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REGISTERED NUMBER: 03780449 (England and Wales)








KELLY'S STORAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 12

KELLY'S STORAGE LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTORS: C M Bazen
P R Martin
G Hutchinson





SECRETARY: V Tracy





REGISTERED OFFICE: Slyfield Green Industrial Estate
Westfield Road
Guildford
Surrey
GU1 1SB





REGISTERED NUMBER: 03780449 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

BALANCE SHEET
30 September 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 163,190 246,704
Tangible assets 5 1,015,307 1,071,674
1,178,497 1,318,378

CURRENT ASSETS
Stocks 9,867 16,251
Debtors 6 2,328,018 2,849,470
Cash at bank and in hand 1,684,061 1,341,990
4,021,946 4,207,711
CREDITORS
Amounts falling due within one year 7 (3,663,895 ) (4,691,904 )
NET CURRENT ASSETS/(LIABILITIES) 358,051 (484,193 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,536,548 834,185

CREDITORS
Amounts falling due after more than one year 8 (226,870 ) (266,785 )

PROVISIONS FOR LIABILITIES (204,070 ) (219,650 )
NET ASSETS 1,105,608 347,750

CAPITAL AND RESERVES
Called up share capital 900 900
Retained earnings 1,104,708 346,850
1,105,608 347,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

BALANCE SHEET - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:




P R Martin - Director



G Hutchinson - Director


KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024


1. STATUTORY INFORMATION

Kelly's Storage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

On the 30 September 2023, the trade and assets of two other 100% owned subsidiaries in the "Kellys" group, Kellys Self Storage Limited and Woodend Removals Limited were transferred to Kelly's Storage Limited.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of consideration received or receivable on storage and associated services, excluding value added tax.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

Included within goodwill are amounts transferred across from Kellys Self Storage and Woodend Removals Limited on 30 September 2023 with an estimated useful life of 3 years at the date these were transferred.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets represents amounts invested into a computer system. These were transferred across from Kellys Self Storage on 30 September 2023 with an estimated useful life of 2 years at the date these were transferred.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings20% on cost
Computer equipment33.33% on cost
Plant and machinery20% reducing balance and 10% on cost
Motor vehicles33.33% on cost

On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses.

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS102 Section 11. Basic financial instruments are initially measured at transaction price and subsequently recognised at amortised cost using the effective interest method. The company does not have any financial non-basic instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 20 ) .

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£ £ £
COST
At 1 October 2023
and 30 September 2024 239,030 7,674 246,704
AMORTISATION
Charge for year 79,677 3,837 83,514
At 30 September 2024 79,677 3,837 83,514
NET BOOK VALUE
At 30 September 2024 159,353 3,837 163,190
At 30 September 2023 239,030 7,674 246,704

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 October 2023 1,495,657 19,879 39,625 570,737 2,125,898
Additions 208,840 - - 18,784 227,624
Disposals (21,811 ) - - - (21,811 )
At 30 September 2024 1,682,686 19,879 39,625 589,521 2,331,711
DEPRECIATION
At 1 October 2023 592,679 14,761 - 446,784 1,054,224
Charge for year 185,663 2,615 13,076 72,757 274,111
Eliminated on disposal (11,931 ) - - - (11,931 )
At 30 September 2024 766,411 17,376 13,076 519,541 1,316,404
NET BOOK VALUE
At 30 September 2024 916,275 2,503 26,549 69,980 1,015,307
At 30 September 2023 902,978 5,118 39,625 123,953 1,071,674

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST
At 1 October 2023 324,287
Additions 47,717
At 30 September 2024 372,004
DEPRECIATION
At 1 October 2023 53,436
Charge for year 46,530
At 30 September 2024 99,966
NET BOOK VALUE
At 30 September 2024 272,038
At 30 September 2023 270,851

Hire purchase assets included above are held as security against the hire purchase contracts recognised within creditors.

6. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 1,579,401 1,562,264
Amounts owed by group undertakings 238,206 30,213
Other debtors 453,978 1,231,770
2,271,585 2,824,247

Amounts falling due after more than one year:
Other debtors 56,433 25,223

Aggregate amounts 2,328,018 2,849,470

Amounts owed by group undertakings are receivable on demand and for this reason have been shown as receivable within one year.

Other debtors includes prepayments and accrued income of £427,338 (2023: £991,805).

