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Registration number: 01809998

Scott Self Storage (Cumbria) Limited

Unaudited Financial Statements

30 September 2024

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Scott Self Storage (Cumbria) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Scott Self Storage (Cumbria) Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Scott Self Storage (Cumbria) Limited for the year ended 30 September 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Scott Self Storage (Cumbria) Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of Scott Self Storage (Cumbria) Limited and state those matters that we have agreed to state to the Board of Directors of Scott Self Storage (Cumbria) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scott Self Storage (Cumbria) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Scott Self Storage (Cumbria) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Scott Self Storage (Cumbria) Limited. You consider that Scott Self Storage (Cumbria) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Scott Self Storage (Cumbria) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

18 December 2024

 

Scott Self Storage (Cumbria) Limited

(Registration number: 01809998)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

596,899

616,650

Other financial assets

5

107,674

32,408

 

704,573

649,058

Current assets

 

Stocks

15,853

10,807

Debtors

6

64,841

65,971

Cash at bank and in hand

 

724,686

618,310

 

805,380

695,088

Creditors: Amounts falling due within one year

7

(172,870)

(118,238)

Net current assets

 

632,510

576,850

Total assets less current liabilities

 

1,337,083

1,225,908

Provisions for liabilities

(41,897)

(41,740)

Net assets

 

1,295,186

1,184,168

Capital and reserves

 

Allotted, called up and fully paid share capital

61,789

61,789

Share premium reserve

5,811

5,811

Other reserves

27,753

27,753

Profit and loss account

1,199,833

1,088,815

Total equity

 

1,295,186

1,184,168

 

Scott Self Storage (Cumbria) Limited

(Registration number: 01809998)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................

S M E Scott

Director

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Escott Business Park
Rome Street
Carlisle
CA2 5LE
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line basis

Leasehold land and buildings

Over the remaining length of the lease

Plant and equipment

10% straight line basis

Motor vehicles

20% straight line basis

Furniture, fittings and office equipment

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

858,336

166,530

19,396

41,153

1,085,415

Additions

-

3,266

-

-

3,266

At 30 September 2024

858,336

169,796

19,396

41,153

1,088,681

Depreciation

At 1 October 2023

278,312

132,210

19,396

38,847

468,765

Charge for the year

13,742

8,322

-

953

23,017

At 30 September 2024

292,054

140,532

19,396

39,800

491,782

Carrying amount

At 30 September 2024

566,282

29,264

-

1,353

596,899

At 30 September 2023

580,024

34,320

-

2,306

616,650

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

107,674

32,408

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

32,408

32,408

Additions

65,986

65,986

Fair value adjustments

9,280

9,280

At 30 September 2024

107,674

107,674

Impairment

Carrying amount

At 30 September 2024

107,674

107,674

6

Debtors

2024
£

2023
£

Trade debtors

26,599

32,774

Other debtors

38,242

33,197

64,841

65,971

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

5,132

9,787

Taxation and social security

 

28,525

23,526

Corporation tax liability

 

40,623

52

Other creditors

 

98,590

84,873

 

172,870

118,238

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £330,606 (2023 - £341,483).

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Transition to FRS 102

For the year ended 30 September 2024 the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabiliites from the transition date, 1 October 2022. The only transition adjustments are the inclusion of a deferred tax liability and the move to fair value accounting for the other financial asset, as follows:

Balance Sheet at 1 October 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

625,853

-

-

625,853

Current assets

Stocks

13,072

-

-

13,072

Debtors

69,482

-

-

69,482

Cash at bank and in hand

659,469

-

-

659,469

742,023

-

-

742,023

Creditors: Amounts falling due within one year

(144,447)

-

-

(144,447)

Net current assets

597,576

-

-

597,576

Total assets less current liabilities

1,223,429

-

-

1,223,429

Creditors: Amounts falling due after more than one year

(4,331)

-

-

(4,331)

Provisions for liabilities

-

-

(29,156)

(29,156)

Net assets/(liabilities)

1,219,098

-

(29,156)

1,189,942

Capital and reserves

Called up share capital

61,789

-

-

61,789

Share premium reserve

5,811

-

-

5,811

Other reserves

27,753

-

-

27,753

Profit and loss account

1,123,745

-

(29,156)

1,094,589

Total equity

1,219,098

-

(29,156)

1,189,942

 

Scott Self Storage (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Balance Sheet at 30 September 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

616,650

-

-

616,650

Other financial assets

32,584

-

(176)

32,408

649,234

-

(176)

649,058

Current assets

Stocks

10,807

-

-

10,807

Debtors

65,971

-

-

65,971

Cash at bank and in hand

618,310

-

-

618,310

695,088

-

-

695,088

Creditors: Amounts falling due within one year

(118,238)

-

-

(118,238)

Net current assets

576,850

-

-

576,850

Total assets less current liabilities

1,226,084

-

(176)

1,225,908

Provisions for liabilities

-

-

(41,740)

(41,740)

Net assets/(liabilities)

1,226,084

-

(41,916)

1,184,168

Capital and reserves

Called up share capital

61,789

-

-

61,789

Share premium reserve

5,811

-

-

5,811

Other reserves

27,753

-

-

27,753

Profit and loss account

1,130,731

-

(41,916)

1,088,815

Total equity

1,226,084

-

(41,916)

1,184,168