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Registration number: 08404488

Your Store Exeter Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Your Store Exeter Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Your Store Exeter Limited

(Registration number: 08404488)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

384,015

460,018

Current assets

 

Debtors

5

82,758

62,914

Cash at bank and in hand

 

42,607

18,140

 

125,365

81,054

Creditors: Amounts falling due within one year

6

(28,927)

(43,055)

Net current assets

 

96,438

37,999

Total assets less current liabilities

 

480,453

498,017

Creditors: Amounts falling due after more than one year

6

(570,000)

(580,000)

Net liabilities

 

(89,547)

(81,983)

Capital and reserves

 

Called up share capital

100,000

100,000

Profit and loss account

(189,547)

(181,983)

Shareholders' deficit

 

(89,547)

(81,983)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 


Mr S Fitton
Director

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is providing self storage.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements partially through the support of its creditors. The directors have considered the projected cash flow information for the company during the foreseeable post year-end period. On the basis of this cash flow information and discussions with the company's creditors, the directors consider that the company will continue to operate within the available finance facilities. However the margin of finance facilities over requirements is not large and, inherently there can be no certainty in relation to this matter. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the company's creditors.

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements 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. These 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of the lease

Plant and machinery

25% reducing balance

Fittings, fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Containers

Over 12 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Short leasehold property
£

Plant and machinery
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Containers
£

Total
£

Cost or valuation

At 1 January 2023

80,860

7,836

22,595

7,095

805,596

923,982

Additions

-

716

133

-

-

849

At 31 December 2023

80,860

8,552

22,728

7,095

805,596

924,831

Depreciation

At 1 January 2023

20,125

6,012

18,275

2,168

417,384

463,964

Charge for the year

6,738

636

1,114

1,231

67,133

76,852

At 31 December 2023

26,863

6,648

19,389

3,399

484,517

540,816

Carrying amount

At 31 December 2023

53,997

1,904

3,339

3,696

321,079

384,015

At 31 December 2022

60,735

1,824

4,320

4,927

388,212

460,018

5

Debtors

2023
£

2022
£

Trade debtors

72,364

50,888

Prepayments

10,394

12,026

82,758

62,914

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

2,740

1,890

Taxation and social security

 

13,852

11,940

Accruals and deferred income

 

2,335

2,225

Other creditors

 

-

17,000

 

28,927

43,055

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

570,000

580,000

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Your Store Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,000

25,000

Other borrowings

555,000

555,000

570,000

580,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Included within creditors is a bank loan balance of £25,000 (2022: £35,000) that has been guaranteed up to 100% of its outstanding capital value by the UK government.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £160,938 (2022 - £212,438).