Company registration number 12527199 (England and Wales)
STORAGE ON SITE GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STORAGE ON SITE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr N J Vickery
Mr P Vickery
Mrs K P Vickery
Company number
12527199
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 GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 34
STORAGE ON SITE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2021.

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 benefitted from higher prices. This increase together with the cost savings made means the company has maintained profitability.

 

Subsequent to the year end, the increase in the demand for containers and the hire fleet utilisation has reaching 99.8 percent compared to 98.5 per cent for the prior financial period, and sales of all containers showing a significant increase, resulting in Turnover reaching 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 GROUP 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 and group continued to be that of 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 N J Vickery
Mr P Vickery
Mrs K P Vickery
Auditor

HJS Accountants Limited were appointed as auditor to the group 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr N J Vickery
Director
25 February 2025
STORAGE ON SITE GROUP 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

We have audited the financial statements of Storage On Site Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 group's and parent 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STORAGE ON SITE GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STORAGE ON SITE GROUP LIMITED
- 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 one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 GROUP LIMITED
GROUP 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
(2,637,325)
(1,827,116)
Operating profit
4
4,670,195
4,212,912
Interest payable and similar expenses
8
(1,548,569)
(1,297,162)
Amounts written off investments
9
(311,571)
-
Profit before taxation
2,810,055
2,915,750
Tax on profit
10
(589,623)
64,526
Profit for the financial year
2,220,432
2,980,276
Profit for the financial year is all attributable to the owners of the parent company.
STORAGE ON SITE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
2,220,432
2,980,276
Other comprehensive income
Revaluation of tangible fixed assets
(141,522)
(225,344)
Tax relating to other comprehensive income
35,380
56,336
Other comprehensive income for the year
(106,142)
(169,008)
Total comprehensive income for the year
2,114,290
2,811,268
Total comprehensive income for the year is all attributable to the owners of the parent company.
STORAGE ON SITE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
12
(3,351,226)
(3,909,809)
Other intangible assets
12
170
170
Total intangible assets
(3,351,056)
(3,909,639)
Tangible assets
13
43,924,678
38,310,159
40,573,622
34,400,520
Current assets
Stocks
16
2,691,143
2,990,239
Debtors
17
10,239,652
9,264,308
Cash at bank and in hand
40,842
99,804
12,971,637
12,354,351
Creditors: amounts falling due within one year
18
(15,380,701)
(13,141,741)
Net current liabilities
(2,409,064)
(787,390)
Total assets less current liabilities
38,164,558
33,613,130
Creditors: amounts falling due after more than one year
19
(14,337,349)
(13,828,588)
Provisions for liabilities
Deferred tax liability
22
10,040,428
8,107,551
(10,040,428)
(8,107,551)
Net assets
13,786,781
11,676,991
Capital and reserves
Called up share capital
24
198
198
Revaluation reserve
1,937,064
2,043,206
Profit and loss reserves
11,849,519
9,633,587
Total equity
13,786,781
11,676,991
STORAGE ON SITE GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 10 -
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:
25 February 2025
Mr N J Vickery
Director
Company registration number 12527199 (England and Wales)
STORAGE ON SITE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
99
99
Current assets
Debtors
17
7,048
8,698
Creditors: amounts falling due within one year
18
(1,749)
(1,749)
Net current assets
5,299
6,949
Net assets
5,398
7,048
Capital and reserves
Called up share capital
24
198
198
Profit and loss reserves
5,200
6,850
Total equity
5,398
7,048
STORAGE ON SITE GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 12 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,850 (2023 - £12,850 profit).

