Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31falseNo description of principal activity2023-04-01false44falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC373939 2023-04-01 2024-03-31 OC373939 2022-04-01 2023-03-31 OC373939 2024-03-31 OC373939 2023-03-31 OC373939 2 2023-04-01 2024-03-31 OC373939 1 2023-04-01 2024-03-31 OC373939 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 OC373939 d:Buildings d:LongLeaseholdAssets 2024-03-31 OC373939 d:Buildings d:LongLeaseholdAssets 2023-03-31 OC373939 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 OC373939 d:MotorVehicles 2023-04-01 2024-03-31 OC373939 d:FurnitureFittings 2023-04-01 2024-03-31 OC373939 d:FurnitureFittings 2024-03-31 OC373939 d:FurnitureFittings 2023-03-31 OC373939 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC373939 d:ComputerEquipment 2023-04-01 2024-03-31 OC373939 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC373939 d:CurrentFinancialInstruments 2024-03-31 OC373939 d:CurrentFinancialInstruments 2023-03-31 OC373939 d:Non-currentFinancialInstruments 2024-03-31 OC373939 d:Non-currentFinancialInstruments 2023-03-31 OC373939 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 OC373939 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 OC373939 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 OC373939 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 OC373939 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 OC373939 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 OC373939 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 OC373939 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 OC373939 d:ReportableOperatingSegment3 2023-04-01 2024-03-31 OC373939 d:ReportableOperatingSegment3 2022-04-01 2023-03-31 OC373939 e:UnitedKingdom 2023-04-01 2024-03-31 OC373939 e:UnitedKingdom 2022-04-01 2023-03-31 OC373939 d:RevaluationReserve 2023-04-01 2024-03-31 OC373939 d:RevaluationReserve 2024-03-31 OC373939 d:RevaluationReserve 2 2023-04-01 2024-03-31 OC373939 d:RevaluationReserve 2023-03-31 OC373939 f:FRS102 2023-04-01 2024-03-31 OC373939 f:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC373939 f:FullAccounts 2023-04-01 2024-03-31 OC373939 f:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC373939 d:Subsidiary1 2023-04-01 2024-03-31 OC373939 d:Subsidiary1 1 2023-04-01 2024-03-31 OC373939 d:MoreThanFiveYears 2024-03-31 OC373939 d:MoreThanFiveYears 2023-03-31 OC373939 5 2023-04-01 2024-03-31 OC373939 6 2023-04-01 2024-03-31 OC373939 f:PartnerLLP1 2023-04-01 2024-03-31 OC373939 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-01 2024-03-31 OC373939 d:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC373939 d:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC373939 d:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 OC373939 d:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 OC373939 d:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC373939 d:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC373939 g:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC373939










ALDERSHOT SELF STORAGE LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




















 
ALDERSHOT SELF STORAGE LLP
 

Information




Designated Members


Magenta Storage Holdings Limited (MSHL)
Magenta Storage (Holdings) No.2 Limited

LLP registered number

OC373939

Registered office

Brooklands FarmPepperbox LaneBramleyGuildfordSurreyGU5 0LW

Bankers

Lloyds TSB plcThames Valley & South East Mid CorporatesThe Atrium, Davidson HouseForbury SquareReadingRG1 3EU

National Westminster Bank plcAbbey Gardens4 Abbey StreetReadingRG1 3BA


 
ALDERSHOT SELF STORAGE LLP
 

Contents



Page
Members' report
 
1 - 4
Statement of comprehensive income
 
5
Balance sheet
 
6 - 7
Statement of changes in equity
 
8
Notes to the financial statements
 
9 - 20


 
ALDERSHOT SELF STORAGE LLP
 
  
Members' report
For the Year Ended 31 March 2024

The members submit their report and unaudited financial statements for Aldershot Self Storage LLP for the year ended 31 March 2024
Formation of Limited Liability Partnership
Aldershot Self Storage LLP was incorporated in England & Wales under the Limited Liability Partnership Act 2000 as a limited liability partnership on 30 March 2012. 
 

