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Registered number: 08889692
Storage Designs Telford Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Phillips Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08889692
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 15,104 21,824
15,104 21,824
CURRENT ASSETS
Debtors 6 18,947 32,936
Cash at bank and in hand 85,838 30,287
104,785 63,223
Creditors: Amounts Falling Due Within One Year 7 (76,382 ) (52,426 )
NET CURRENT ASSETS (LIABILITIES) 28,403 10,797
TOTAL ASSETS LESS CURRENT LIABILITIES 43,507 32,621
Creditors: Amounts Falling Due After More Than One Year 8 (13,612 ) (17,792 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,300 ) -
NET ASSETS 26,595 14,829
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 26,495 14,729
SHAREHOLDERS' FUNDS 26,595 14,829
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For the year ending 29 February 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 David Wilkes
Director
19/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Storage Designs Telford Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08889692 . The registered office is Shenstone House, Tarporley Road, Whitchurch, Shropshire, SY13 1LP.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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:
Motor Vehicles 20% straight line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 50,000
As at 29 February 2024 50,000
Amortisation
As at 1 March 2023 50,000
As at 29 February 2024 50,000
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Motor Vehicles
£
Cost
As at 1 March 2023 33,599
As at 29 February 2024 33,599
Depreciation
As at 1 March 2023 11,775
Provided during the period 6,720
As at 29 February 2024 18,495
Net Book Value
As at 29 February 2024 15,104
As at 1 March 2023 21,824
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,975 27,342
Prepayments and accrued income 972 -
Director's loan account - 5,594
18,947 32,936
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,900 4,900
Trade creditors 35,533 22,802
Corporation tax 20,764 20,265
Other taxes and social security 12,684 2,914
Accruals and deferred income 1,600 1,545
Director's loan account 901 -
76,382 52,426
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,612 17,792
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,900 4,900
Later than one year and not later than five years 13,612 17,792
18,512 22,692
18,512 22,692
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 51,000 77,000
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