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Company registration number: 00874230







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024


LENHAM STORAGE (SOUTHERN) LIMITED






































img3829.png                        

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
COMPANY INFORMATION


Directors
R. F. Tolhurst 
G. Bourner 
K. N. Abrehart 
A. M. Burgess 
S. L. Phibbs 




Company secretary
A. M. Burgess



Registered number
00874230



Registered office
Ashcombe House
5 The Crescent

Leatherhead

Surrey

KT22 8DY




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Bankers
Barclays Bank plc
1 Churchill Place

London

E14 5HP





 


LENHAM STORAGE (SOUTHERN) LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 25


 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
Lenham Storage (Southern) Limited hereby present the Strategic Report covering the results for the financial year ending 31 August 2024.

Principal activities and business review
 
The principal activities of the company during the year were those of warehousing and haulage services with a business model centred on storing and delivering largely food and grocery products. 
The Board utilise a number of key performance indicators to monitor and manage the business, foremost amongst these are the measurement of turnover, margins and cash flows. These measures indicate the levels of operation achieved, its profitability and the efficiency with which those profits have been turned into cash.
Turnover decreased by 0.6% (2023 = +3.78%). We expect to see costs continue to increase as a result of the announcement to increase the living wage by £0.77 from April 2025. Certain provisions included last year have again been carried over in 2025 in particularly those in relation to groundwork as a result of the unavailability of raw materials to complete work and the availabty of labour to undertake this work. Gross profits as a result for the year increased by 4.3% (2023 = -2.35%) and the company is happy to report a profit before tax for the year of £962.8k (2023 = £776.4k. The company has no loans or other external financing arrangements.
The company has enjoyed a successful year’s trading and the results for the period and the financial position of the company are as shown in the annexed statements.
The prime activities of the company during the trading year were those of warehousing and haulage services with a business model centred on storing and delivering ambient food and grocery products. 
The company has enjoyed a successful year’s trading, continuing to build on its solid foundations, the results for the period and the financial position of the company are as shown in the annexed statements.
Our employees are key to the success of the business, this trading year having seen stability with staff retention and recruitment has remained positive.  As a responsible employer, heavy investment again has been made in wages, something the company always believes important but especially so during the current financial climate.  
Employee development through training and internal progression has always been important to the business. The driver, warehouse and administration training teams have helped develop employees’ potential within the business, improve productivity and achieve superb test pass results.  The business continues to support and encourage apprenticeships.  
The company were proud during the year to achieve and maintain BRCGS AA+ accreditation.
Customer service and client partnership are central to the success of the business. We have continued to build on our highly valued, long-lasting relationships with our customers and several clients during the period formally renewed long term contracts.  The business also welcomed a number of new clients during the year.
A large part of the growing fleet was replaced during the trading year with investment in both new technology and more environmentally friendly vehicles and equipment.  
The company is in a strong position and well placed for the year ahead. 

Page 1

 


LENHAM STORAGE (SOUTHERN) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Principal risks and uncertainties
 
The company holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the
financial risks described below.
Interest rate risk

The company finances its operations through a combination of retained earnings and hire purchase contracts. Exposure to interest rate fluctuations is controlled by entering into fixed rate agreements.
Credit risk

The company's principal financial assets are trade debtors. In order to manage credit risk on these debtors the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Liquidity risk

The directors monitor the cash levels of the company to ensure that there are always cash funds available to meet the day to day working capital requirements of the company. Short term flexibility is achieved through the company's banking arrangements.
The company finances much of its investment in tangible fixed assets through hire purchase contracts.

Financial key performance indicators
 
The Board utilise a number of key performance indicators to monitor and manage the business, foremost amongst these are the measurement of turnover, margins and cash flows. These measures indicate the levels of operation achieved, its profitability and the efficiency with which those profits have been turned into cash.
 


This report was approved by the board and signed on its behalf.





A. M. Burgess
Director

Date: 18 March 2025

Page 2

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £722,337 (2023 - £617,357).

The directors have recommended a dividend of  £Nil (2023 - £140,000).