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:
25 February 2025
Mr N J Vickery
Director
Company registration number 12527199 (England and Wales)
STORAGE ON SITE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
198
2,212,214
6,659,311
8,871,723
Year ended 30 June 2023:
Profit for the year
-
-
2,980,276
2,980,276
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)
2,980,276
2,811,268
Dividends
11
-
-
(6,000)
(6,000)
Balance at 30 June 2023
198
2,043,206
9,633,587
11,676,991
Year ended 30 June 2024:
Profit for the year
-
-
2,220,432
2,220,432
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)
2,220,432
2,114,290
Dividends
11
-
-
(4,500)
(4,500)
Balance at 30 June 2024
198
1,937,064
11,849,519
13,786,781
STORAGE ON SITE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
198
-
0
198
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
12,850
12,850
Dividends
11
-
(6,000)
(6,000)
Balance at 30 June 2023
198
6,850
7,048
Year ended 30 June 2024:
Profit and total comprehensive income
-
2,850
2,850
Dividends
11
-
(4,500)
(4,500)
Balance at 30 June 2024
198
5,200
5,398
STORAGE ON SITE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
7,492,886
5,483,855
Interest paid
(1,548,569)
(1,297,162)
Net cash inflow from operating activities
5,944,317
4,186,693
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 to equity shareholders
(4,500)
(6,000)
Net cash generated from financing activities
890,181
3,070,594
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)
-
STORAGE ON SITE GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
-
0
(10,000)
Investing activities
Dividends received
4,500
16,000
Net cash generated from investing activities
4,500
16,000
Financing activities
Dividends paid to equity shareholders
(4,500)
(6,000)
Net cash used in financing activities
(4,500)
(6,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

Storage On Site Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Storage On Site Group Limited and all of its subsidiaries.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Storage On Site Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the group 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.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill
Patents & licences
No amortisation charged
1.8
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.

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -

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
2.5% 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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.11
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.

1.12
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.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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. Financial assets classified as receivable within one year are not amortised.

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 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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 group 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

1.17
Retirement benefits

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

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.18
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 leased asset are consumed.

1.19
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

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
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(531,133)
(694,443)
Depreciation of owned tangible fixed assets
985,555
884,899
Loss/(profit) on disposal of tangible fixed assets
151,299
(162,228)
Amortisation of intangible assets
(558,583)
(558,583)
Operating lease charges
605,056
518,662
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
13,500
10,150
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
91
70
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,522,666
2,997,354
-
0
-
0
Social security costs
342,432
297,110
-
-
Pension costs
66,378
55,353
-
0
-
0
3,931,476
3,349,817
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
225,792
217,444
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
8
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
-
9,613
Total finance costs
1,548,569
1,297,162
9
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
10
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
2,810,055
2,915,750
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
702,514
728,938
Tax effect of expenses that are not deductible in determining taxable profit
12,519
17,259
Unutilised tax losses carried forward
413
787
Permanent capital allowances in excess of depreciation
-
0
(393,902)
Amortisation on assets not qualifying for tax allowances
(139,646)
(139,646)
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)
589,623
(64,526)
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 26 -

In addition to the amount charged 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)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
4,500
6,000
12
Intangible fixed assets
Group
Negative goodwill
Patents & licences
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
(5,585,828)
170
(5,585,658)
Amortisation and impairment
At 1 July 2023
(1,676,019)
-
0
(1,676,019)
Amortisation charged for the year
(558,583)
-
0
(558,583)
At 30 June 2024
(2,234,602)
-
0
(2,234,602)
Carrying amount
At 30 June 2024
(3,351,226)
170
(3,351,056)
At 30 June 2023
(3,909,809)
170
(3,909,639)
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
53,653
37,247,734
13,460
9,822
2,845,607
40,170,276
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
53,653
41,561,448
13,460
9,822
5,002,428
46,640,811
Depreciation and impairment
At 1 July 2023
35,636
634,050
7,544
8,439
1,174,448
1,860,117
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
43,971
850,330
9,658
9,722
1,802,452
2,716,133
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 company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
99
99
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
99
Carrying amount
At 30 June 2024
99
At 30 June 2023
99
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
15
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Storage on Site Limited
Imperial House, 24 Botley Road, Southampton, SO30 2HE
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,691,143
2,990,239
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,652,102
4,173,361
-
0
-
0
Amounts owed by group undertakings
-
-
6,850
8,500
Other debtors
91,455
18,577
198
198
Prepayments and accrued income
337,153
292,062
-
0
-
0
4,080,710
4,484,000
7,048
8,698
Amounts falling due after more than one year:
Deferred tax asset (note 22)
6,158,942
4,780,308
-
0
-
0
Total debtors
10,239,652
9,264,308
7,048
8,698
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,106,190
1,931,497
-
0
-
0
Obligations under finance leases
21
4,760,002
4,097,343
-
0
-
0
Trade creditors
6,761,783
5,189,038
-
0
-
0
Other taxation and social security
509,074
655,338
-
-
Other creditors
771,602
980,568
99
99
Accruals and deferred income
472,050
287,957
1,650
1,650
15,380,701
13,141,741
1,749
1,749
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
6,190,592
7,002,831
-
0
-
0
Obligations under finance leases
21
7,170,885
5,990,311
-
0
-
0
Trade creditors
570,000
570,000
-
0
-
0
Other creditors
405,872
265,446
-
0
-
0
14,337,349
13,828,588
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
7,985,776
8,934,328
-
0
-
0
Bank overdrafts
311,006
-
0
-
0
-
0
8,296,782
8,934,328
-
-
Payable within one year
2,106,190
1,931,497
-
0
-
0
Payable after one year
6,190,592
7,002,831
-
0
-
0