Principal activity
 
 
The principal activity of the limited liability partnership was to design and build a new purpose-built self-storage facility with all associated activities undertaken within the United Kingdom. 
The development of the property has been built out as a Lok'nStore branded store. Lok’nStore advised and managed the development and the associated build and fit-out costs and provided development loan capital to Aldershot Self Storage LLP for this purpose. The building was completed in the spring of 2015 and commenced trading. In February 2016, a further phase of fit out of units was commissioned. The units were fully fitted and available at the end of May 2016. The store has continued to fill since then.
Summary and Highlights
The business has had another excellent year with revenue, profits and asset values all moving ahead. (See below)
 
Revenue up 3.4% to £1,295,568 (2023: £1,252,855)
EBITDA up 7.9% to £592,863 (2023: £549,452)
Sq. ft. Occupancy finished at 41,986 sq. ft (2023: 40,220 sq. ft)
Price £30.75 per sq. ft - up 11% (2023: £29.16 sq. ft).
 
The performance of the store
Revenue for the year was up 3.4% to £1,295,568 from the previous year and remaining resilient in a difficult economic environment. Pricing moved ahead 11% over the course of the year to £36.15 per sq. ft (28.02.2023: £35.27 sq. ft).
At 31 March 2024, the store had 41,986 sq. ft of trading space utilised which was 76.6% of the 54,828 sq. ft. of internal storage space. This is up by 1,676 sq. ft over 12 months.  We continue to closely monitor the dynamic elements of price and occupancy to respond to short term trading data.  
This resulted in EBITDA up 7.9% against last year.  
 
Revenue
Aldershot SS LLP 
Aldershot SS LLP
Variance
Percentage Increase/(decrease)

Year ended       
31-Mar-24
£
Year ended         
31-Mar-23
£
Actual
%
Storage
1,165,798
1,113,851
51,947
4.7%
Insurance
115,452
125,133
(9,681)
(7.7%)
Retail
14,318      
13,871      
447      
3.2%  
Total Revenue
1,295,568
1,252,855
42,713
3.4%
 
 



Operating Costs
Year ended 
31 March 2024
Year ended 
31 March 2023
Variance
Percentage (Increase)/
Decrease

Actual
Actual
Actual
%
Property and premises costs
(293,598)
(246,140)
(47,458)
(19.3%)
Staff costs
(131,784)
(138,801)
7,017
5.0%
General overheads
(56,542)  
(78,822)   
22,280   
28.3%  
Total costs
(481,924)
(463,763) 
(18,161)
(3.9%)


 
Page 1

 
ALDERSHOT SELF STORAGE LLP
 
 
Members' report (continued)
For the Year Ended 31 March 2024
 
 
Management of costs
Total Operating Costs (Excluding management fees) amounted to £481,924 for the year (2023: £463,763) down by 4.0%.  
 
Historically, overall cost increases have been mainly driven by the growth of the business and have remained relatively stable.  However, we are now seeing some short term but significant external cost pressures primarily in property and premises costs.  

Energy costs have increased in the year by 35.3% to £78,288 (2023; £53,431). Insurance costs have also increased by 15.1% as the insurance market has hardened considerably as it re-rates its risk/premium positions in the light of store fires in the wider self-storage sector. Rates has also increased from £71,969 to £102,196 as the new rating regime takes effect.

Staff costs reduced by 5.0% with performance bonuses paid to all our store colleagues during the year. Travel and training also contributed to this increase post-pandemic restrictions.

General overheads decreased by 28.3% driven by a much lower level of professional fees. 2003 included £5,200 for a deed of settlement (ECR), JLL valuation fees £8,500 and legal fees involving the proposed sale of the Store £8,500 – none of which were repeated in 2024.

Looking forward, we are starting to see a reduction in medium term energy costs in the market.  Insurance costs are also expected to reduce slightly in the coming year.  There will be a moderate increase in general rates costs under the new rating arrangements.  

EBITDA
In the year EBITDA, which is a very close proxy to operational cash generated, increased to £592,863 (2023: £549,452).

