Company registration number 06020253 (England and Wales)
STORAGE ON SITE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STORAGE ON SITE LIMITED
COMPANY INFORMATION
Directors
Mr P Vickery
Mr N J Vickery
Secretary
Mrs K P Vickery
Company number
06020253
Registered office
Imperial House
24 Botley Road
Hedge End
Southampton
Hampshire
SO30 2HE
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
STORAGE ON SITE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
STORAGE ON SITE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

We are pleased to report that despite the difficulties faced during the financial period, the business has grown and Storage On Site Limited has had another profitable year. The key figures are as follows (compared to the year ended 30 June 2023):-

 

- Turnover has reduced overall by 4.3%.

 

- The gross profit percentage has increased from 27.1% in 2023 to 31.43% this year.

 

- The net profit percentage has decreased from 10.59% in 2023 to 9.7% this year.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks.

 

The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent suppliers, product availability, and also the potential loss of income and increased vacancy due to falling demand, oversupply or customer default.

Other information and explanations

The demand for hire of regular storage containers has increased considerably throughout the year and, there has been an increase in the demand for office containers which has resulted in higher prices and therefore have benefitted from higher margins. This increase together with the cost savings made means the company has increased profitability.

 

Subsequent to the year end, the increase in the demand for containers and the hire fleet utilisation reaching 99.8 percent compared to 98.5 per cent for the prior financial period, and sales of all containers showing a significant increase, has resulted in Turnover reaching and exceeding pre Covid-19 levels. The company has increased its workforce, in order to meet the demands of the increased sales and hire business.

On behalf of the board

Mr N J Vickery
Director
25 February 2025
STORAGE ON SITE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be the rental and leasing of storage units.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £4,500. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Vickery
Mr N J Vickery
Auditor

HJS Accountants Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N J Vickery
Director
25 February 2025
STORAGE ON SITE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STORAGE ON SITE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STORAGE ON SITE LIMITED
- 4 -
Opinion

We have audited the financial statements of Storage On Site Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

 

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

STORAGE ON SITE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STORAGE ON SITE LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Capability of the audit in detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant health and safety authorities within the UK. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

 

STORAGE ON SITE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STORAGE ON SITE LIMITED (CONTINUED)
- 6 -

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Accountants Limited
28 February 2025
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
STORAGE ON SITE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
23,251,487
22,285,930
Cost of sales
(15,943,967)
(16,245,902)
Gross profit
7,307,520
6,040,028
Administrative expenses
(3,194,258)
(2,382,549)
Operating profit
4
4,113,262
3,657,479
Interest payable and similar expenses
7
(1,548,569)
(1,297,162)
Amounts written off investments
8
(311,571)
-
Profit before taxation
2,253,122
2,360,317
Tax on profit
9
(589,623)
64,526
Profit for the financial year
1,663,499
2,424,843

The profit and loss account has been prepared on the basis that all operations are continuing operations.

STORAGE ON SITE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
1,663,499
2,424,843
Other comprehensive income
Revaluation of tangible fixed assets
(141,522)
(225,344)
Tax relating to other comprehensive income
35,380
56,336
Total other comprehensive income for the year
(106,142)
(169,008)
Total comprehensive income for the year
1,557,357
2,255,835
STORAGE ON SITE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
170
170
Tangible assets
12
43,924,678
38,310,159
43,924,848
38,310,329
Current assets
Stocks
13
2,691,143
2,990,239
Debtors
14
10,239,454
9,264,110
Cash at bank and in hand
40,842
99,804
12,971,439
12,354,153
Creditors: amounts falling due within one year
15
(15,385,703)
(13,148,393)
Net current liabilities
(2,414,264)
(794,240)
Total assets less current liabilities
41,510,584
37,516,089
Creditors: amounts falling due after more than one year
16
(14,337,448)
(13,828,687)
Provisions for liabilities
Deferred tax liability
19
10,040,428
8,107,551
(10,040,428)
(8,107,551)
Net assets
17,132,708
15,579,851
Capital and reserves
Called up share capital
21
99
99
Revaluation reserve
1,937,064
2,043,206
Profit and loss reserves
15,195,545
13,536,546
Total equity
17,132,708
15,579,851
STORAGE ON SITE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr N J Vickery
Director
Company registration number 06020253 (England and Wales)
STORAGE ON SITE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
99
2,212,214
11,127,703
13,340,016
Year ended 30 June 2023:
Profit
-
-
2,424,843
2,424,843
Other comprehensive income:
Revaluation of tangible fixed assets
-
(225,344)
-
(225,344)
Tax relating to other comprehensive income
-
56,336
-
0
56,336
Total comprehensive income
-
(169,008)
2,424,843
2,255,835
Dividends
10
-
-
(16,000)
(16,000)
Balance at 30 June 2023
99
2,043,206
13,536,546
15,579,851
Year ended 30 June 2024:
Profit
-
-
1,663,499
1,663,499
Other comprehensive income:
Revaluation of tangible fixed assets
-
(141,522)
-
(141,522)
Tax relating to other comprehensive income
-
35,380
-
0
35,380
Total comprehensive income
-
(106,142)
1,663,499
1,557,357
Dividends
10
-
-
(4,500)
(4,500)
Balance at 30 June 2024
99
1,937,064
15,195,545
17,132,708
STORAGE ON SITE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
7,492,886
5,493,855
Interest paid
(1,548,569)
(1,297,162)
Net cash inflow from operating activities
5,944,317
4,196,693
Investing activities
Purchase of tangible fixed assets
(8,601,470)
(9,466,781)
Proceeds from disposal of tangible fixed assets
1,397,004
2,232,349
Net cash used in investing activities
(7,204,466)
(7,234,432)
Financing activities
Repayment of bank loans
(948,552)
2,173,299
Payment of finance leases obligations
1,843,233
903,295
Dividends paid
(4,500)
(16,000)
Net cash generated from financing activities
890,181
3,060,594
Net (decrease)/increase in cash and cash equivalents
(369,968)
22,855
Cash and cash equivalents at beginning of year
99,804
76,949
Cash and cash equivalents at end of year
(270,164)
99,804
Relating to:
Cash at bank and in hand
40,842
99,804
Bank overdrafts included in creditors payable within one year
(311,006)
-
0
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Storage On Site Limited is a private company limited by shares incorporated in England and Wales. The registered office is Imperial House, 24 Botley Road, Hedge End, Southampton, Hampshire, SO30 2HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Sale of goods are recognised when goods are shipped and title has passed.

