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Registration number: 04287793


Store Safe (Midlands) Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Store Safe (Midlands) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Store Safe (Midlands) Limited

Company Information

Director

R M Faulkner

Company secretary

L Faulkner

Registered office

C/o Skinbase
West Avenue
Talke
Stoke on Trent
ST7 1TL

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Store Safe (Midlands) Limited

(Registration number: 04287793)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,000

3,000

Tangible assets

5

1,626,393

1,632,864

 

1,629,393

1,635,864

Current assets

 

Debtors

6

15,900

15,321

Cash at bank and in hand

 

510,194

218,507

 

526,094

233,828

Creditors: Amounts falling due within one year

7

(377,255)

(234,387)

Net current assets/(liabilities)

 

148,839

(559)

Total assets less current liabilities

 

1,778,232

1,635,305

Creditors: Amounts falling due after more than one year

7

(386,451)

(399,000)

Provisions for liabilities

(81,420)

(79,424)

Net assets

 

1,310,361

1,156,881

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,310,261

1,156,781

Shareholders' funds

 

1,310,361

1,156,881

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.

Director's 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 director acknowledges his 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 January 2025
 

 

Store Safe (Midlands) Limited

(Registration number: 04287793)
Balance Sheet as at 30 September 2024

.........................................
R M Faulkner
Director

 

Store Safe (Midlands) 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:
C/o Skinbase
West Avenue
Talke
Stoke on Trent
ST7 1TL

The principal place of business is:
Linley
Pit Lane
Talke
Stoke-on-Trent
Staffordshire
ST7 1UH

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

 

Store Safe (Midlands) Limited

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

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.

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

Plant and equipment

20% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Containers

20% reducing balance basis

Tenants improvements

10% straight line basis

Land and buildings

2% straight line basis on buildings

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Nil

 

Store Safe (Midlands) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

Store Safe (Midlands) Limited

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

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Store Safe (Midlands) Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

3,000

3,000

At 30 September 2024

3,000

3,000

Amortisation

Carrying amount

At 30 September 2024

3,000

3,000

At 30 September 2023

3,000

3,000

 

Store Safe (Midlands) Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and equipment
£

Containers
£

Tenants improvements
£

Total
£

Cost or valuation

At 1 October 2023

1,347,445

26,511

25,995

208,646

746,186

32,591

2,387,374

Additions

3,995

-

-

970

61,574

-

66,539

At 30 September 2024

1,351,440

26,511

25,995

209,616

807,760

32,591

2,453,913

Depreciation

At 1 October 2023

35,568

23,236

14,391

125,679

523,045

32,591

754,510

Charge for the year

8,130

655

2,321

16,640

45,264

-

73,010

At 30 September 2024

43,698

23,891

16,712

142,319

568,309

32,591

827,520

Carrying amount

At 30 September 2024

1,307,742

2,620

9,283

67,297

239,451

-

1,626,393

At 30 September 2023

1,311,877

3,275

11,604

82,967

223,141

-

1,632,864

Included within the net book value of land and buildings above is £1,307,742 (2023 - £1,311,877) in respect of freehold land and buildings.
 

 

Store Safe (Midlands) Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

10,729

10,184

Prepayments

5,171

5,137

15,900

15,321

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

27,016

27,015

Trade creditors

 

39,997

622

Taxation and social security

 

21,905

29,480

Other creditors

 

96,663

96,525

Directors' loan account

 

191,674

80,745

 

377,255

234,387

Due after one year

 

Loans and borrowings

386,451

399,000

8

Going Concern

At the date of approving these financial statements the director considers that the company is a going concern and as such these financial statements have been prepared on a going concern basis.