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Registration number: 12424622

Southport Container Storage Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Southport Container Storage Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Southport Container Storage Ltd

Company Information

Directors

Mr P A Lyon

Mrs P J Lyon

Miss J J Lyon

Registered office

5 Westerdale Drive
Banks
Southport
Merseyside
PR9 8DG

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Southport Container Storage Ltd

(Registration number: 12424622)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

262,917

300,496

Current assets

 

Debtors

5

5,942

5,839

Cash at bank and in hand

 

29,030

44,134

 

34,972

49,973

Creditors: Amounts falling due within one year

6

(242,534)

(236,088)

Net current liabilities

 

(207,562)

(186,115)

Total assets less current liabilities

 

55,355

114,381

Creditors: Amounts falling due after more than one year

6

(21,874)

(23,250)

Net assets

 

33,481

91,131

Capital and reserves

 

Called up share capital

2

2

Retained earnings

33,479

91,129

Shareholders' funds

 

33,481

91,131

For the financial year ending 31 January 2024 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mrs P J Lyon
Director

.........................................
Miss J J Lyon
Director

 

Southport Container Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
5 Westerdale Drive
Banks
Southport
Merseyside
PR9 8DG
United Kingdom

These financial statements were authorised for issue by the Board on 17 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Southport Container Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Plant and equipment

10% straight line basis

Office Equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Southport Container Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

3,728

376,085

379,813

Additions

1,860

-

1,860

Disposals

(1,721)

-

(1,721)

At 31 January 2024

3,867

376,085

379,952

Depreciation

At 1 February 2023

779

78,538

79,317

Charge for the year

951

37,609

38,560

Eliminated on disposal

(842)

-

(842)

At 31 January 2024

888

116,147

117,035

Carrying amount

At 31 January 2024

2,979

259,938

262,917

At 31 January 2023

2,949

297,547

300,496

5

Debtors

Current

2024
£

2023
£

Trade debtors

5,564

5,512

Prepayments

378

327

 

5,942

5,839

 

Southport Container Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

84,176

173,166

Trade creditors

 

1,284

1,961

Taxation and social security

 

103,037

51

Accruals and deferred income

 

1,431

1,431

Other creditors

 

52,606

59,479

 

242,534

236,088

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

21,874

23,250

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,874

23,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,918

9,000

Bank overdrafts

-

183

Other borrowings

80,258

163,983

84,176

173,166

 

Southport Container Storage Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

10,450

-