IRIS Accounts Production v25.1.0.734 02700973 Board of Directors Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027009732023-08-31027009732024-08-31027009732023-09-012024-08-31027009732022-08-31027009732022-09-012023-08-31027009732023-08-3102700973ns15:EnglandWales2023-09-012024-08-3102700973ns14:PoundSterling2023-09-012024-08-3102700973ns10:Director12023-09-012024-08-3102700973ns10:Director22023-09-012024-08-3102700973ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3102700973ns10:SmallEntities2023-09-012024-08-3102700973ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3102700973ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3102700973ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102700973ns10:FullAccounts2023-09-012024-08-3102700973ns10:OrdinaryShareClass12023-09-012024-08-3102700973ns10:Director32023-09-012024-08-3102700973ns10:Director42023-09-012024-08-3102700973ns10:Director52023-09-012024-08-3102700973ns10:CompanySecretary12023-09-012024-08-3102700973ns10:RegisteredOffice2023-09-012024-08-3102700973ns5:CurrentFinancialInstruments2024-08-3102700973ns5:CurrentFinancialInstruments2023-08-3102700973ns5:Non-currentFinancialInstruments2024-08-3102700973ns5:Non-currentFinancialInstruments2023-08-3102700973ns5:ShareCapital2024-08-3102700973ns5:ShareCapital2023-08-3102700973ns5:RetainedEarningsAccumulatedLosses2024-08-3102700973ns5:RetainedEarningsAccumulatedLosses2023-08-3102700973ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-09-012024-08-3102700973ns5:FurnitureFittings2023-09-012024-08-3102700973ns5:MotorVehicles2023-09-012024-08-3102700973ns5:ComputerEquipment2023-09-012024-08-3102700973ns5:LandBuildings2023-08-3102700973ns5:FurnitureFittings2023-08-3102700973ns5:MotorVehicles2023-08-3102700973ns5:ComputerEquipment2023-08-3102700973ns5:LandBuildings2023-09-012024-08-3102700973ns5:LandBuildings2024-08-3102700973ns5:FurnitureFittings2024-08-3102700973ns5:MotorVehicles2024-08-3102700973ns5:ComputerEquipment2024-08-3102700973ns5:LandBuildings2023-08-3102700973ns5:FurnitureFittings2023-08-3102700973ns5:MotorVehicles2023-08-3102700973ns5:ComputerEquipment2023-08-3102700973ns5:CostValuation2023-08-3102700973ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3102700973ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3102700973ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-08-3102700973ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-08-3102700973ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-08-3102700973ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-3102700973ns5:Secured2024-08-3102700973ns5:Secured2023-08-3102700973ns10:OrdinaryShareClass12024-08-31
REGISTERED NUMBER: 02700973 (England and Wales)















IDEAL STORAGE AND PARTITIONING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


IDEAL STORAGE AND PARTITIONING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: B A Shepherd
Mrs E M Shepherd
C A Shepherd
M W Shepherd
T D Shepherd





SECRETARY: Mrs E M Shepherd





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 02700973 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 251,034 277,247
Investments 5 102 102
251,136 277,349

CURRENT ASSETS
Stocks 98,159 110,287
Debtors 6 680,186 584,178
Cash at bank 97,241 51,013
875,586 745,478
CREDITORS
Amounts falling due within one year 7 725,745 603,946
NET CURRENT ASSETS 149,841 141,532
TOTAL ASSETS LESS CURRENT LIABILITIES 400,977 418,881

CREDITORS
Amounts falling due after more than one year 8 (160,458 ) (188,475 )

PROVISIONS FOR LIABILITIES (12,463 ) (8,708 )
NET ASSETS 228,056 221,698

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 227,956 221,598
SHAREHOLDERS' FUNDS 228,056 221,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:




B A Shepherd - Director



Mrs E M Shepherd - Director


IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Ideal Storage and Partitioning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Fixtures, fittings and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are held at cost less accumulated depreciation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme for the benefit of the directors. Contributions payable for the year are charged in the income statement.

IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Amounts recoverable on contracts
Services provided to customers during the year, which at the financial reporting date have not been billed, have been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the statement of financial position date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold and Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 213,685 94,765 293,176 68,207 669,833
Additions - 500 27,391 4,495 32,386
Disposals - - (12,680 ) - (12,680 )
At 31 August 2024 213,685 95,265 307,887 72,702 689,539
DEPRECIATION
At 1 September 2023 150,582 82,845 91,298 67,861 392,586
Charge for year 6,547 1,863 47,394 1,843 57,647
Eliminated on disposal - - (11,728 ) - (11,728 )
At 31 August 2024 157,129 84,708 126,964 69,704 438,505
NET BOOK VALUE
At 31 August 2024 56,556 10,557 180,923 2,998 251,034
At 31 August 2023 63,103 11,920 201,878 346 277,247

The net book value of tangible fixed assets includes £ 180,923 (2023 - £ 200,926 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 102
NET BOOK VALUE
At 31 August 2024 102
At 31 August 2023 102

IDEAL STORAGE AND PARTITIONING LIMITED (REGISTERED NUMBER: 02700973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 435,338 247,167
Amounts recoverable on contract 241,970 334,122
Prepayments 2,878 2,889
680,186 584,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,946 16,946
Hire purchase contracts 38,910 33,788
Trade creditors 309,971 227,023
Other taxes and social security 105,216 72,183
Other creditors 2,070 1,994
Directors' current accounts 243,962 244,246
Accrued expenses 8,670 7,766
725,745 603,946

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 13,869 16,946
Bank loans - 2-5 years 11,553 22,867
Hire purchase contracts 135,036 148,662
160,458 188,475

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 42,368 56,759
Hire purchase contracts 173,946 182,450
216,314 239,209

The bank loan is secured by a first legal charge on the company's property and by fixed and floating charges over all assets.

Hire purchase creditors are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100