix of both internal and external facilities, some sites containing both.
Turnover for the company was £14.2m for the year ended 2024 (2023: £13.8m), an increase of 2%. Operating profit dropped to £5.4m (2023: £6.5m), a decrease of 16%.

Principal risks and uncertainties
 
Economic and self-storage market risk
The company is exposed to the wider economy in the UK and the risk of economic growth being below the expected outlook. The company is also exposed specifically in the housing and student sectors, and pricing and marketing are based around ensuring we offer a competitive product whilst ensuring our customer service is maintained at its highest level.
Security risk
The company relies on its sites being open and available to its customers for a large proportion of the time (most sites are open 24 hours a day), and therefore is exposed to damage or the loss of a site through fire, flooding vandalism or other weather and nature-based events. To mitigate this risk we monitor our sites through The Hub, based at our head office in Bridgewater. We also have mobile operational teams that are constantly maintaining our estate, and a selection of preferred suppliers to assist when necessary. 
Brand and reputation risk
The company is exposed to the risk of a single serious incident or a number of smaller issues impacting the UKS brand and subsequently our customers, staff and financial performance. We constantly review how our business is run and how our customers perceive us in order to refine and improve our product. Customers performance exit surveys and we also monitor and respond to feedback via the major review sites.
Cyber risk
The company onboard's its customers through our website portal and is therefore exposed to cyber attacks and data breaches. We regularly review and update our security and data policies and ensure our systems and customer data is stored securely in line with these.
 

Financial key performance indicators

2024
2023
        £
        £
Turnover

14,160k

13,839k
 
Gross profit

8,473k

8,386k
 
Operating profit

5,449k

6,473k
 

Page 1

 
UK STORAGE COMPANY (SW) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


This report was approved by the board and signed on its behalf.


P F M Le Normand
Director

Date: 27 August 2024

Page 2

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,950,801 (2023 - £5,591,727).

Particulars of dividends are detailed in note 11 to the financial statements.

Directors

The Directors who served during the year were:

P F M Le Normand (appointed 8 June 2023)
S A B King (appointed 14 August 2023)
G Morris (appointed 1 January 2024)
C W Taylor (resigned 8 June 2023)
K M Taylor (resigned 8 June 2023)

Page 3

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Economic impact of global events

UK businesses are currently facing many uncertainties, including environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P F M Le Normand
Director

Date: 27 August 2024

Page 4

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK STORAGE COMPANY (SW) LIMITED
 

Opinion

We have audited the financial statements of UK Storage Company (SW) Limited (the ‘Company’) for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 5

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK STORAGE COMPANY (SW) LIMITED
 

Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Page 6

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK STORAGE COMPANY (SW) LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
Page 7

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK STORAGE COMPANY (SW) LIMITED
 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Jonathan Marchant (Senior Statutory Auditor)  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
90 Victoria Street
Bristol
BS1 6DP

28 August 2024
Page 8

 
UK STORAGE COMPANY (SW) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,159,999
13,839,030

Cost of sales
  
(5,686,868)
(5,452,553)

Gross profit
  
8,473,131
8,386,477

Administrative expenses
  
(3,023,844)
(1,913,971)

Operating profit
 5 
5,449,287
6,472,506

Interest receivable and similar income
 8 
43,823
-

Interest payable and similar expenses
 9 
-
(84,874)

Profit before tax
  
5,493,110
6,387,632

Tax on profit
 10 
(542,309)
(795,905)

Profit for the financial year
  
4,950,801
5,591,727

There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 15 to 29 form part of these financial statements.

