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Registered number: 07036477
Boxed In Storage Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
The Online Accountant
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07036477
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 178,715 138,155
178,715 138,155
CURRENT ASSETS
Debtors 6 184,070 219,480
Cash at bank and in hand 22,472 30,846
206,542 250,326
Creditors: Amounts Falling Due Within One Year 7 (126,443 ) (194,678 )
NET CURRENT ASSETS (LIABILITIES) 80,099 55,648
TOTAL ASSETS LESS CURRENT LIABILITIES 258,814 193,803
Creditors: Amounts Falling Due After More Than One Year 8 (94,223 ) (68,296 )
NET ASSETS 164,591 125,507
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 164,590 125,506
SHAREHOLDERS' FUNDS 164,591 125,507
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lee Adams
Director
12/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Boxed In Storage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07036477 . The registered office is Unit 7 Netham View Industrial Park, Netham Road, Bristol, England, BS5 9PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No dep
Plant & Machinery 25% on cost
Motor Vehicles 25% on Reducing Balance
Fixtures & Fittings 25% on Reducing Balance
Computer Equipment No depreciation policy
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 6,273 7,350 171,456 185,079
Additions 7,518 10,900 82,206 100,624
As at 30 June 2024 13,791 18,250 253,662 285,703
Depreciation
As at 1 July 2023 1,847 1,838 43,239 46,924
Provided during the period 3,355 4,103 52,606 60,064
As at 30 June 2024 5,202 5,941 95,845 106,988
Net Book Value
As at 30 June 2024 8,589 12,309 157,817 178,715
As at 1 July 2023 4,426 5,512 128,217 138,155
5. Stocks
2024 2023
£ £
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,519 2,030
Prepayments and accrued income 131 125
Deferred tax current asset - 26,249
VAT - 17,656
10,650 46,060
Due after more than one year
Amounts owed by related parties 173,420 173,420
184,070 219,480
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,270 100,068
Bank loans and overdrafts 10,247 10,838
Corporation tax 7,264 10,655
VAT 13,411 -
Other creditors - Customer Deposits 8,947 3,496
Lombard HP < 1 Year 3,651 -
Investec Asset Finance < 1 year 11,799 -
Accruals and deferred income 1,920 6,353
Director's loan account 55,934 63,268
126,443 194,678
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,506 19,908
Lombard HP > 1 Year 10,346 -
Investec Asset Finance > 1 year 14,983 -
Amounts owed to related Ltd company parties 58,388 48,388
94,223 68,296
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
Included in creditor is an amount of £58,388 (2023 - £48,388) owed to Boxed In Storage Netham Limited with same director.
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