Company registration number 11344666 (England and Wales)
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
CONTENTS
Page
Group balance sheet
1
Company balance sheet
2
Notes to the financial statements
3 - 14
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,136,019
7,314,319
Tangible assets
5
3,059,083
3,581,274
Investment property
6
40,470,000
40,470,000
50,665,102
51,365,593
Current assets
Stocks
32,093
30,073
Debtors
9
903,130
877,437
Cash at bank and in hand
321,970
213,036
1,257,193
1,120,546
Creditors: amounts falling due within one year
10
(1,469,171)
(1,424,753)
Net current liabilities
(211,978)
(304,207)
Total assets less current liabilities
50,453,124
51,061,386
Creditors: amounts falling due after more than one year
11
(29,417,962)
(28,933,950)
Provisions for liabilities
(8,257,401)
(8,243,777)
Net assets
12,777,761
13,883,659
Capital and reserves
Called up share capital
14
665
665
Share premium account
652,823
652,823
Profit and loss reserves
12,124,273
13,230,171
Total equity
12,777,761
13,883,659

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

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

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
12 May 2025
C N Nimmo
Director
Company registration number 11344666 (England and Wales)
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
17,471,006
17,471,006
Current assets
Debtors
9
3,618,294
4,679,383
Cash at bank and in hand
186
7,674
3,618,480
4,687,057
Creditors: amounts falling due within one year
10
(390,635)
(419,969)
Net current assets
3,227,845
4,267,088
Total assets less current liabilities
20,698,851
21,738,094
Creditors: amounts falling due after more than one year
11
(21,647,140)
(20,990,539)
Net (liabilities)/assets
(948,289)
747,555
Capital and reserves
Called up share capital
14
665
665
Share premium account
652,823
652,823
Profit and loss reserves
(1,601,777)
94,067
Total equity
(948,289)
747,555

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,675,844 (2023 - £260,990 profit).

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

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

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
12 May 2025
C N Nimmo
Director
Company registration number 11344666 (England and Wales)
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Harbinger Custodian Self Storage Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Whiteleaf Business Centre, 11 Little Balmer, Buckingham, United Kingdom, MK18 1TF.

 

The group consists of Harbinger Custodian Self Storage Holdings Limited and all of its subsidiaries.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Harbinger Custodian Self Storage Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The Store Room Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of The Store Room Limited from its acquisition on 22 November 2018. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

Harbinger Self Storage Bradford Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Harbinger Self Storage Bradford Limited from its acquisition on 5 June 2018. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

Harbinger Self Storage Rotherham Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Harbinger Self Storage Rotherham Limited from its acquisition on 5 June 2018. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

The group profit and loss account and statement of cash flows also include the results and cash flows of Harbinger Custodian Self Storage Holdings Limited from its incorporation on 3 May 2018.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods and services are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 45 years representing the average lease term on the long-term investment properties acquired.

 

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition. Negative goodwill is written off through the profit and loss account in the period it arises.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
10% Straight line
1.7
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 improvements
Over 25 years
Plant and machinery
10% on cost
Motor vehicles
33% on cost

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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 9 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
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 balance sheet 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.

HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
17
20
3
4
4
Intangible fixed assets
Group
Goodwill
Website
Total
£
£
£
Cost
At 1 October 2023
8,228,609
-
0
8,228,609
Additions
-
0
5,064
5,064
At 30 September 2024
8,228,609
5,064
8,233,673
Amortisation and impairment
At 1 October 2023
914,290
-
0
914,290
Amortisation charged for the year
182,858
506
183,364
At 30 September 2024
1,097,148
506
1,097,654
Carrying amount
At 30 September 2024
7,131,461
4,558
7,136,019
At 30 September 2023
7,314,319
-
0
7,314,319
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Intangible fixed assets
(Continued)
- 11 -
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
5
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
1,197,972
4,297,374
5,495,346
Additions
-
0
24,260
24,260
Disposals
-
0
(324)
(324)
At 30 September 2024
1,197,972
4,321,310
5,519,282
Depreciation and impairment
At 1 October 2023
327,666
1,586,406
1,914,072
Depreciation charged in the year
72,025
474,102
546,127
At 30 September 2024
399,691
2,060,508
2,460,199
Carrying amount
At 30 September 2024
798,281
2,260,802
3,059,083
At 30 September 2023
870,306
2,710,968
3,581,274
6
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
40,470,000
-

The group's investment properties comprise of two freehold and four long term leasehold commercial units.