Directors

The directors who served during the year were:

R. F. Tolhurst 
G. Bourner 
K. N. Abrehart 
A. M. Burgess 
S. L. Phibbs 

  Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





A. M. Burgess
Company secretary

Date: 18 March 2025

Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

Page 4

 


LENHAM STORAGE (SOUTHERN) LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LENHAM STORAGE (SOUTHERN) LIMITED

Opinion


We have audited the financial statements of Lenham Storage (Southern) Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 August 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.


Basis for opinion


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 United Kingdom, including the Financial Reporting Council'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.


Other information


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 ReportOur 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.


Page 5

 


LENHAM STORAGE (SOUTHERN) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LENHAM STORAGE (SOUTHERN) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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.


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 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 directors' 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 set out on page 3, 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.

Page 6

 


LENHAM STORAGE (SOUTHERN) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LENHAM STORAGE (SOUTHERN) LIMITED (CONTINUED)

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:

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
UK Employment Legislation;
UK heath and safety legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in it's best interests.
 
Page 7

 


LENHAM STORAGE (SOUTHERN) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LENHAM STORAGE (SOUTHERN) LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants & Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

18 March 2025
Page 8

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,956,764
13,036,571

Cost of sales
  
(10,202,695)
(10,396,104)

Gross profit
  
2,754,069
2,640,467

Administrative expenses
  
(2,097,174)
(2,195,299)

Other operating income
 5 
356,502
360,407

Operating profit
 6 
1,013,397
805,575

Interest payable and similar expenses
 10 
(50,637)
(29,134)

Profit before tax
  
962,760
776,441

Tax on profit
 11 
(240,423)
(159,084)

Profit for the year
  
722,337
617,357

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
-
(170,000)

Tax on revaluation of tangible fixed assets
  
-
42,500

Other comprehensive income for the year
  
-
(127,500)

Total comprehensive income for the year
  
722,337
489,857

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


LENHAM STORAGE (SOUTHERN) LIMITED
REGISTERED NUMBER:00874230



STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,725,973
2,694,409

  
2,725,973
2,694,409

Current assets
  

Stocks
  
64,582
100,475

Debtors: amounts falling due within one year
 13 
6,689,224
5,466,885

Cash at bank and in hand
  
196,905
187,479

  
6,950,711
5,754,839

Creditors: amounts falling due within one year
 14 
(2,345,491)
(1,850,116)

Net current assets
  
 
 
4,605,220
 
 
3,904,723

Total assets less current liabilities
  
7,331,193
6,599,132

Provisions for liabilities
  

Deferred tax
 15 
(279,610)
(269,886)

  
 
 
(279,610)
 
 
(269,886)

Net assets
  
7,051,583
6,329,246


Capital and reserves
  

Called up share capital 
 16 
100
100

Revaluation reserve
 17 
1,900,787
1,900,787

Profit and loss account
 17 
5,150,696
4,428,359

  
7,051,583
6,329,246


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K. N. Abrehart
A. M. Burgess
Director
Director


Date: 18 March 2025
Date:18 March 2025

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 


LENHAM STORAGE (SOUTHERN) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
100
2,028,287
3,951,002
5,979,389


Comprehensive income for the year

Profit for the year
-
-
617,357
617,357

Deficit on revaluation of freehold property
-
(170,000)
-
(170,000)

Deferred tax on revalued property
-
42,500
-
42,500


Other comprehensive income for the year
-
(127,500)
-
(127,500)


Total comprehensive income for the year
-
(127,500)
617,357
489,857


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(140,000)
(140,000)


Total transactions with owners
-
-
(140,000)
(140,000)



At 1 September 2023
100
1,900,787
4,428,359
6,329,246


Comprehensive income for the year

Profit for the year
-
-
722,337
722,337
Total comprehensive income for the year
-
-
722,337
722,337


At 31 August 2024
100
1,900,787
5,150,696
7,051,583


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 


LENHAM STORAGE (SOUTHERN) LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
722,337
617,357

Adjustments for:

Depreciation of tangible assets
23,330
21,867

Loss on disposal of tangible assets
-
1,610

Interest paid
50,637
29,134

Taxation charge
230,699
159,084

Decrease/(increase) in stocks
35,893
(29,296)

Decrease/(increase) in debtors
255,659
(87,763)

