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REGISTERED NUMBER: 05750507 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MENDIP SELF STORAGE LTD

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MENDIP SELF STORAGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J K Saunders
I J Saunders
B J Saunders





REGISTERED OFFICE: Old Down Farm
Old Down Business Park
Emborough
Radstock
Somerset
BA3 4SA





REGISTERED NUMBER: 05750507 (England and Wales)





ACCOUNTANTS: PG Owen Limited
Chartered Accountants
124 High Street
Midsomer Norton
Bath
Avon
BA3 2DA

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 800 2,400
Tangible assets 5 342,413 385,906
343,213 388,306

CURRENT ASSETS
Stocks 925 950
Debtors 6 427,678 405,072
Cash at bank and in hand 16,442 45,127
445,045 451,149
CREDITORS
Amounts falling due within one year 7 165,855 127,741
NET CURRENT ASSETS 279,190 323,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

622,403

711,714

CREDITORS
Amounts falling due after more than one
year

8

(80,983

)

(131,770

)

PROVISIONS FOR LIABILITIES (65,058 ) (73,322 )
NET ASSETS 476,362 506,622

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Retained earnings 475,262 505,522
476,362 506,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

BALANCE SHEET - continued
31 DECEMBER 2023


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 24 May 2024 and were signed on its behalf by:





I J Saunders - Director


MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mendip Self Storage Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 5% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 8,000
AMORTISATION
At 1 January 2023 5,600
Amortisation for year 1,600
At 31 December 2023 7,200
NET BOOK VALUE
At 31 December 2023 800
At 31 December 2022 2,400

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 35,740 382,027 4,687
Additions - 18,010 1,883
Disposals - - -
At 31 December 2023 35,740 400,037 6,570
DEPRECIATION
At 1 January 2023 28,623 142,617 2,848
Charge for year 1,780 38,613 558
Eliminated on disposal - - -
At 31 December 2023 30,403 181,230 3,406
NET BOOK VALUE
At 31 December 2023 5,337 218,807 3,164
At 31 December 2022 7,117 239,410 1,839

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 178,358 15,492 616,304
Additions - 149 20,042
Disposals (16,490 ) - (16,490 )
At 31 December 2023 161,868 15,641 619,856
DEPRECIATION
At 1 January 2023 41,674 14,636 230,398
Charge for year 7,026 717 48,694
Eliminated on disposal (1,649 ) - (1,649 )
At 31 December 2023 47,051 15,353 277,443
NET BOOK VALUE
At 31 December 2023 114,817 288 342,413
At 31 December 2022 136,684 856 385,906

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,367 29,441
Other debtors 264,876 275,191
Directors' current accounts 143,711 95,716
Tax 4,724 4,724
427,678 405,072

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 87,633 49,417
Hire purchase contracts 10,417 22,440
Trade creditors 4,102 13,742
Tax 6,919 222
Social security and other taxes 38,169 22,486
Other creditors 14,733 16,844
Directors' current accounts - 186
Accrued expenses 3,882 2,404
165,855 127,741

MENDIP SELF STORAGE LTD (REGISTERED NUMBER: 05750507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 50,886 91,539
Hire purchase contracts 30,097 40,231
80,983 131,770