 

Revenue from the hire of containers is recognised when invoices are raised in respect of services provided.

1.4
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
No amortisation charged
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line on cost
Plant and equipment
1% straight line on cost
Fixtures and fittings
10% straight line on cost
Computers
33.3% straight line on cost
Motor vehicles
20% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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 current liabilities.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 or loss.

 

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. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

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.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation and includes capital repayments and the total interest due over the life of the agreement. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Stock provisions

 

The directors consider that a general provision against stock of items older than 7 years is necessary. This is based on current market conditions assessing both the supply and demand of stock. The directors recognise this provision is subject to change and is therefore reviewed on an annual basis and adjusted accordingly.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Container hire
9,712,717
8,731,902
Container sales
9,392,500
10,376,482
Transport
4,146,270
3,177,546
23,251,487
22,285,930
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(531,133)
(694,443)
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
10,150
Depreciation of owned tangible fixed assets
985,555
884,899
Loss/(profit) on disposal of tangible fixed assets
151,299
(162,228)
Operating lease charges
605,056
518,662
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
91
70
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,522,666
2,997,354
Social security costs
342,432
297,110
Pension costs
66,378
55,353
3,931,476
3,349,817
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
181,046
175,509
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
795,378
684,112
Other finance costs:
Interest on finance leases and hire purchase contracts
753,191
603,437
Other interest
-
0
9,613
1,548,569
1,297,162
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Amounts written off fair value through profit or loss
(311,571)
-
0
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
589,623
(64,526)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,253,122
2,360,317
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
563,281
590,079
Tax effect of expenses that are not deductible in determining taxable profit
12,519
17,259
Permanent capital allowances in excess of depreciation
-
0
(393,902)
Other permanent differences
13,823
(281,498)
Deferred tax adjustments in respect of prior years
-
0
(11,404)
Capital allowances in excess of depreciation eliminated on disposal
-
0
14,940
Taxation charge/(credit) for the year
589,623
(64,526)

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(35,380)
(56,336)
10
Dividends
2024
2023
£
£
Final paid
4,500
10,000
Interim paid
-
0
6,000
4,500
16,000
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
11
Intangible fixed assets
Patents & licences
£
Cost
At 1 July 2023 and 30 June 2024
170
Amortisation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
170
At 30 June 2023
170
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 July 2023
96,465
39,775,904
25,146
21,464
4,600,871
44,519,850
Additions
-
0
6,187,078
-
0
-
0
2,414,392
8,601,470
Disposals
-
0
(1,873,364)
-
0
-
0
(65,000)
(1,938,364)
Revaluation
-
0
-
0
-
0
-
0
(192,571)
(192,571)
At 30 June 2024
96,465
44,089,618
25,146
21,464
6,757,692
50,990,385
Depreciation and impairment
At 1 July 2023
78,448
3,162,220
19,230
20,081
2,929,712
6,209,691
Depreciation charged in the year
8,335
425,486
2,114
1,283
548,337
985,555
Eliminated in respect of disposals
-
0
(209,206)
-
0
-
0
(39,333)
(248,539)
Revaluation
-
0
-
0
-
0
-
0
119,000
119,000
At 30 June 2024
86,783
3,378,500
21,344
21,364
3,557,716
7,065,707
Carrying amount
At 30 June 2024
9,682
40,711,118
3,802
100
3,199,976
43,924,678
At 30 June 2023
18,017
36,613,684
5,916
1,383
1,671,159
38,310,159

