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COMPANY REGISTRATION NUMBER: 6361574
Safe & Secure Storage Limited
Filleted Unaudited Financial Statements
31 December 2024
Safe & Secure Storage Limited
Financial Statements
Year ended 31 December 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Safe & Secure Storage Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
327,752
335,085
Current assets
Debtors
7
8,649
9,090
Cash at bank and in hand
78,662
51,229
--------
--------
87,311
60,319
Creditors: amounts falling due within one year
8
( 81,680)
( 60,871)
--------
--------
Net current assets/(liabilities)
5,631
( 552)
---------
---------
Total assets less current liabilities
333,383
334,533
Creditors: amounts falling due after more than one year
9
( 171,544)
( 185,093)
Provisions
Taxation including deferred tax
10
( 16,380)
( 16,655)
---------
---------
Net assets
145,459
132,785
---------
---------
Capital and reserves
Called up share capital
12
2
2
Revaluation reserve
69,830
71,000
Profit and loss account
75,627
61,783
---------
---------
Shareholders funds
145,459
132,785
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Safe & Secure Storage Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 15 April 2025 , and are signed on behalf of the board by:
Mr D.V. Coy
Director
Company registration number: 6361574
Safe & Secure Storage Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sir Benfro House, Brunel Quay, Neyland, Milford Haven, Pembrokeshire, SA73 1PY.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Over the term of the lease
Plant & Machinery
-
20% reducing balance
Property Improvements
-
Over the term of the lease
Office Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
8,396
8,106
Adjustments in respect of prior periods
( 3,097)
-------
-------
Total current tax
8,396
5,009
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 3,336)
-------
-------
Tax on profit
8,396
1,673
-------
-------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ (275)
(2023: £ (275) ).
6. Tangible assets
Leasehold Property
Plant & Machinery
Property Improvements
Office Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
350,000
47,025
21,084
5,528
423,637
Additions
771
771
---------
--------
--------
-------
---------
At 31 December 2024
350,000
47,025
21,084
6,299
424,408
---------
--------
--------
-------
---------
Depreciation
At 1 January 2024
47,945
34,318
2,401
3,888
88,552
Charge for the year
4,795
2,542
285
482
8,104
---------
--------
--------
-------
---------
At 31 December 2024
52,740
36,860
2,686
4,370
96,656
---------
--------
--------
-------
---------
Carrying amount
At 31 December 2024
297,260
10,165
18,398
1,929
327,752
---------
--------
--------
-------
---------
At 31 December 2023
302,055
12,707
18,683
1,640
335,085
---------
--------
--------
-------
---------
Tangible assets held at valuation
The Leasehold Property was revalued on 15 January 2015 by Lambert Smith Hampton, RCIS Registered Valuers, on the basis of open market value. The cost or revaluation of property on which depreciation is charged amounted to £350,000 (2023 - £350,000). The historic cost of property included above at a valuation of £350,000 was £247,899 and the aggregate depreciation thereon would have been £37,752 (2023 - £34,402).
7. Debtors
2024
2023
£
£
Trade debtors
2,428
4,508
Other debtors
6,221
4,582
-------
-------
8,649
9,090
-------
-------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
13,062
12,380
Trade creditors
6,526
9,463
Corporation tax
8,396
6,212
Social security and other taxes
11,958
10,898
Other creditors
41,738
21,918
--------
--------
81,680
60,871
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
171,544
185,093
---------
---------
The loans and overdrafts are secured by a fixed charge over the leasehold properties known as Sir Benfro House and Mary's Cottage and a floating charge over all other property and undertakings of the company. This security is held by Barclays Security Trustee Ltd.
Included within creditors: amounts falling due after more than one year is an amount of £125,030 (2023: £137,739) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2024
16,655
Charge against provision
( 275)
--------
At 31 December 2024
16,380
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
16,380
16,655
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of tangible assets
16,380
16,655
--------
--------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
The company was under the control of Mr D.V. Coy and Mrs T.C. Coy, throughout the current and previous years by virtue of their 100% interest in the issued ordinary share capital. During the year the company paid dividends totalling £20,000 (2023 - £20,000) to Mr D.V. Coy and Mrs T.C. Coy, the shareholders.