Page 9

 
UK STORAGE COMPANY (SW) LIMITED
REGISTERED NUMBER: 05314946

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
15,464,963
15,566,365

  
15,464,963
15,566,365

Current assets
  

Stocks
 13 
41,038
40,549

Debtors: amounts falling due within one year
 14 
5,960,575
1,669,479

Cash at bank and in hand
 15 
3,374,675
1,317,883

  
9,376,288
3,027,911

Creditors: amounts falling due within one year
 16 
(3,660,672)
(2,262,418)

Net current assets
  
 
 
5,715,616
 
 
765,493

Total assets less current liabilities
  
21,180,579
16,331,858

Creditors: amounts falling due after more than one year
 17 
(1,158,972)
(1,151,104)

Provisions for liabilities
  

Deferred tax
 19 
(950,979)
(1,060,927)

  
 
 
(950,979)
 
 
(1,060,927)

Net assets
  
19,070,628
14,119,827


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
19,070,626
14,119,825

  
19,070,628
14,119,827


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P F M Le Normand
Director

Date: 27 August 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
UK STORAGE COMPANY (SW) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
2
8,604,822
8,604,824


Comprehensive income for the year

Profit for the year
-
5,591,727
5,591,727
Total comprehensive income for the year
-
5,591,727
5,591,727


Contributions by and distributions to owners

Dividends: Equity capital
-
(76,724)
(76,724)


Total transactions with owners
-
(76,724)
(76,724)



At 1 April 2023
2
14,119,825
14,119,827


Comprehensive income for the year

Profit for the year
-
4,950,801
4,950,801
Total comprehensive income for the year
-
4,950,801
4,950,801


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-


Total transactions with owners
-
-
-


At 31 March 2024
2
19,070,626
19,070,628


The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
UK STORAGE COMPANY (SW) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,950,801
5,591,727

Adjustments for:

Depreciation of tangible assets
1,445,766
1,447,731

Profit on disposal of tangible assets
(2,454)
(36,993)

Interest paid
-
84,874

Interest received
(43,823)
-

Taxation charge
542,309
795,905

(Increase) in stocks
(489)
(31,603)

(Increase) in debtors
(4,408,345)
(828,432)

Increase/(decrease) in creditors
1,917,346
(100,308)

Corporation tax (paid)
(1,035,656)
(1,047,530)

Net cash generated from operating activities

3,365,455
5,875,371


Cash flows from investing activities

Sale of tangible assets
2,454
-

Purchase of tangible fixed assets
(1,344,364)
(2,240,826)

Sale of tangible fixed assets
-
189,790

Interest received
43,823
-

Net cash from investing activities

(1,298,087)
(2,051,036)

Cash flows from financing activities

Repayment of loans
(10,576)
(3,661,731)

Dividends paid
-
(76,724)

Interest paid
-
(84,874)

Net cash used in financing activities
(10,576)
(3,823,329)
Page 12

 
UK STORAGE COMPANY (SW) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Net increase in cash and cash equivalents

2,056,792
1,006
Cash and cash equivalents at beginning of year
1,317,883
1,316,877

Cash and cash equivalents at the end of year
3,374,675
1,317,883


Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand
3,374,675
1,317,883

3,374,675
1,317,883


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
UK STORAGE COMPANY (SW) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,317,883

2,056,792

3,374,675

Debt due within 1 year

(10,576)

10,576

-


1,307,307
2,067,368
3,374,675

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 East Quay, Wylds Road, Bridgwater, Somerset TA6 4DB, United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The presentation currency of the Company is Sterling and the financial statements are rounded to the nearest £. The period of the current financial information is the year ended 31 March 2024 and the comparative information relates to the year ended 31 March 2023.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 15

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
straight line over the life of the lease
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

  
2.9

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 19

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. The estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 20

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
118,849
146,021

Rendering of services
14,041,150
13,693,009

14,159,999
13,839,030


All turnover arose within the United Kingdom and is wholly attributable to the principal activity of the company.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,445,767
1,447,731

Gains on disposals of tangible fixed assets
(2,455)
(36,993)

Impairment of trade debtors
115,017
109,078

Fees payable for the audit of the financial statements
35,000
35,000

Page 21

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
929,434
715,987

Social security costs
91,881
65,029

Other pension costs
17,074
14,853

1,038,389
795,869


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative staff
23
25



Management staff
5
5

28
30


7.