We have robust EBITDA margins which shelter the business against these external cost increases and supported by our ability to move our own pricing forward.

The UK Self-Storage Market 
The UK self-storage market continues to grow but remains under-developed relative to Australia and the US. 
 

UK
Australia
US
Number of self-storage centres
2,706
1,300
54,100
Square feet of self-storage (millions)
60.0
43.59
3,067
Square feet of self-storage per head of population
0.89
1.75
9.39

The Self-Storage Association UK 2024 Annual Industry Survey (compiled from 2023 data) reveals there are an estimated 1,694 self-storage facilities plus an additional 1,102 containerised sites, providing a total of 60 million sq. ft. of storage space. With a population of c. 67 million people in the UK this equates to only 0.89 sq. ft. per person. Occupancy levels across the UK dropped by 2.5 percentage points, however this is coming off record pandemic levels of occupancy. However, occupancy remains higher than pre-pandemic levels with occupancy levels for mature stores around 79%-80% nationally.
The main barriers to entry to the market remain the difficulty in finding and securing suitable sites as well as gaining the appropriate planning consents. As a result, the top 10 largest operators continue to dominate and now own or manage around 524 stores which provides 24.6 million sq. ft of available space. 
There remains strong market sentiment towards the sector with strong inflation linked characteristics, a structurally under supplied market and a sector maturity providing investable assets of suitable scale.  
 
Self-storage performs well in times of economic uncertainty compared to other sectors
The robust nature of the business model / sector throughout the economic cycle has proved its ability to withstand exogenous shocks
Potential for increased allocation to self-storage as other sectors are impacted by volatility
An inflation hedge with low usage of utilities will favour the sector
Investors in the sector include those with low leverage 
Debt markets should remain liquid due to income generation
Page 2

 
ALDERSHOT SELF STORAGE LLP
 
 
Members' report (continued)
For the Year Ended 31 March 2024
 
 
Pricing corrections in land will create buying opportunities
Yield gap with USA and AsiaPac markets remains wide
Still structurally undersupplied compared to demand drivers.
 
The main relevant headwinds and main risk factors currently faced by the sector include:
 
Leveraged buyers will find pricing assets difficult in the short term 
Higher debt costs will create volatility in pricing
A slowing housing market could dampen demand.
 
Drivers of Demand for Self-Storage
Demand for self-storage by both business and household customers is driven by a specific need based on changing circumstances as well as economic activity and business confidence. 
For household customers their need is often linked to a life event where they will need space temporarily, for example, to turn a box room into a home office, but increasingly householders are using storage on a semi-permanent basis to free up space at home or store belongings they don’t have room for.

Business customers use self-storage for a variety of purposes including storage of goods, excess or seasonal stock, document archiving or storage of equipment and tools. Businesses tend to store for longer than household customers and take larger units, although they also take advantage of self-storage for temporary periods to support seasonal sales or office moves or refurbishments. 
The Statement of Profit and Loss is set out on page 6 and shows the profit for the year.
Management fees in the period
 

Year ended
31 March 2024
Year ended
31 March 2023
Management fees
£
£
Base management fees
90,689
87,699
Performance Bonus
123,092
144,941
Administration and compliance fees
7,000
7,000
Total management fees
220,781
239,640

Entrenched Capital Repayment 
Under the Terms of the Limited Liability Partnership Agreement dated 27 July 2012, (updated by an amended Management Services Agreement dated 10 November 2017), the Partnership is contractually obliged to pay Lok’nStore Limited an Entrenched Capital Repayment Fee on 27 July 2023 based on 5% of the Value of the Property on the 27 July 2023. This liability was fully provided for in the 2023 financial statements and by the end of this financial year had been fully paid and the corresponding debenture charge in favour of Loknstore had been discharged.

Future Developments and Going Concern
On 31 October 2024, Aldershot Self Storage LLP sold the self-storage site and all of its fixtures and contents. The overall intention is to dissolve the Limited Liability Partnership after settlement of any remaining commitments and liabilities. Therefore, the members conclude these financial statements have been prepared on a basis other than going concern.
 
