REGISTERED NUMBER: |
KELLY'S STORAGE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 fittings | 20% on cost |
Computer equipment | 33.33% on cost |
Plant and machinery | 20% reducing balance and 10% on cost |
Motor vehicles | 33.33% 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 |
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 |
AMORTISATION |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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) |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 year | 9,168 |
Between one and five years | 20,837 |
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 |
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. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |