Company registration number 06989554 (England and Wales)
Rack-Master Storage Systems Limited
Annual Report and
Unaudited Financial Statements
for the year ended 30 September 2024
PAGES FOR FILING WITH REGISTRAR
Rack-Master Storage Systems Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Rack-Master Storage Systems Limited
Statement of financial position
as at 30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
76,832
91,325
Current assets
Debtors
4
691,797
1,309,177
Cash at bank and in hand
807,072
921,686
1,498,869
2,230,863
Creditors: amounts falling due within one year
5
(1,112,365)
(1,639,106)
Net current assets
386,504
591,757
Total assets less current liabilities
463,336
683,082
Creditors: amounts falling due after more than one year
6
(4,363)
(9,044)
Provisions for liabilities
7
(14,775)
(17,351)
Net assets
444,198
656,687
Capital and reserves
Called up share capital
8
133
133
Profit and loss reserves
444,065
656,554
Total equity
444,198
656,687

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Rack-Master Storage Systems Limited
Statement of financial position (continued)
as at 30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
A Ainsworth
Director
Company registration number 06989554 (England and Wales)
Rack-Master Storage Systems Limited
Notes to the Financial Statements
for the year ended 30 September 2024
- 3 -
1
Accounting policies
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised on the provision of goods and services.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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.

Retirement benefits

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

Rack-Master Storage Systems Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
1
Accounting policies
(continued)
- 4 -
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 statement of financial position as a finance lease obligation. 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.

2
Employees

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

2024
2023
Number
Number
Total
11
12
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
793
4,510
4,392
124,112
133,807
Additions
-
0
-
0
-
0
14,500
14,500
Disposals
-
0
-
0
-
0
(17,700)
(17,700)
At 30 September 2024
793
4,510
4,392
120,912
130,607
Depreciation and impairment
At 1 October 2023
557
3,034
2,957
35,934
42,482
Depreciation charged in the year
59
368
359
20,796
21,582
Eliminated in respect of disposals
-
0
-
0
-
0
(10,289)
(10,289)
At 30 September 2024
616
3,402
3,316
46,441
53,775
Carrying amount
At 30 September 2024
177
1,108
1,076
74,471
76,832
At 30 September 2023
236
1,476
1,435
88,178
91,325
Rack-Master Storage Systems Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
444,917
1,175,052
Amounts owed by group undertakings
238,759
130,000
Prepayments and accrued income
8,121
4,125
691,797
1,309,177
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under hire purchase contracts
5,262
5,831
Trade creditors
462,779
612,439
Corporation tax
167,100
109,564
Other taxation and social security
126,391
242,526
Director's loan account
15,415
3,119
Accruals and deferred income
335,418
665,627
1,112,365
1,639,106

Obligations under hire purchase contracts are secured against the asset to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under hire purchase contracts
4,363
9,044

Obligations under hire purchase contracts are secured against the asset to which they relate.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
14,775
17,351
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
A Ordinary of 1p each
100
100
B Ordinary of 1p each
33
33
133
133
Rack-Master Storage Systems Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2024
- 6 -
9
Parent company

The parent company of Rack-Master Storage Systems Limited is Adluco Limited and its registered office is Unit 2, Thornhill Brigg Milss, Thornhill Beck Lane, Brighouse, West Yorkshire, England, HD6 4AH.

10
Company information

Rack-Master Storage Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Thornhill Brigg Mills, Thornhill Beck Lane, Brighouse, West Yorkshire, HD6 4AH.

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