Directors' remuneration

2024
2023
£
£



Remuneration
162,443
23,816


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
43,823
-

Page 22

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Interest on bank loans and overdrafts
-
84,874


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
726,505
1,135,201

Adjustments in respect of previous periods
(74,248)
-


Total current tax
652,257
1,135,201

Deferred tax


Origination and reversal of timing differences
(105,644)
(339,296)

Adjustments in respect of prior periods
(4,304)
-

Total deferred tax
(109,948)
(339,296)


Tax on profit
542,309
795,905
Page 23

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,493,100
6,387,632


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,373,275
1,213,650

Effects of:


Expenses not deductible for tax purposes
-
58,842

Effect of capital allowances and depreciation
45,380
(393,722)

Effect of revenue exempt from tax
-
(1,435)

Adjustments to tax charge in respect of different UK tax rates on some earnings
-
(81,432)

Adjustments to tax charge in respect of 
previous periods
(74,248)
-

Adjustments to tax charge in respect of 
previous periods - deferred tax
(4,304)
-

Group relief
(797,794)
-

Rounding on tax charge
-
2

Total tax charge for the year
542,309
795,905


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)
-
76,724

Page 24

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
6,869,582
527,517
15,205,662
109,659
212,768
22,925,188


Additions
525,971
5,219
352,885
47,357
412,932
1,344,364


Disposals
-
-
-
(74,415)
-
(74,415)



At 31 March 2024

7,395,553
532,736
15,558,547
82,601
625,700
24,195,137



Depreciation


At 1 April 2023
-
113,749
6,956,047
98,724
190,302
7,358,822


Charge for the year on owned assets
-
21,336
1,375,001
16,836
32,594
1,445,767


Disposals
-
-
-
(74,415)
-
(74,415)



At 31 March 2024

-
135,085
8,331,048
41,145
222,896
8,730,174



Net book value



At 31 March 2024
7,395,553
397,651
7,227,499
41,456
402,804
15,464,963



At 31 March 2023
6,869,582
413,767
8,249,615
10,935
22,466
15,566,365

Page 25

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
41,038
40,549



14.


Debtors

2024
2023
£
£


Trade debtors
850,975
719,692

Amounts owed by group undertakings
4,673,458
-

Other debtors
-
614,460

Prepayments and accrued income
436,142
335,327

5,960,575
1,669,479



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,374,675
1,317,883



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
10,576

Trade creditors
505,028
135,044

Corporation tax
96,278
596,926

Other taxation and social security
1,334,260
213,359

Other creditors
443,304
201,447

Accruals and deferred income
1,281,802
1,105,066

3,660,672
2,262,418


Page 26

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
1,158,972
1,151,104



18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,374,675
1,317,883




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


19.


Deferred taxation




2024


£






At beginning of year
(1,060,927)


Charged to profit or loss
109,948



At end of year
(950,979)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(951,913)
(1,060,927)

Short term timing differences
934
-

(950,979)
(1,060,927)

Page 27

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



21.


Reserves

Profit and loss account

Profit and loss account represents reserves that have been accumulated through the normal course of trade.


22.


Pension commitments

The amount recognised in the Statement of Comprehensive Income as an expense in relation to defined contribution plans was £17,074 (2023: £14,853). Contributions totalling £3,735 (2023: £3,506) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,766,798
1,766,798

Later than 1 year and not later than 5 years
7,067,194
7,067,194

Later than 5 years
24,896,635
26,663,433

33,730,627
35,497,425

Page 28

 
UK STORAGE COMPANY (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Directors' advances, credits and guarantees

During the year the directors entered into the following advances and creditors with the company:
ole4f94.png


25.


Related party transactions

During the year, the company paid £238,868 (2023: £Nil) to Zeus Bidco Limited in respect of management charges. At the year end, the company is owed £4,790,707 (2023: £Nil) from Zeus Bidco Limited.


26.


Controlling party

The ultimate controlling party is Zeus Bidco Jersey Limited, who owns 100% of UK Storage Company (SW) Limited shares. The registered address is 44 Esplanade, St Helier, JE4 9WG, Jersey.

Page 29