Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-3131051958712024-03-312023-04-01false32falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05195871 2023-04-01 2024-03-31 05195871 2022-04-01 2023-03-31 05195871 2024-03-31 05195871 2023-03-31 05195871 2022-04-01 05195871 c:Director3 2023-04-01 2024-03-31 05195871 d:MotorVehicles 2023-04-01 2024-03-31 05195871 d:MotorVehicles 2024-03-31 05195871 d:MotorVehicles 2023-03-31 05195871 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05195871 d:FurnitureFittings 2023-04-01 2024-03-31 05195871 d:FurnitureFittings 2024-03-31 05195871 d:FurnitureFittings 2023-03-31 05195871 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05195871 d:OfficeEquipment 2023-04-01 2024-03-31 05195871 d:OfficeEquipment 2024-03-31 05195871 d:OfficeEquipment 2023-03-31 05195871 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05195871 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05195871 d:OtherPropertyPlantEquipment 2024-03-31 05195871 d:OtherPropertyPlantEquipment 2023-03-31 05195871 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05195871 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05195871 d:Goodwill 2023-04-01 2024-03-31 05195871 d:Goodwill 2024-03-31 05195871 d:Goodwill 2023-03-31 05195871 d:CurrentFinancialInstruments 2024-03-31 05195871 d:CurrentFinancialInstruments 2023-03-31 05195871 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05195871 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05195871 d:ShareCapital 2024-03-31 05195871 d:ShareCapital 2023-03-31 05195871 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05195871 d:RetainedEarningsAccumulatedLosses 2024-03-31 05195871 d:RetainedEarningsAccumulatedLosses 2023-03-31 05195871 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05195871 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05195871 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 05195871 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 05195871 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05195871 c:OrdinaryShareClass1 2024-03-31 05195871 c:OrdinaryShareClass1 2023-03-31 05195871 c:FRS102 2023-04-01 2024-03-31 05195871 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05195871 c:FullAccounts 2023-04-01 2024-03-31 05195871 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05195871 d:WithinOneYear 2024-03-31 05195871 d:WithinOneYear 2023-03-31 05195871 d:BetweenOneFiveYears 2024-03-31 05195871 d:BetweenOneFiveYears 2023-03-31 05195871 d:MoreThanFiveYears 2024-03-31 05195871 d:MoreThanFiveYears 2023-03-31 05195871 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-03-31 05195871 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-03-31 05195871 2 2023-04-01 2024-03-31 05195871 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 05195871 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure



















Apex Self Storage Limited

Registered number: 05195871
Information for filing with the Registrar
For the year ended 31 March 2024

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
REGISTERED NUMBER: 05195871

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
500
1,500

Tangible assets
 5 
1,880,855
1,543,743

  
1,881,355
1,545,243

Current assets
  

Stocks
 6 
19,197
18,109

Debtors: amounts falling due within one year
 7 
1,207,750
1,188,916

Cash at bank and in hand
 8 
2,681,645
2,351,657

  
3,908,592
3,558,682

Creditors: amounts falling due within one year
 9 
(1,770,284)
(1,607,910)

Net current assets
  
 
 
2,138,308
 
 
1,950,772

Total assets less current liabilities
  
4,019,663
3,496,015

Provisions for liabilities
  

Deferred tax
 10 
(365,354)
(262,025)

  
 
 
(365,354)
 
 
(262,025)

Net assets
  
3,654,309
3,233,990


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
3,654,209
3,233,890

  
3,654,309
3,233,990


- 1 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
REGISTERED NUMBER: 05195871
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




J Tishbi
Director

The notes on pages 3 to 14 form part of these financial statements.

- 2 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Apex Self Storage Limited (the "Company") is a private company, limited by shares, registered number 05195871 and incorporated in England. The registered office and principal place of business is 130-140 Princess Road, Manchester, M16 7BY. The principal places of business are storage facilities located across the North West of England.
The Company's principal activity is that of providing storage facilities and related services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.

- 3 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

- 4 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 5 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s 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 Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
15%
Office equipment
-
25%
Containers
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 6 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

- 7 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
 
- 8 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 31).

- 9 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
20,000



At 31 March 2024

20,000



Amortisation


At 1 April 2023
18,500


Charge for the year
1,000



At 31 March 2024

19,500



Net book value



At 31 March 2024
500



At 31 March 2023
1,500



- 10 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Containers
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,468,379
52,806
649,567
59,035
2,229,787


Additions
447,723
-
10,500
-
458,223



At 31 March 2024

1,916,102
52,806
660,067
59,035
2,688,010



Depreciation


At 1 April 2023
161,818
48,775
474,221
1,230
686,044


Charge for the year 
77,775
1,008
27,877
14,451
121,111



At 31 March 2024

239,593
49,783
502,098
15,681
807,155



Net book value



At 31 March 2024
1,676,509
3,023
157,969
43,354
1,880,855



At 31 March 2023
1,306,561
4,031
175,346
57,805
1,543,743


6.


Stocks

2024
2023
£
£

Raw materials and consumables
19,197
18,109


- 11 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
436,849
437,311

Amounts owed from connected companies
-
78,447

Other debtors
5,667
1,917

Prepayments and accrued income
765,234
671,241

1,207,750
1,188,916


Amounts owed from connected companies are unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,681,645
2,351,657



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
753,078
909,049

Amounts owed to connected companies
325,507
-

Corporation tax
21,142
-

Other taxation and social security
111,689
141,621

Other creditors
64,683
87,446

Accruals and deferred income
494,185
469,794

1,770,284
1,607,910


Amounts owed to connected companies are unsecured, interest free and repayable on demand.

- 12 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(262,025)
(110,701)


Charged to profit or loss
(103,329)
(151,324)



At end of year
(365,354)
(262,025)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(365,354)
(308,391)

Tax losses carried forward
-
46,366

(365,354)
(262,025)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £0.02 each
100
100



12.


Reserves

Profit and loss account

The Profit and Loss account reserve represents cumulative profits and losses made by the Company to date less any dividends declared.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,477 (2023 - £13,223). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.

- 13 -

 
 05195871
31 March 2024
APEX SELF STORAGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land & buildings


Not later than 1 year
745,886
658,553

Later than 1 year and not later than 5 years
1,459,344
1,479,344

Later than 5 years
3,059,274
3,410,665

5,264,504
5,548,562

2024
2023

£
£

Other


Not later than 1 year
-
1,864


15.


Related party transactions

During the year the Company made purchases of £445,789 (2023: £190,872) and sales of £36,626 (2023: £78,075) to parties who share a common directorship. At the balance sheet date amounts owed to the entities totalled £325,507 (2023: £35,865).
At the balance sheet date there was £5,198 (2023: £3,420) owed to the directors of the Company.


16.


Controlling party

The Company’s controlling party is Mrs J Tishbi. 

 
- 14 -