(Increase)/decrease in amounts owed by groups
(1,477,998)
351,401

(Decrease) in creditors
(211,548)
(403,194)

Increase/(decrease) in amounts owed to groups
642,047
(434,709)

Increase/(decrease) in provisions
11,469
(40,566)

Corporation tax (paid)
(167,568)
(134,342)

Net cash generated from operating activities

114,957
50,583


Cash flows from investing activities

Purchase of tangible fixed assets
(54,894)
(11,549)

Net cash from investing activities

(54,894)
(11,549)

Cash flows from financing activities

Interest paid
(50,637)
(29,134)

Net cash used in financing activities
(50,637)
(29,134)

Net increase in cash and cash equivalents
9,426
9,900

Cash and cash equivalents at beginning of year
187,479
177,579

Cash and cash equivalents at the end of year
196,905
187,479


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
196,905
187,479

196,905
187,479


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


LENHAM STORAGE (SOUTHERN) LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

187,479

9,426

196,905

Debt due within 1 year

(140,000)

140,000

-


47,479
149,426
196,905

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

1.


General information

Lenham Storage (Southern) Limited is a private company limited by shares incorporated in England and Wales.
The company's registered number and the address of the registered office is disclosed on the company information page. The principal place of business is Fyfield Road, Andover, SP11 8DL.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised from the haulage, storage and handling facilities provided to retail customers. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rental income is derived from the Company's freehold land and buildings. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and Machinery
-
20%
on cost
Motor vehicles
-
30%
on reducing balance
Fixtures and fittings
-
10%
on cost
Computer equipment
-
25%
on cost
Trailers
-
20%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Operating lease agreements

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 15

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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 Statement of Financial Position 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 17

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimate.
The valuation of freehold property is an area of significant judgement. However, all properties are valued by an independent, RICS registered professional. The experts are appropriately qualified and experienced therefore, the directors believe there is little risk the valuation of freehold property is materially misstated.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Transport and handling
12,956,764
13,036,571

12,956,764
13,036,571


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rent receivable
356,502
360,407

356,502
360,407



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
23,330
21,867

Other operating lease rentals
106,321
83,016

Page 18

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
17,975
17,545





Fees payables to the Company's auditor and its associates in respect of:


All other services

5,500
6,676


8.


Employees

2024
2023
£
£

Wages and salaries
4,566,511
4,243,399

Social security costs
459,258
411,334

Cost of defined contribution scheme
128,934
124,542

5,154,703
4,779,275


The average monthly number of paid employees, including the directors four of whom received no remuneration, during the year was as follows:


        2024
        2023
            No.
            No.







Warehousing and haulage staff
104
102



Administrative staff
15
15

119
117


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
52,559
54,551

Company contributions to defined contribution pension schemes
15,729
18,357

68,288
72,908


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 19

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
50,637
29,134

50,637
29,134


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
230,699
165,823

Adjustments in respect of previous periods
-
(8,673)


230,699
157,150


Total current tax
230,699
157,150

Deferred tax


Origination and reversal of timing differences
9,724
1,934

Total deferred tax
9,724
1,934


Tax on profit
240,423
159,084
Page 20

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
962,760
776,441


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
240,690
167,052

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,587
1,450

Capital allowances for year in excess of depreciation
(11,578)
(2,679)

Adjustments to tax charge in respect of prior periods
-
(8,673)

Deferred taxation
9,724
1,934

Total tax charge for the year
240,423
159,084


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 21

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

12.


Tangible fixed assets





Freehold land and building
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 September 2023
2,650,000
442,484
65,474
25,610
50,899


Additions
-
49,181
-
-
5,713



At 31 August 2024

2,650,000
491,665
65,474
25,610
56,612



Depreciation


At 1 September 2023
-
407,831
63,683
22,917
50,446


Charge for the year on owned assets
-
19,803
537
641
1,385



At 31 August 2024

-
427,634
64,220
23,558
51,831



Net book value



At 31 August 2024
2,650,000
64,031
1,254
2,052
4,781



At 31 August 2023
2,650,000
34,653
1,791
2,693
453

Trailers
Total

£
£



Cost or valuation


At 1 September 2023
79,336
3,313,803


Additions
-
54,894



At 31 August 2024

79,336
3,368,697



Depreciation


At 1 September 2023
74,517
619,394


Charge for the year on owned assets
964
23,330



At 31 August 2024

75,481
642,724



Net book value



At 31 August 2024
3,855
2,725,973



At 31 August 2023
4,819
2,694,409

Page 22

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

           12.Tangible fixed assets (continued)

