IRIS Accounts Production v24.2.0.383 12903072 director 1.10.22 30.9.23 30.9.23 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh129030722022-09-30129030722023-09-30129030722022-10-012023-09-30129030722021-09-30129030722021-10-012022-09-30129030722022-09-3012903072ns15:EnglandWales2022-10-012023-09-3012903072ns14:PoundSterling2022-10-012023-09-3012903072ns10:Director12022-10-012023-09-3012903072ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3012903072ns10:SmallEntities2022-10-012023-09-3012903072ns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3012903072ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3012903072ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3012903072ns10:FullAccounts2022-10-012023-09-3012903072ns10:OrdinaryShareClass12022-10-012023-09-3012903072ns10:OrdinaryShareClass22022-10-012023-09-3012903072ns10:OrdinaryShareClass32022-10-012023-09-3012903072ns5:ShareCapital2023-09-3012903072ns5:ShareCapital2022-09-3012903072ns5:RetainedEarningsAccumulatedLosses2023-09-3012903072ns5:RetainedEarningsAccumulatedLosses2022-09-3012903072ns5:CurrentFinancialInstruments2023-09-3012903072ns5:CurrentFinancialInstruments2022-09-3012903072ns5:Non-currentFinancialInstruments2023-09-3012903072ns5:Non-currentFinancialInstruments2022-09-3012903072ns10:RegisteredOffice2022-10-012023-09-3012903072ns5:PlantMachinery2022-09-3012903072ns5:PlantMachinery2022-10-012023-09-3012903072ns5:PlantMachinery2023-09-3012903072ns5:PlantMachinery2022-09-3012903072ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3012903072ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3012903072ns10:OrdinaryShareClass12023-09-3012903072ns10:OrdinaryShareClass22023-09-3012903072ns10:OrdinaryShareClass32023-09-3012903072ns5:Non-currentFinancialInstruments2022-10-012023-09-3012903072ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3012903072ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3012903072ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3012903072ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-09-3012903072ns5:HirePurchaseContracts2023-09-3012903072ns5:HirePurchaseContracts2022-09-30
REGISTERED NUMBER: 12903072 (England and Wales)










STORAGE INNOVATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023






STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 5


STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 31,784 132,589

CURRENT ASSETS
Stocks 20,000 22,000
Debtors 5 518,052 410,303
Cash at bank 4,365 362
542,417 432,665
574,201 565,254

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 6 300 300
Retained earnings (183,899 ) (227,948 )
SHAREHOLDERS' FUNDS (183,599 ) (227,648 )

CREDITORS
Amounts falling due within one year 7 62,024 127,545
Amounts falling due after more than one year 8 695,776 665,357
757,800 792,902
574,201 565,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6th September 2024 and were signed by:



M J Walton - Director


STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

Storage Innovation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12903072

Registered office: 7 Woodland Close
Wetherby
Leeds
LS22 6BJ

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.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern basis of accounting
The director has assessed the working capital requirements of the business and his continued provision to the company of the long term director loan account facility. As a result the director considers that the company will be able to operate within available banking facilities for at least a period of 12 months from the date of approval of the financial statements. Accordingly the director considers the going concern basis of accounting is applicable.

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
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Motor Vehicles - 25% on cost
Computer Equipment- 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where applicable.


STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account 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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st October 2022 324,768
Additions 4,394
Disposals (1,103 )
At 30th September 2023 328,059
DEPRECIATION
At 1st October 2022 192,179
Charge for year 104,828
Eliminated on disposal (732 )
At 30th September 2023 296,275
NET BOOK VALUE
At 30th September 2023 31,784
At 30th September 2022 132,589

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 515,106 409,689
Other debtors 2,946 614
518,052 410,303

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
300 300

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,496 6,671
Hire purchase contracts (see note 9) 5,853 8,779
Trade creditors 20,130 70,421
Taxation and social security 2,611 21,676
Other creditors 31,934 19,998
62,024 127,545

STORAGE INNOVATION LIMITED (REGISTERED NUMBER: 12903072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) - 5,853
Other creditors 695,776 659,504
695,776 665,357

The other creditors represents a directors loan account.

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 5,853 8,779
Between one and five years - 5,853
5,853 14,632