The wholly owned freehold and long term leasehold investment properties have been valued at 30 January 2024 by external valuers, Cushman & Wakefield. The valuation has been carried out in accordance with the RICS Valuation - Global Standards, published by The Royal Institute of Chartered Surveyors ("the Red Book"). The valuation of the investment properties have been prepared on the basis of open market fair value, having regard to trading potential, as appropriate.

 

As at the balance sheet date, the directors have deemed that, adjusted for known material movements post year end, the fair value of the investment properties are consistent with the aforementioned valuation, which took place 30 January 2024.

7
Fixed asset investments
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Fixed asset investments
(Continued)
- 12 -
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
17,471,006
Carrying amount
At 30 September 2024
17,471,006
At 30 September 2023
17,471,006
8
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Store Room Limited
UK
Self Storage and warehousing
Ordinary
100.00
Harbinger Self Storage Bradford Limited
UK
Property investment
Ordinary
100.00
Harbinger Self Storage Rotherham Limited
UK
Property investment
Ordinary
100.00
9
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
172,432
232,519
-
0
-
0
Amounts owed by group
(655)
-
0
3,615,370
4,674,709
Other debtors
731,353
644,918
2,924
4,674
903,130
877,437
3,618,294
4,679,383
10
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
10,000
-
0
-
0
-
0
Trade creditors
256,105
199,781
-
0
-
0
Taxation and social security
101,039
84,555
-
0
-
0
Other creditors
1,102,027
1,140,417
390,635
419,969
1,469,171
1,424,753
390,635
419,969
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
11
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
15,309,167
15,001,471
15,300,000
14,643,399
Other creditors
14,108,795
13,932,479
6,347,140
6,347,140
29,417,962
28,933,950
21,647,140
20,990,539
12
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
15,319,167
15,001,471
15,300,000
14,643,399
Preference shares
6,347,140
6,347,140
6,347,140
6,347,140
21,666,307
21,348,611
21,647,140
20,990,539
Payable within one year
10,000
-
-
-
Payable after one year
21,656,307
21,348,611
21,647,140
20,990,539

The long-term loans are secured by fixed and floating charges over the assets of the group.

The interest rate applied to the bank loans is 4% over LIBOR per annum. The bank loans are on interest only repayment terms and the loan maturity date has been extended and financed for a five year term to November 2028.

 

The preference shares are non-redeemable by either the group or the holders of the shares and are only convertible to equity in the event of a future sale.

 

The dividend rate applied to the preference share is 6% per annum. Dividends are fixed and cumulative.

13
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
620,990
620,990
-
0
-
0
In two to five years
2,479,467
2,484,160
-
0
-
0
In over five years
22,215,427
22,215,428
-
0
-
0
25,315,884
25,320,578
-
-
Less: future finance charges
(17,554,229)
(17,735,239)
-
0
-
0
7,761,655
7,585,339
-
0
-
0
HARBINGER CUSTODIAN SELF STORAGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Finance lease obligations
(Continued)
- 14 -

Finance lease payments represent rentals payable by group for long term leasehold investment properties. Leases do not include restrictions on the use of the assets. The average lease term is 42 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

14
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
63,000 Ordinary shares of 1p each
630
630
3,451 Ordinary A shares of 1p each
35
35
665
665
15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Thomas Hornbuckle BA(Hons) FCA
Statutory Auditor:
Afford Bond Holdings Limited
Date of audit report:
14 May 2025
16
Related party transactions

Harbinger Custodian Self Storage Holdings Limited is under common control to Harbinger Self Storage Asset Management Limited. During the year to 30 September 2023, the Group incurred management charges totalling £367,134 (2023: £380,419). As at 30 September 2024, Harbinger Self Storage Asset Management Limited owed the Group £278,157 (2023: £278,157).

 

Harbinger Custodian Self Storage Holdings Limited is under common control to Enable Construction Ltd. During the year to 30 September 2024, the Group made purchases from Enable Construction Ltd totalling £13,730 (2023: £631,678). As at 30 September 2024, the Group owed Enable Construction Ltd £60,000 (2023: £60,000).

17
Controlling party

The ultimate controlling party of Harbinger Custodian Self Storage Limited is Harbinger Group Holdings Limited. Harbinger Group Holdings Limited is controlled by C N Nimmo.

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