Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mark William Featherstone 22/04/2014 Joanne Hazel Moon 27/03/2024 23 January 2025 The principal activity of the Company during the financial year was that of a self-storage business. 09004035 2024-04-30 09004035 bus:Director1 2024-04-30 09004035 bus:Director2 2024-04-30 09004035 2023-04-30 09004035 core:CurrentFinancialInstruments 2024-04-30 09004035 core:CurrentFinancialInstruments 2023-04-30 09004035 core:Non-currentFinancialInstruments 2024-04-30 09004035 core:Non-currentFinancialInstruments 2023-04-30 09004035 core:ShareCapital 2024-04-30 09004035 core:ShareCapital 2023-04-30 09004035 core:RetainedEarningsAccumulatedLosses 2024-04-30 09004035 core:RetainedEarningsAccumulatedLosses 2023-04-30 09004035 core:LeaseholdImprovements 2023-04-30 09004035 core:PlantMachinery 2023-04-30 09004035 core:Vehicles 2023-04-30 09004035 core:FurnitureFittings 2023-04-30 09004035 core:LeaseholdImprovements 2024-04-30 09004035 core:PlantMachinery 2024-04-30 09004035 core:Vehicles 2024-04-30 09004035 core:FurnitureFittings 2024-04-30 09004035 core:CostValuation 2023-04-30 09004035 core:CostValuation 2024-04-30 09004035 core:ImmediateParent core:Non-currentFinancialInstruments 2024-04-30 09004035 core:ImmediateParent core:Non-currentFinancialInstruments 2023-04-30 09004035 2022-04-30 09004035 bus:OrdinaryShareClass1 2024-04-30 09004035 2023-05-01 2024-04-30 09004035 bus:FilletedAccounts 2023-05-01 2024-04-30 09004035 bus:SmallEntities 2023-05-01 2024-04-30 09004035 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09004035 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09004035 bus:Director1 2023-05-01 2024-04-30 09004035 bus:Director2 2023-05-01 2024-04-30 09004035 core:PlantMachinery 2023-05-01 2024-04-30 09004035 core:Vehicles 2023-05-01 2024-04-30 09004035 core:FurnitureFittings 2023-05-01 2024-04-30 09004035 2022-05-01 2023-04-30 09004035 core:LeaseholdImprovements 2023-05-01 2024-04-30 09004035 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 09004035 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 09004035 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 09004035 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09004035 (England and Wales)

SOUTH HAMS SELF STORAGE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SOUTH HAMS SELF STORAGE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SOUTH HAMS SELF STORAGE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SOUTH HAMS SELF STORAGE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 384,199 325,367
Investments 4 39,810 39,810
424,009 365,177
Current assets
Stocks 4,179 6,519
Debtors
- due within one year 5 35,818 27,078
- due after more than one year 5 239,497 221,336
Cash at bank and in hand 192,733 269,887
472,227 524,820
Creditors: amounts falling due within one year 6 ( 163,868) ( 147,622)
Net current assets 308,359 377,198
Total assets less current liabilities 732,368 742,375
Creditors: amounts falling due after more than one year 7 ( 33,313) ( 149,419)
Provision for liabilities 8 ( 82,889) ( 72,513)
Net assets 616,166 520,443
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 616,066 520,343
Total shareholder's funds 616,166 520,443

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of South Hams Self Storage Limited (registered number: 09004035) were approved and authorised for issue by the Board of Directors on 23 January 2025. They were signed on its behalf by:

Mark William Featherstone
Director
SOUTH HAMS SELF STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SOUTH HAMS SELF STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

South Hams Self Storage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 87 Fore Street, Salcombe, TQ8 8BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 0 36,075 127,037 417,037 580,149
Additions 80,396 11,852 0 37,822 130,070
At 30 April 2024 80,396 47,927 127,037 454,859 710,219
Accumulated depreciation
At 01 May 2023 0 8,514 28,439 217,829 254,782
Charge for the financial year 0 9,249 24,649 37,340 71,238
At 30 April 2024 0 17,763 53,088 255,169 326,020
Net book value
At 30 April 2024 80,396 30,164 73,949 199,690 384,199
At 30 April 2023 0 27,561 98,598 199,208 325,367

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 39,810 39,810
At 30 April 2024 39,810 39,810
Carrying value at 30 April 2024 39,810 39,810
Carrying value at 30 April 2023 39,810 39,810

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £38747. Other investments are held at cost less impairment because their fair value cannot be measured reliably.

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 28,504 19,266
Other debtors 7,314 7,812
35,818 27,078
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings 239,497 194,836
Other debtors 0 26,500
239,497 221,336

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,444 41,714
Trade creditors 78,944 9,210
Accruals 5,445 4,500
Corporation tax 29,542 57,066
Other taxation and social security 10,666 24,973
Obligations under finance leases and hire purchase contracts 34,827 10,159
163,868 147,622

The bank loans (amounts falling due within one year and in more than one year) are secured by a debenture with fixed and floating charges over all assets and undertakings of the company. They are also secured by an omnibus guarantee with a set off arrangement between South Hams Self Storage Limited and Sheyenne Limited, the Parent Company.

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 22,593 103,872
Obligations under finance leases and hire purchase contracts 10,720 45,547
33,313 149,419

The bank loans and obligations under finance leases and hire purchase contracts are secured - see note 6 above

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 72,513) ( 77,509)
(Charged)/credited to the Statement of Income and Retained Earnings ( 10,376) 4,996
At the end of financial year ( 82,889) ( 72,513)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Sheyenne Limited, (Registered office: 87 Fore Street, Salcombe, TQ8 8BY, United Kingdom), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.