Members' capital and drawings
 
 
The level of Member’s capital was determined by the Members at the time of the formation of the Limited Liability Partnership as follows. 
As 31 March 2023 and 31 March 2024
 
Member
Capital
Magenta Storage (Holdings) No.2 Limited
£2,451,727

All payments are made subject to the cash needs of the business and meeting the interest commitments of the partnership loan.  With the consent of the Members the Limited Liability Partnership retains a provision for tax from their profit share
Page 3

 
ALDERSHOT SELF STORAGE LLP
 
 
Members' report (continued)
For the Year Ended 31 March 2024
 
 
which is paid to H M Revenue and Customs on their behalf.

No Member is entitled to receive interest on the amount of his proportion of the capital contributions to the Limited Liability Partnership.
 
 
This report was approved by the members on 20 January 2025 and signed on their behalf by:
 
 


Mark Shaw
Designated member


Page 4

 
ALDERSHOT SELF STORAGE LLP
 
 
Statement of comprehensive income
For the Year Ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
 3 
1,295,568
1,252,855

Gross profit
  
 
1,295,568
 
1,252,855

Administrative expenses
  
(828,971)
(1,759,665)

Operating profit/(loss)
  
 
466,597
 
(506,810)

Interest receivable and similar income
 7 
566
173

Interest payable and similar expenses
 6 
(962)
(36,138)

Profit before tax
  
 
466,201
 
(542,775)

Profit for the year before members' remuneration and profit shares
  
 
466,201
 
(542,775)

Profit/(loss) for the year before members' remuneration and profit shares
  
466,201
(542,775)

Members' remuneration charged as an expense
  
(466,201)
542,775

There was no other comprehensive income for 2024(2023:£NIL).

As disclosed in note 18, The Limited Liability Partnership has sold the site and all its fixed contents. As the overall intention is to dissolve any remaining operations, the Statement of Comprehensive Income represents discontinued operations. 

Page 5

 
ALDERSHOT SELF STORAGE LLP
Registered number: OC373939

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 8 
18,575,000
18,575,000

Investments
 9 
100
100

  
18,575,100
18,575,100

Current assets
  

Stocks
 10 
7,353
6,788

Debtors: amounts falling due within one year
 11 
174,670
150,204

Cash at bank and in hand
  
673,803
440,314

  
855,826
597,306

Creditors: Amounts Falling Due Within One Year
 12 
(4,064,539)
(1,238,470)

Net current liabilities
  
 
 
(3,208,713)
 
 
(641,164)

Total assets less current liabilities
  
15,366,387
17,933,936

Creditors: amounts falling due after more than one year
 13 
-
(2,770,148)

  
15,366,387
15,163,788

  

Net assets
  
15,366,387
15,163,788

Page 6

 
ALDERSHOT SELF STORAGE LLP
Registered number: OC373939
    
Balance sheet (continued)
As at 31 March 2024

2024
2023
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
(1,429,447)
(1,511,780)

  
(1,429,447)
(1,511,780)

Members' other interests
  

Members' capital classified as equity
 15 
2,451,727
2,451,727

Revaluation reserve classified as equity
 15 
14,344,107
14,223,841

  
 
16,795,834
 
16,675,568

  
15,366,387
15,163,788


Total members' interests
  

Loans and other debts due to members
  
(1,429,447)
(1,511,780)

Members' other interests
  
16,795,834
16,675,568

  
15,366,387
15,163,788


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 20 January 2025.




Mark Shaw
Designated member

The notes on pages 9 to 20 form part of these financial statements.

Page 7

 
ALDERSHOT SELF STORAGE LLP
 

Statement of changes in equity
For the Year Ended 31 March 2024


Members capital (classified as equity)
Revaluation reserve
Total equity

£
£
£

At 1 April 2023
2,451,727
14,223,841
16,675,568


Comprehensive income for the year
Total comprehensive income for the year
-
-
-


Contributions by and distributions to members

Revaluations
-
120,266
120,266


Total transactions with members
-
120,266
120,266


At 31 March 2024
2,451,727
14,344,107
16,795,834

The notes on pages 9 to 20 form part of these financial statements.

