MYSTORE SELF STORAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 09494486
MYSTORE SELF STORAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
MYSTORE SELF STORAGE LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
J R E K Clemence
T E Skelton
C J D Schmidt
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 2, Forest Works
Forest Road
Charlbury
Chipping Norton
Oxon
OX7 3HH
COMPANY REGISTRATION NUMBER
09494486 England and Wales
MYSTORE SELF STORAGE LTD
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 102,046 90,902
CURRENT ASSETS
Debtors 6 55,279 56,135
Cash at bank and in hand 40,501 8,162
95,780 64,297
CREDITORS: Amounts falling due within one year 7 164,210 63,101
NET CURRENT (LIABILITIES) / ASSETS (68,430) 1,196
TOTAL ASSETS LESS CURRENT LIABILITIES 33,616 92,098
Provisions for liabilities and charges 20,612 22,666
NET ASSETS 13,004 69,432
CAPITAL AND RESERVES
Called up share capital 1,998 1,998
Distributable profit and loss account 11,006 67,434
SHAREHOLDERS' FUNDS 13,004 69,432
MYSTORE SELF STORAGE LTD
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
J R E K Clemence C J D Schmidt
Director Director
Date approved by the board: 24 October 2024
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
MyStore Self Storage Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 2, Forest Works
Forest Road
Charlbury
Chipping Norton
Oxon
OX7 3HH
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of management services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Website Straight line basis at 25% per annum
Computer equipment Straight line basis at 25% per annum
Office equipment Straight line basis at 25% per annum
Plant and machinery Straight line basis at 5% or 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 7 7
5 TANGIBLE ASSETS
Website Computer equipment Office equipment Plant and machinery Total
£ £ £ £ £
Cost
At 1 April 2023 8,519 4,521 7,859 91,449 112,348
Additions 2,600 - 315 16,458 19,373
Disposals (4,823) (1,748) (262) - (6,833)
At 31 March 2024 6,296 2,773 7,912 107,907 124,888
Accumulated depreciation and impairments
At 1 April 2023 6,317 3,326 6,138 5,665 21,446
Charge for year 1,138 681 730 5,580 8,129
Disposals (4,723) (1,748) (262) - (6,733)
At 31 March 2024 2,732 2,259 6,606 11,245 22,842
Net book value
At 1 April 2023 2,202 1,195 1,721 85,784 90,902
At 31 March 2024 3,564 514 1,306 96,662 102,046
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 DEBTORS
2024 2023
£ £
Trade debtors 45,879 52,239
Prepayments and accrued income 9,300 3,316
Other debtors 100 580
55,279 56,135
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 9,856 1,397
Taxation and social security 62,469 57,340
Accruals and deferred income 3,447 3,028
Other creditors 88,438 1,336
164,210 63,101
8 SECURED DEBTS
The company has agreed a fixed and floating charge over all of the company's assets as security against the borrowings of a connected company, SCS (Witney) Ltd.
9 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 12,800 12,800
In more than one but less than five years 51,200 64,000
In more than five years 100,267 100,267
164,267 177,067
MYSTORE SELF STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
J R E K Clemence - 32,500 32,500 - -
T E Skelton - 65,000 65,000 - -
C J D Schmidt - 32,500 32,500 - -
- 130,000 130,000 - -
These advances are interest free and repayable on demand.
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