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
2,724,162
1,384,560
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 21 -

 

13
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,691,143
2,990,239
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,652,102
4,173,361
Other debtors
91,257
18,379
Prepayments and accrued income
337,153
292,062
4,080,512
4,483,802
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
6,158,942
4,780,308
Total debtors
10,239,454
9,264,110
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
2,106,190
1,931,497
Obligations under finance leases
18
4,760,002
4,097,343
Trade creditors
6,761,783
5,189,038
Amounts owed to group undertakings
6,850
8,500
Taxation and social security
509,074
655,338
Other creditors
771,404
980,370
Accruals and deferred income
470,400
286,307
15,385,703
13,148,393
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
6,190,592
7,002,831
Obligations under finance leases
18
7,170,885
5,990,311
Trade creditors
570,000
570,000
Other creditors
405,971
265,545
14,337,448
13,828,687
17
Loans and overdrafts
2024
2023
£
£
Bank loans
7,985,776
8,934,328
Bank overdrafts
311,006
-
0
8,296,782
8,934,328
Payable within one year
2,106,190
1,931,497
Payable after one year
6,190,592
7,002,831

The long-term loans are secured by fixed charges over the company's assets.

The loans are repayable in instalments and the final repayments are due in March 2025, April 2025, May 2025, September 2025, December 2025, August 2026 and September 2026.

 

The effectives rates of interest on these loans are 4.66%, 4.57%, 5.58%, 4.03%, 6.66%, 4.54%, 5.06%, 5.01% and 7.60%.

 

The bank overdraft and bank loans are secured by means of a charge over the assets of the company. Bank and certain other borrowings are also secured by personal guarantees and other security given by directors.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
4,760,001
4,097,343
In two to five years
7,170,886
5,990,311
11,930,887
10,087,654

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Hire purchase and finance lease liabilities are secured on the related assets.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
10,040,428
8,107,551
-
-
Tax losses
-
-
6,158,942
4,780,308
10,040,428
8,107,551
6,158,942
4,780,308
2024
Movements in the year:
£
Liability at 1 July 2023
3,327,243
Charge to profit or loss
589,623
Credit to other comprehensive income
(35,380)
Liability at 30 June 2024
3,881,486

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,378
55,353

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
99
99
99
99
22
Financial commitments, guarantees and contingent liabilities

The company has a cross corporate guarantee with a third party.

 

There is an all monies debenture guarantee by the company over the whole assets of the company.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
553,803
499,025
Between two and five years
1,043,508
1,115,870
In over five years
-
0
94,205
1,597,311
1,709,100
24
Related party transactions
Remuneration of key management personnel

The Directors consider Key Management to be the same as the Directors. Therefore Key Management Remuneration is displayed in note 6.

 

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with common control
31,841
9,480

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with common control
-
4,800
2024
2023
Amounts due from related parties
£
£
Entities with common control
6,670
6,260
Other information

At the reporting date, there is a cross corporate guarantee between Storage on Site Limited and a third party. There is a further security at the reporting date stating all monies debenture guarantee by Storage on Site Ltd over the whole assets of the company.

STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
25
Directors' transactions

At the reporting date, the company owed the directors £649,175 (2023: £507,249).

26
Ultimate controlling party

The parent company of Storage On Site Limited is Storage on Site Group Limited and its registered office is Imperial House, Botley Road, Hedge End, Southampton, Hampshire, England, SO30 2HE

27
Subsequent Events

On 16th December 2024, the company entered into an Assets Based Lending Facilities Agreement with Shawbrook Bank Limited. At the time of entering the agreement 39% of the current liabilities and 68 % of the long term liabilities shown at the balance sheet date were repaid and replaced by the new facility. On review of the transactions that took place there is no requirement to restate the balance sheet as at 30th June 2024, as it still represents a true and fair view.

 

The new facility is secured by a fixed and floating charge, containing a negative pledge, over the assets of the company.

28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,663,499
2,424,843
Adjustments for:
Taxation charged/(credited)
589,623
(64,526)
Finance costs
1,548,569
1,297,162
Loss/(gain) on disposal of tangible fixed assets
151,299
(162,228)
Depreciation and impairment of tangible fixed assets
985,555
884,899
Other gains and losses
311,571
-
Movements in working capital:
Decrease/(increase) in stocks
299,096
(634,004)
Decrease in debtors
403,290
817,070
Increase in creditors
1,540,384
930,639
Cash generated from operations
7,492,886
5,493,855
STORAGE ON SITE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
29
Analysis of changes in net debt
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
99,804
(58,962)
40,842
Bank overdrafts
-
0
(311,006)
(311,006)
99,804
(369,968)
(270,164)
Borrowings excluding overdrafts
(8,934,328)
948,552
(7,985,776)
Obligations under finance leases
(10,087,654)
(1,843,233)
(11,930,887)
(18,922,178)
(1,264,649)
(20,186,827)
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