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UK STORAGE SOLUTIONS LTD

Registered Number
SC604199
(Scotland)

Unaudited Financial Statements for the Year ended
31 August 2024

UK STORAGE SOLUTIONS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

HASTIE, Alistair William Park
HASTIE, Helen Evelyn

Registered Address

19 John Parker Avenue
Irvine
KA11 4FE

Registered Number

SC604199 (Scotland)
UK STORAGE SOLUTIONS LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

ASSETS
Fixed assets
Tangible assets31,3732,490
1,3732,490
Current assets
Debtors4130,623172,730
Cash at bank and in hand25,81874,502
156,441247,232
156,441247,232
157,814249,722
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital22
Profit and loss account(2)(12,625)
-(12,623)
Liabilities
Creditors amounts falling due within one year5120,035214,562
Creditors amounts falling due after one year637,77947,783
157,814249,722
The financial statements were approved and authorised for issue by the Board of Directors on 15 October 2024, and are signed on its behalf by:
HASTIE, Alistair William Park
Director
Registered Company No. SC604199
UK STORAGE SOLUTIONS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Office Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 236,442
Additions133
At 31 August 246,575
Depreciation and impairment
At 01 September 233,951
Charge for year1,251
At 31 August 245,202
Net book value
At 31 August 241,373
At 31 August 232,490
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables81,495131,806
Other debtors49,12840,924
Total130,623172,730
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables85,300152,906
Bank borrowings and overdrafts18,33321,780
Taxation and social security16,40239,876
Total120,035214,562
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts37,77947,783
Total37,77947,783