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COMPANY REGISTRATION NUMBER: 12962846
Henfield Storage (Brighton) Ltd
Unaudited financial statements
30 September 2024
Henfield Storage (Brighton) Ltd
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,960,483
5,057,176
Current assets
Debtors
6
1,126,147
831,173
Cash at bank and in hand
23,424
37,228
-----------
---------
1,149,571
868,401
Creditors: Amounts falling due within one year
7
( 5,834,037)
( 6,191,784)
-----------
-----------
Net current liabilities
( 4,684,466)
( 5,323,383)
-----------
-----------
Total assets less current liabilities
276,017
( 266,207)
Creditors: Amounts falling due after more than one year
8
( 527,137)
( 102,715)
Accruals and deferred income
( 232,308)
( 128,679)
---------
---------
Net liabilities
( 483,428)
( 497,601)
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 483,528)
( 497,701)
---------
---------
Shareholders deficit
( 483,428)
( 497,601)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Henfield Storage (Brighton) Ltd
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
A C D Crossley
Director
Company registration number: 12962846
Henfield Storage (Brighton) Ltd
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 0LB. The trading address is Unit 1, Trade Park, Crowhurst Road, Brighton, BN1 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors note net liabilities and net current liabilities on the Statement of Financial Position in the current and prior year. This position is as expected as the site is developed, once the site is open at full capacity there is expectation of recurring profits in future years. The Directors also note that current liabilities includes balances of £5,182,757 due to related parties, under common control. This balance is not expected to be recalled if it would impact the going concern status of this entity. Consequently, the Directors have applied the going concern principle in the preparation of the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the period of the lease
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of employees during the year was 5 (2023: 6 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
5,077,239
279,816
30,460
61,111
5,448,626
Additions
181,688
15,444
4,555
201,687
-----------
---------
-------
-------
-----------
At 30 September 2024
5,258,927
295,260
30,460
65,666
5,650,313
-----------
---------
-------
-------
-----------
Depreciation
At 1 October 2023
287,059
69,846
12,887
21,658
391,450
Charge for the year
222,862
55,343
4,393
15,782
298,380
-----------
---------
-------
-------
-----------
At 30 September 2024
509,921
125,189
17,280
37,440
689,830
-----------
---------
-------
-------
-----------
Carrying amount
At 30 September 2024
4,749,006
170,071
13,180
28,226
4,960,483
-----------
---------
-------
-------
-----------
At 30 September 2023
4,790,180
209,970
17,573
39,453
5,057,176
-----------
---------
-------
-------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
41,293
27,677
Deferred tax asset
347,177
356,191
Prepayments and accrued income
86,837
86,814
Other debtors
650,840
360,491
-----------
---------
1,126,147
831,173
-----------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Deferred tax asset
347,177
356,191
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
96,917
607,339
Social security and other taxes
70,052
3,754
Obligations under finance leases and hire purchase contracts
284,536
77,036
Other creditors
5,382,532
5,503,655
-----------
-----------
5,834,037
6,191,784
-----------
-----------
Obligations under hire purchase contracts are secured over the assets concerned .
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
527,137
102,715
---------
---------
Obligations under hire purchase contracts are secured over the assets concerned.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
146,500
146,500
Later than 1 year and not later than 5 years
586,000
586,000
Later than 5 years
1,063,630
1,210,532
-----------
-----------
1,796,130
1,943,032
-----------
-----------
11. Contingencies
The company holds a joint VAT registration with other related companies. At 30 September 2024, the maximum potential liability amounted to £nil (2023: £106,859).