Page 8

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

Aldershot Self Storage LLP is a limited liability partnership incorporated in England and Wales. The registered office is Brooklands Farm Pepperbox Lane, Bramley, Guildford, Surrey, England, GU5 0LW.
The limited liability partnership's principal activities are disclosed in the Members' Report. The entity's registered number is OC373939.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

As referred to in the Member's Report and note 18, on 31 October 2024, Aldershot Self Storage LLP sold the self-storage site and all of its fixtures and contents. The overall intention is to dissolve the Limited Liability Partnership after settlement of any remaining commitments and liabilities. Therefore, the members conclude these financial statements have been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or carrying value of the assets or liabilities, and no further liabilities need to be provided for as a result of the decision to cease trading. 

 
2.3

Revenue

Revenue comprises the fair value of the consideration received or receivable for goods and services provided in the ordinary course of the Partnership’s activities, net of discount, and VAT. 
The Partnership recognises revenue when the amount of the revenue can be reliably measured and when goods are sold, and title has passed. Revenue from services provided is recognised evenly over the period in which the services are provided.
Turnover is not recognised where the right to receive payment is contingent on events outside the control of the partnership.

 
2.4

Property lease

Property lease annual rentals are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Taxation

The taxation payable on the partnership profit is the personal liability of the members and therefore neither partnership taxation nor related deferred taxation are accounted for in the financial statements.  

Page 9

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Members' remuneration

Remuneration that is paid under the LLP agreement not arising from a division of profits is expensed to the profit and loss account and disclosed as “Members’ remuneration charged as an expense.”  
Any division out of the remaining profits are reported as equity allocations when they occur. 

 
2.7

Tangible fixed assets

Fixed assets are stated at historic cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value over its  expected useful life, as follows:


Long leasehold property
-
over unexpired lease period or renewal term or 50 years if shorter
Short leasehold improvements
-
over unexpired lease period or renewal term
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
5% to 15% straight line
Computer equipment
-
over two years straight line


The assets’ residual values, useful lives and methods of depreciation are reviewed and adjusted if appropriate on an annual basis. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stock is stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is based upon estimated selling prices less any costs of disposal. Provision is made for obsolete and slow-moving items.

Page 10

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and
Page 11

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 12

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Storage services
1,165,798
1,113,851

Other related services
115,452
125,133

Retail boxes and packaging
14,318
13,871

1,295,568
1,252,855


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,295,568
1,252,855

1,295,568
1,252,855



4.


Employees

2024
2023
£
£

Wages and salaries
115,002
119,656

Social security costs
10,324
11,217

Cost of defined contribution scheme
3,469
4,388

128,795
135,261


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Management
4
4

Page 13

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation on tangible fixed assets
120,266
120,266

Amortisation of property lease premium
-
7,246

Property lease rentals - land and buildings
25,250
25,810


6.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
962
36,138

962
36,138


7.


Interest receivable

2024
2023
£
£


Bank interest
566
173

566
173

Page 14

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

8.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
17,798,044
1,180,982
18,979,026


Revaluations
59,049
-
59,049



At 31 March 2024

17,857,093
1,180,982
19,038,075



Depreciation


At 1 April 2023
-
404,026
404,026


Charge for the year
61,217
59,049
120,266


Revaluations
(61,217)
-
(61,217)