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

The loans are repayable in instalments and the final repayments are due in October 2023, February 2024, March 2025, April 2025, May 2025, September 2025, December 2025, August 2026 and September 2026

 

The effective rate of interest on the loans is 4.66%, 4.57%, 5.58%, 4.03%, 6.66%, 4.54%, 5.06%, 5.01% and 7.60% respectively.

 

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

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,760,001
4,097,343
-
0
-
0
In two to five years
7,170,886
5,990,311
-
0
-
0
11,930,887
10,087,654
-
-
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Finance lease obligations
(Continued)
- 30 -

Finance lease payments represent rentals payable by the group 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.

22
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
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
The company has no deferred tax assets or liabilities.
Group
Company
2024
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.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,378
55,353

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

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
198
198
198
198
25
Financial commitments, guarantees and contingent liabilities

The group 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 group.

26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
553,803
499,025
-
-
Between two and five years
1,043,508
1,115,870
-
-
In over five years
-
94,205
-
-
1,597,311
1,709,100
-
-
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
27
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 7.

Transactions with related parties

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

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

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with common control
-
4,800

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
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.

28
Directors' transactions

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

Dividends totalling £4,500 (2023 - £6,000) were paid in the year in respect of shares held by the company's directors.

STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
29
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.

30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,220,432
2,980,276
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)
Amortisation and impairment of intangible assets
(558,583)
(558,583)
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
1,542,034
923,789
Cash generated from operations
7,492,886
5,483,855
31
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
2,850
12,850
Adjustments for:
Investment income
(4,500)
(16,000)
Movements in working capital:
Decrease/(increase) in debtors
1,650
(8,500)
Increase in creditors
-
1,650
Cash absorbed by operations
-
(10,000)
STORAGE ON SITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
32
Analysis of changes in net debt - group
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)
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.200Mr N J VickeryMr P VickeryMrs K P Vickeryfalsefalse12527199bus:Consolidated2023-07-012024-06-30125271992023-07-012024-06-3012527199bus:Director12023-07-012024-06-3012527199bus:Director22023-07-012024-06-3012527199bus:Director32023-07-012024-06-3012527199bus:RegisteredOffice2023-07-012024-06-3012527199bus:Consolidated2024-06-3012527199bus:Consolidated2022-07-012023-06-30125271992022-07-012023-06-3012527199core:RevaluationReservebus:Consolidated2022-07-012023-06-3012527199core:RevenueReservesInvestmentFundsOnlybus:Consolidated2022-07-012023-06-3012527199core:RevaluationReservebus:Consolidated2023-07-012024-06-3012527199core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-07-012024-06-30125271992024-06-3012527199core:NegativeGoodwillbus:Consolidated2024-06-3012527199core:NegativeGoodwillbus:Consolidated2023-06-3012527199core:OtherResidualIntangibleAssetsbus:Consolidated2024-06-3012527199core:OtherResidualIntangibleAssetsbus:Consolidated2023-06-3012527199core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-06-3012527199core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-06-3012527199bus:Consolidated2023-06-3012527199core:LeaseholdImprovementsbus:Consolidated2024-06-3012527199core:PlantMachinerybus:Consolidated2024-06-3012527199core:FurnitureFittingsbus:Consolidated2024-06-3012527199core:ComputerEquipmentbus:Consolidated2024-06-3012527199core:MotorVehiclesbus:Consolidated2024-06-3012527199core:LeaseholdImprovementsbus:Consolidated2023-06-3012527199core:PlantMachinerybus:Consolidated2023-06-3012527199core:FurnitureFittingsbus:Consolidated2023-06-3012527199core:ComputerEquipmentbus:Consolidated2023-06-3012527199core:MotorVehiclesbus:Consolidated2023-06-3012527199core:ShareCapitalbus:Consolidated2024-06-3012527199core:ShareCapitalbus:Consolidated2023-06-3012527199core:RevaluationReservebus:Consolidated2024-06-3012527199core:RevaluationReservebus:Consolidated2023-06-3012527199core:ShareCapital2024-06-3012527199core:ShareCapital2023-06-3012527199core:RetainedEarningsAccumulatedLosses2024-06-3012527199core:ShareCapitalbus:Consolidated2022-06-3012527199core:SharePremiumbus:Consolidated2022-06-3012527199core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-06-3012527199core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-3012527199core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-06-3012527199core:ShareCapital2022-06-3012527199core:RetainedEarningsAccumulatedLosses2022-06-3012527199core:RetainedEarningsAccumulatedLosses2023-06-30125271992023-06-3012527199bus:Consolidated2022-06-30125271992022-06-3012527199core:Goodwill2023-07-012024-06-3012527199core:PatentsTrademarksLicencesConcessionsSimilar2023-07-012024-06-3012527199core:LeaseholdImprovements2023-07-012024-06-3012527199core:PlantMachinery2023-07-012024-06-3012527199core:FurnitureFittings2023-07-012024-06-3012527199core:ComputerEquipment2023-07-012024-06-3012527199core:MotorVehicles2023-07-012024-06-3012527199bus:Consolidated12023-07-012024-06-3012527199bus:Consolidated12022-07-012023-06-3012527199bus:Consolidated22023-07-012024-06-3012527199bus:Consolidated22022-07-012023-06-3012527199bus:Consolidated32023-07-012024-06-3012527199bus:Consolidated32022-07-012023-06-3012527199core:NegativeGoodwillbus:Consolidated2023-06-3012527199core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-06-3012527199bus:Consolidated2023-06-3012527199core:NegativeGoodwillbus:Consolidated2023-07-012024-06-3012527199core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-07-012024-06-3012527199core:LeaseholdImprovementsbus:Consolidated2023-06-3012527199core:PlantMachinerybus:Consolidated2023-06-3012527199core:FurnitureFittingsbus:Consolidated2023-06-3012527199core:ComputerEquipmentbus:Consolidated2023-06-3012527199core:MotorVehiclesbus:Consolidated2023-06-3012527199core:LeaseholdImprovementsbus:Consolidated2023-07-012024-06-3012527199core:PlantMachinerybus:Consolidated2023-07-012024-06-3012527199core:FurnitureFittingsbus:Consolidated2023-07-012024-06-3012527199core:ComputerEquipmentbus:Consolidated2023-07-012024-06-3012527199core:MotorVehiclesbus:Consolidated2023-07-012024-06-3012527199core:CurrentFinancialInstruments2024-06-3012527199core:CurrentFinancialInstruments2023-06-3012527199core:CurrentFinancialInstrumentsbus:Consolidated2024-06-3012527199core:CurrentFinancialInstrumentsbus:Consolidated2023-06-3012527199core:Non-currentFinancialInstrumentsbus:Consolidated2024-06-3012527199core:Non-currentFinancialInstrumentsbus:Consolidated2023-06-3012527199core:Non-currentFinancialInstruments2024-06-3012527199core:Non-currentFinancialInstruments2023-06-3012527199core:WithinOneYearbus:Consolidated2024-06-3012527199core:WithinOneYearbus:Consolidated2023-06-3012527199core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3012527199core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3012527199core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-06-3012527199core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYear22024-06-3012527199core:Non-currentFinancialInstrumentscore:AfterOneYear22023-06-3012527199core:WithinOneYear2024-06-3012527199core:WithinOneYear2023-06-3012527199core:BetweenTwoFiveYearsbus:Consolidated2024-06-3012527199core:BetweenTwoFiveYearsbus:Consolidated2023-06-3012527199core:BetweenTwoFiveYears2024-06-3012527199core:BetweenTwoFiveYears2023-06-3012527199bus:PrivateLimitedCompanyLtd2023-07-012024-06-3012527199bus:FRS1022023-07-012024-06-3012527199bus:Audited2023-07-012024-06-3012527199bus:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3012527199bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP