Company registration number 05121556 (England and Wales)
CHOICE STORAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CHOICE STORAGE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHOICE STORAGE LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
160,111
165,663
Current assets
Debtors
5
32,471
30,978
Cash at bank and in hand
27,992
20,309
60,463
51,287
Creditors: amounts falling due within one year
6
(52,407)
(45,682)
Net current assets
8,056
5,605
Total assets less current liabilities
168,167
171,268
Creditors: amounts falling due after more than one year
7
(167,988)
(171,066)
Net assets
179
202
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
177
200
Total equity
179
202

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 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 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Ms S Brittan
Director
Company registration number 05121556 (England and Wales)
CHOICE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Choice Storage Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 14-15 Berners Street, London, W1T 3LJ.

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 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. 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.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover represents rental income for storage units exclusive of VAT.

1.4
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.

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 land and buildings
2% straight line
Fixtures and fittings
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.

1.5
Financial instruments

The company has only basic financial instruments.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.6
Taxation

The tax expense represents the tax currently payable. Deferred tax is deemed to be immaterial by the directors.

CHOICE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,643
2,103
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
265,000
4,097
269,097
Depreciation and impairment
At 1 October 2023
99,817
3,617
103,434
Depreciation charged in the year
5,300
252
5,552
At 30 September 2024
105,117
3,869
108,986
Carrying amount
At 30 September 2024
159,883
228
160,111
At 30 September 2023
165,183
480
165,663
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,064
19,943
Other debtors
16,407
11,035
32,471
30,978
CHOICE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,205
3,327
Trade creditors
450
88
Corporation tax
6,343
2,103
Other taxation and social security
1,671
2,240
Other creditors
40,738
37,924
52,407
45,682
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
167,988
171,066

Choice Storage Ltd has the following long term loan:

 

- Svenska Handelsbanken AB (publ) loan of £165,861. This is secured against Basement Premises 81/89 Farringdon Road, Holborn, London EC1M 3LL.

 

8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan to Director
2.25
-
4,000
12
4,012
Loan to Director
2.25
-
4,000
11
4,011
-
8,000
23
8,023
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