The freehold land and buildings were valued at £2,650,000 on 31 August 2023 by external valuers, Lambert Smith Hampton in accordance with the RICS Red Book Global standards, on an open market for existing use basis. The directors believe this represents the market value as at 31 August 2024. There is a fixed charge over the freehold land and buildings in place as at the balance sheet date. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
427,424
427,424

Accumulated depreciation
(105,625)
(101,398)

Net book value
321,799
326,026


13.


Debtors

2024
2023
£
£


Trade debtors
1,958,184
1,676,117

Amounts owed by group undertakings
3,279,003
1,801,005

Other debtors
1,074,531
1,494,624

Prepayments and accrued income
377,506
495,139

6,689,224
5,466,885



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
625,625
828,729

Amounts owed to group undertakings
843,951
201,904

Corporation tax
230,699
165,823

Other taxation and social security
353,462
281,491

Other creditors
20,178
159,183

Accruals and deferred income
271,576
212,986

2,345,491
1,850,116


Page 23

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

15.


Deferred taxation




2024
2023


£

£






At beginning of year
(269,886)
(310,452)


Charged to profit or loss
(9,724)
(1,934)


Charged to other comprehensive income
-
42,500



At end of year
(279,610)
(269,886)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
40,213
49,993

Short term timing differences
1,965
1,910

Capital gains
(321,788)
(321,789)

(279,610)
(269,886)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £0.50 each
100
100

The ordinary shares are classified as equity shares and entitle the shareholder to full voting rights. One share classifies as one vote and on a poll each member has one vote per share held. Ordinary shares rank equally for any dividends declared or distributions made on winding up. The shares are not redeemable. 



17.


Reserves

Revaluation reserve

This reserve records uplift in asset values above its costs, for assets held at revaluation.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 24

 


LENHAM STORAGE (SOUTHERN) LIMITED
 


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

18.


Contingencies

A contingent liability exists at the accounting date in respect of an unlimited cross-guarantee and a debenture, secured on all of the company's assets, given to/by specific other companies with common shareholders, Lenham Storage Company Limited, Lenham Garages Limited, Lenham Storage (Midlands) Limited and Fitzmaurice Carriers Limited, in order to secure their banking facilities.
As the guarantee is solely for the purpose of securing banking facilities, no specific timing for any cash outflow can be reasonably estimated. The likelihood and timing of any financial impact are inherently uncertain and contingent on future events, which are currently not anticipated to result in any material cash outflows.


19.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,087,766
913,363

Later than 1 year and not later than 5 years
3,295,825
2,498,443

Later than 5 years
114,661
216,018

4,498,252
3,627,824


20.


Related party transactions

During the year there were transactions with companies in which shareholders R. F. Tolhurst and D. J. Abrehart, have controlling interests, and for which R. F. Tolhurst is also a director. The companies involved are Lenham Storage Company Limited, Lenham Garages Limited, Freightflow International Limited and Lee Davey Caravans Limited. D. J. Abrehart is also a director of Lenham Storage Company Limited.
Total sales in the period to Lenham Storage Company Limited amounted to £3,472,134 (2023: £3,546,468). Total purchases in the period from Lenham Garages Limited and Lenham Storage Company Limited amounted to £3,300 (2023: £4,317) and £2,688,140 (2023: £3,373,559) respectively.
Included within amounts owed by related parties is £3,472,134 (2023: £1,801,005) due from Lenham Storage Company Limited.
Included within amounts owed to related parties is £834,301 (2023: £201,556) payable to Lenham Storage Company Limited.
All of the above transactions were undertaken on an arm's length basis. 


21.


Ultimate controlling party

The directors believe that the ultimate controlling party is K. N. Abrehart by virtue of his shareholding.

 
Page 25