0 false false false false false false false false false false true false false false false false false 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC237205 2023-03-01 2024-02-29 SC237205 2024-02-29 SC237205 2023-02-28 SC237205 2022-03-01 2023-02-28 SC237205 2023-02-28 SC237205 2022-02-28 SC237205 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC237205 core:FurnitureFittings 2023-03-01 2024-02-29 SC237205 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC237205 bus:Director4 2023-03-01 2024-02-29 SC237205 core:FurnitureFittings 2023-02-28 SC237205 core:FurnitureFittings 2024-02-29 SC237205 core:WithinOneYear 2024-02-29 SC237205 core:WithinOneYear 2023-02-28 SC237205 core:AfterOneYear 2024-02-29 SC237205 core:AfterOneYear 2023-02-28 SC237205 core:ShareCapital 2024-02-29 SC237205 core:ShareCapital 2023-02-28 SC237205 core:SharePremium 2024-02-29 SC237205 core:SharePremium 2023-02-28 SC237205 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC237205 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC237205 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 SC237205 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 SC237205 core:FurnitureFittings 2023-02-28 SC237205 bus:SmallEntities 2023-03-01 2024-02-29 SC237205 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC237205 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC237205 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC237205 bus:FullAccounts 2023-03-01 2024-02-29 SC237205 bus:OrdinaryShareClass1 2024-02-29 SC237205 bus:OrdinaryShareClass1 2023-02-28 SC237205 core:OfficeEquipment 2023-03-01 2024-02-29 SC237205 core:OfficeEquipment 2024-02-29 SC237205 core:OfficeEquipment 2023-02-28 SC237205 bus:ChairmanChiefExecutive 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: SC237205
Storage 4 U Limited
Filleted Unaudited Financial Statements
29 February 2024
Storage 4 U Limited
Financial Statements
Year ended 29 February 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Storage 4 U Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
12,557
14,118
Current assets
Stocks
1,000
1,000
Debtors
6
61,462
103,753
--------
---------
62,462
104,753
Creditors: amounts falling due within one year
7
74,668
73,766
--------
---------
Net current (liabilities)/assets
( 12,206)
30,987
--------
--------
Total assets less current liabilities
351
45,105
Creditors: amounts falling due after more than one year
8
23,874
37,281
Provisions
Deferred tax
3,139
2,701
--------
--------
Net (liabilities)/assets
( 26,662)
5,123
--------
--------
Capital and reserves
Called up share capital
10
47,059
47,059
Share premium account
17,941
17,941
Profit and loss account
( 91,662)
( 59,877)
--------
--------
Shareholders (deficit)/funds
( 26,662)
5,123
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Storage 4 U Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr S Brown
Director
Company registration number: SC237205
Storage 4 U Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB. The principal trading address is Block 5 Unit 2, Nobel Road, West Gourdie Industrial Estate, Dundee, DD2 4UH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a loss for the year before taxation of £31,347 (2023 - £23,131). The directors consider that the going concern basis is still applicable for the preparation of the financial statements as the ability of the company to continue to trade is dependant on the support of the bankers and other lenders.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
20% straight line
Fixtures and fittings
-
10% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
98,146
22,234
120,380
--------
--------
---------
Depreciation
At 1 March 2023
85,023
21,239
106,262
Charge for the year
1,312
249
1,561
--------
--------
---------
At 29 February 2024
86,335
21,488
107,823
--------
--------
---------
Carrying amount
At 29 February 2024
11,811
746
12,557
--------
--------
---------
At 28 February 2023
13,123
995
14,118
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
19,324
9,719
Other debtors
42,138
94,034
--------
---------
61,462
103,753
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,391
10,107
Trade creditors
20,801
14,999
Social security and other taxes
25,605
27,721
Other creditors
16,871
20,939
--------
--------
74,668
73,766
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,874
25,174
Other creditors
12,107
--------
--------
23,874
37,281
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £18,274 (2023: £11,205) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,139
2,701
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,139
2,701
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.10 each
470,588
47,059
470,588
47,059
---------
--------
---------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
885
----
----
12. Transactions with directors
The company was owned and controlled by the directors throughout the current year.