Company registration number 09874806 (England and Wales)
PAY STORE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAY STORE LIMITED
COMPANY INFORMATION
Directors
J Turner
S Fretwell
R Almond
C Parkinson
Company number
09874806
Registered office
25 Mann Island
Liverpool
England
L3 1BP
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
25 Mann Island
Liverpool
England
L3 1BP
PAY STORE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
PAY STORE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The principal activity of the company is that of management and operating of commercial self storage property.
Overall external sales increased by 21.95% in the year to £12,532,877 (2023: £10,277,207), with an operating profit of £458,945 (2023: £429,147).
Principal risks and uncertainties
The principal risks and uncertainties of the business relate to the general economic environment in the United Kingdom created by the rise in inflation. The company continues to take substantial actions to mitigate these risks by taking tight control of cash flow and expenditure.
There is a risk to the business that the self-storage market does not grow in line with our projections and that economic growth in the UK is below expectations, which could result in falling demand and loss of income.
The company continues to manage and mitigate this risk by: holding a prime portfolio of freehold properties, providing strong USP’s to customers, having a strong cash flow generation and high operating margins from a secure capital structure.
Development and performance
The financial position of the company is set out in the balance sheet on page 9. Net assets at 30 June 2024 were £1,561,622 (2023: Net assets of £1,277,341), an increase of 22% on the previous year.
A dividend of £Nil was paid during the year (2023: £Nil).
Future Performance
The strategy of growth through both organic and acquisitions allied with the review and refinement of our systems continues to be reflected in current performance. Trading to date is in line with our budget expectations.
.............................................
C Parkinson
Director
Date: .............................................
PAY STORE 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 continued to be that of management and operating of commercial self storage property.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Turner
S Fretwell
R Almond
C Parkinson
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the company 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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
C Parkinson
Director
27 March 2025
PAY STORE 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 company and of the profit or loss of the company for that period.
PAY STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PAY STORE LIMITED
- 4 -
Opinion
We have audited the financial statements of Pay Store Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PAY STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PAY STORE LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
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.
PAY STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PAY STORE LIMITED (CONTINUED)
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
27 March 2025
PAY STORE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,532,877
10,277,207
Cost of sales
(40,938)
(48,973)
Gross profit
12,491,939
10,228,234
Administrative expenses
(12,032,994)
(9,869,843)
Other operating income
70,756
Operating profit
4
458,945
429,147
Interest receivable and similar income
7
40,000
Interest payable and similar expenses
8
(174,664)
(28,196)
Profit before taxation
284,281
440,951
Tax on profit
9
(85,676)
Profit for the financial year
284,281
355,275
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PAY STORE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
284,281
355,275
Other comprehensive income
-
-
Total comprehensive income for the year
284,281
355,275
PAY STORE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
77,361
101,281
Current assets
Stocks
13
32,440
34,570
Debtors
14
22,471,466
13,593,971
Cash at bank and in hand
34,012
242,851
22,537,918
13,871,392
Creditors: amounts falling due within one year
15
(21,053,657)
(12,695,332)
Net current assets
1,484,261
1,176,060
Net assets
1,561,622
1,277,341
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
1,561,621
1,277,340
Total equity
1,561,622
1,277,341
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
C Parkinson
Director
Company registration number 09874806 (England and Wales)
PAY STORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1
922,065
922,066
Year ended 30 June 2023:
Profit and total comprehensive income
-
355,275
355,275
Balance at 30 June 2023
1
1,277,340
1,277,341
Year ended 30 June 2024:
Profit and total comprehensive income
-
284,281
284,281
Balance at 30 June 2024
1
1,561,621
1,561,622
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information
Pay Store Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Mann Island, Liverpool, England, L3 1BP.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Store First Self Storage Limited. These consolidated financial statements are available from its registered office, 12a Mead Way, Padiham, Burnley, England, BB12 7NG.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Revenue represents amounts receivable for provision of property management services.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
50% straight line
1.5
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.
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
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:
Fixtures and fittings
15% reducing balance
Motor vehicles
20% straight line
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 credited or charged to profit or loss.
1.6
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.
1.7
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.
Financial instruments are recognised in the company's balance sheet 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.
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 company 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 company 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.
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 company’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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Management Activities
12,452,651
10,206,091
Other Activities
80,226
71,116
12,532,877
10,277,207
2024
2023
£
£
Turnover analysed by geographical market
UK
12,532,877
10,277,207
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 14 -
2024
2023
£
£
Other revenue
Interest income
-
40,000
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
13,076
32,359
Loss on disposal of tangible fixed assets
26,597
-
Amortisation of intangible assets
-
40
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
56
55
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,787,659
1,507,047
Social security costs
184,811
141,644
Pension costs
34,300
28,480
2,006,770
1,677,171
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
228,912
194,436
Company pension contributions to defined contribution schemes
2,640
2,640
231,552
197,076
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
135,200
111,736
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
40,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
170,000
28,196
Other interest
4,664
174,664
28,196
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
85,676
The actual charge 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
284,281
440,951
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
71,070
90,395
Tax effect of expenses that are not deductible in determining taxable profit
6,649
Tax effect of income not taxable in determining taxable profit
(3,628)
Group relief
(74,987)
Permanent capital allowances in excess of depreciation
(2,732)
(1,091)
Taxation charge for the year
-
85,676
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
10
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
185,010
Amortisation and impairment
At 1 July 2023 and 30 June 2024
185,010
Carrying amount
At 30 June 2024
At 30 June 2023
11
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
61,121
246,030
307,151
Additions
15,753
15,753
Disposals
(71,367)
(71,367)
At 30 June 2024
76,874
174,663
251,537
Depreciation and impairment
At 1 July 2023
53,355
152,515
205,870
Depreciation charged in the year
6,191
6,885
13,076
Eliminated in respect of disposals
(44,770)
(44,770)
At 30 June 2024
59,546
114,630
174,176
Carrying amount
At 30 June 2024
17,328
60,033
77,361
At 30 June 2023
7,766
93,515
101,281
12
Financial instruments
There were no financial instruments held at fair value.
13
Stocks
2024
2023
£
£
Raw materials and consumables
32,440
34,570
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,095,558
986,859
Amounts owed by group undertakings
12,823,439
6,004,749
Other debtors
8,087,442
6,215,514
Prepayments and accrued income
465,027
386,849
22,471,466
13,593,971
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
153,661
Trade creditors
2,108,923
3,221,393
Amounts owed to group undertakings
5,341,114
Corporation tax
85,676
307,553
Other taxation and social security
319,669
148,869
Other creditors
9,932,913
5,402,920
Accruals and deferred income
3,265,362
3,460,936
21,053,657
12,695,332
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,300
28,480
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
18
Events after the reporting date
There were no post balance sheet events which require disclosure at the balance sheet date.
19
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
PAY STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Related party transactions
(Continued)
- 18 -
Recharge of Management services
2024
2023
£
£
Entities under common control
7,213,284
5,780,985
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities under common control
8,016,891
3,357,479
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities under common control
8,042,255
14,194,530
Other information
During the year there were no related party transactions outside the normal course of business.
20
Ultimate controlling party
The Parent company is Store First Self Storage Limited, which is a company incorporated in England & Wales and the registered office is 12a Mead Way, Padiham, Burnley, England, BB12 7NG. The ultimate controlling party is Jennifer Whittaker.
The results of Pay Store Limited are included in the consolidated financial statements of Store First Self Storage Limited which are available from its registered office.
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