At 31 March 2024

-
463,075
463,075



Net book value



At 31 March 2024
17,857,093
717,907
18,575,000

Independent external Market Valuation of the Aldershot Store
Although the Partnership does not usually commission an external valuation it is aware that the self-storage transactional market has shown very good levels of liquidity and continued investor interest with strong capital flows coming into the market. This is resulting in very strong demand for self-storage assets with corresponding yield compression.  
On 27 July 2022 an independent professional valuation was prepared by Jones Lang LaSalle Limited (JLL) in respect of the Aldershot leasehold store operated by Lok’nStore. The valuation was prepared in accordance with the RICS Valuation – Global Standards 2020 – UK national supplement, published by The Royal Institution of Chartered Surveyors (the RICS Red Book) and the valuation methodology is explained in more detail below.  The valuations were prepared on the basis of Fair Value as a fully equipped operational entity having regard to trading potential. 
The valuation was provided for accounts purposes and as such, is a Regulated Purpose Valuation as defined in the Red Book. In compliance with the disclosure requirements of the RICS Red Book JLL have confirmed that:
• This was the first year that JLL had been appointed to value the properties. 
• The valuers who prepared the valuation have the necessary skills and experience having been significantly    involved in the sector. 
• JLL do not provide other significant professional or agency services to the Partnership.
The valuation report indicated a total valuation of £18,575 million. 
The company did not undertake an external valuation of the Aldershot store this year.

Page 15

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
100



At 31 March 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the LLP:

Name

Class of shares

Holding

Ash Road SS Limited
Ordinary
100%


10.


Stocks

2024
2023
£
£

Consumables and goods for resale
7,353
6,788

7,353
6,788



11.


Debtors

2024
2023
£
£


Trade debtors
66,015
48,316

Prepayments and accrued income
108,655
101,888

174,670
150,204


Page 16

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
116,623
109,580

Amounts owed to group undertakings
2,770,868
720

Other creditors
1,043,852
1,005,791

Accruals and deferred income
133,196
122,379

4,064,539
1,238,470


Other creditors represent costs owed and payable to Lok’nStore of £644,699 in respect of trading costs incurred on behalf of the company to be repaid. 
Aldershot Self Storage LLP also owes Magenta Storage (Holdings) No. 2 Limited £200,000 for payments made to reduce the ECR balance due to Lok’n Store during the year. At the year-end the ECR balance had been fully repaid.
The Director considers that the carrying amount of trade and other payables approximates fair value.


13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
-
2,770,148

-
2,770,148


Page 17

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

14.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
(1,429,447)
(1,511,780)

(1,429,447)
(1,511,780)

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
(1,429,447)
(1,511,780)

(1,429,447)
(1,511,780)

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 18

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

15.


Reconciliation of members' interests 







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Revaluation reserve
Total
Other amounts
Total
Total

£
£
£
£
£
£

Members' interests after profit for the year
2,451,727
14,223,841
16,675,568
(969,005)
(969,005)
15,706,563

Other division of losses
-
-
-
(542,775)
(542,775)
(542,775)

Amounts due to members
(1,511,780)
(1,511,780)

Balance at 31 March 2023
2,451,727
14,223,841
16,675,568
(1,511,780)
(1,511,780)
15,163,788

Members' interests after profit for the year
2,451,727
14,223,841
16,675,568
(1,511,780)
(1,511,780)
15,163,788

Other division of profits
-
-
-
466,201
466,201
466,201

Movement in revaluation reserves
-
120,266
120,266
-
-
120,266

Drawings on account and distribution of profit
-
-
-
(383,868)
(383,868)
(383,868)

Amounts due to members
(1,429,447)
(1,429,447)

Balance at 31 March 2024 
2,451,727
14,344,107
16,795,834
(1,429,447)
(1,429,447)
15,366,387

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.


16.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Land and buildings - Later than 5 years
26,730
26,730

26,730
26,730

Page 19

 
ALDERSHOT SELF STORAGE LLP
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

17.


Related party transactions

The LLP has taken advantage of exemptions available under FRS 8 not to disclose transactions between two or more members of a group, provided any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
Lok’nStore Limited has a continuing agreement to provide management services to Aldershot Self Storage LLP under a novated agreement from Ash Road SS Limited.
The LLP has an agreement with Lok’nStore Limited directly related to the principal activity of the LLP.


18.


Post balance sheet events

On 31 October 2024, Aldershot Self Storage LLP sold the self-storage site and all of its fixtures and contents. The overall intention is to dissolve the Limited Liability Partnership after settlement of any remaining commitments and liabilities.


19.


Controlling party

The LLP is controlled by its members as delegated to the management team and as such there is no one controlling party.

Page 20