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 9) 52,854 84,572
Trade creditors 1,099,504 902,814
Amounts owed to group undertakings 899,023 1,530,092
Taxation and social security 763,575 780,350
Other creditors 848,939 1,394,076
3,663,895 4,691,904

Other creditors includes accruals and deferred income of £576,270 (2023: £1,284,430).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 9) 127,290 142,819
Other creditors 99,580 123,966
226,870 266,785

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 52,854 84,572
Between one and five years 127,290 142,819
180,144 227,391

Non-cancellable
operating leases
2024 2023
£ £
Within one year 1,303,953 1,300,872
Between one and five years 4,752,413 5,177,870
In more than five years 51,483 669,283
6,107,849 7,148,025

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


10. SECURED DEBTS

Barclays Bank PLC hold a fixed charge over all assets held by Kellys Storage Limited. A floating charge is also held over all assets not secured by the fixed charge together with a negative pledge.

There are also cross guarantees and debentures held by Barclays Bank between the entities in the table below. These relate to a debt owed by Henry Walter Martin Limited, a company owned and controlled by The Martin Family Trust of which P R Martin is a beneficiary.

- Kelly's Removals & Transport (Guildford) Limited - MB&H Limited
- Kelly's Storage Limited - Henry Walter Martin Limited
- Kellys Self Storage Limited

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

On 30 September 2024, one of the directors owed a balance of £16,859 (2023: the company owed the director £15,695). During the year, £32,554 was advanced to the director. Interest was charged on amounts advanced at the official HMRC rate of interest for beneficial loan arrangements. The balance is repayable upon demand.

In the prior year, one of the directors owed a balance of £211,927. During the year, £640,000 was repaid and £250,189 was advanced, leaving a closing balance owed to the director of £177,884. This was transferred to MB&H Limited during the year and no further balance remains. The balance owed was interest free and repayable on demand.

KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


12. RELATED PARTY DISCLOSURES

Kelly's International Partnership
P R Martin and G J Hutchinson are partners.

Included within other creditors is a balance of £Nil due to Kelly's International Partnership (2023: £79,507). The company invoiced Kelly's International Partnership £25,161 (2023: £46,256) for services supplied.

Kelly's Developments Limited
A company in which the directors and shareholders are close family to P R Martin.

Included within other creditors is a balance of £3,967 due to Kelly's Developments Limited (2023: £6,032) was owed from Kelly's Developments Limited for goods and services supplied. The company invoiced Kelly's Developments Limited £8,285 (2023: £2,196) for goods and services during the year.

Henry Walter Martin Limited
A company owned and controlled by The Martin Family Trust of which P R Martin is a beneficiary.

Included within other debtors is a balance of £28,054 (2023: £Nil) owed from Henry Walter Martin Limited. Henry Walter Martin Limited invoiced the company £581,428 (2023: £531,250) for services provided during the year. These invoices were paid in full by the company before the balance sheet date.

MoveSecured Ltd
A company in which P R Martin is a director and shareholder.

Included within other debtors is a balance of £15,273 (2023: £15,273) due from MoveSecured Ltd. The company invoiced MoveSecured Ltd £188,663 (2023: Nil) for goods and services during the year. Also, included within trade debtors is a balance of £34,247 due from MoveSecured Ltd.

Kelly's SCCS Limited
A company in which P R Martin and G J Hutchinson are directors and shareholders.

Included within other creditors is a balance of £242,206 (2023: £Nil) due to Kelly's SCCS Limited. The company invoiced Kelly's SCCS Limited £61,392 (2023: £Nil) for goods and services during the year.

The company had taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. This allowed for transactions with members of the group headed by Kelly's Removals & Transport (Guildford) Limited not to be disclosed on the grounds that 100% of the voting rights in the company are controlled within the group.

13. POST BALANCE SHEET EVENTS

The company has entered into operating leases since the balance sheet date. Minimum lease payments fall due as follows:


Non-cancellable
operating leases
£
Within one year9,168
Between one and five years20,837
30,005


KELLY'S STORAGE LIMITED (REGISTERED NUMBER: 03780449)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P R Martin.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KELLY'S STORAGE LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kelly's Storage Limited for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kelly's Storage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kelly's Storage Limited and state those matters that we have agreed to state to the Board of Directors of Kelly's Storage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kelly's Storage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kelly's Storage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kelly's Storage Limited. You consider that Kelly's Storage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kelly's Storage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtains access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


27 February 2025