Company registration number SC627400 (Scotland)
MONSTORE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MONSTORE LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
MONSTORE LTD
COMPANY INFORMATION
Directors
Mr G Verner
Mrs G Verner
Company number
SC627400
Registered office
Lomond
Kinloss
Forres
Moray
United Kingdom
IV36 2UA
Accountants
Azets
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
MONSTORE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
247,250
290,250
Tangible assets
4
2,282,254
2,061,584
Investments
5
100
100
2,529,604
2,351,934
Current assets
Debtors
6
96,672
52,850
Cash at bank and in hand
73,303
163,971
169,975
216,821
Creditors: amounts falling due within one year
7
(1,197,835)
(833,508)
Net current liabilities
(1,027,860)
(616,687)
Total assets less current liabilities
1,501,744
1,735,247
Creditors: amounts falling due after more than one year
8
(364,088)
(870,133)
Provisions for liabilities
(417,784)
(98,766)
Net assets
719,872
766,348
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
719,871
766,347
Total equity
719,872
766,348

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

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

MONSTORE LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr G Verner
Director
Company Registration No. SC627400
MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Monstore Ltd is a private company limited by shares incorporated in Scotland. The registered office is Lomond, Kinloss, Forres, Moray, United Kingdom, IV36 2UA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The directors are aware of the net current liability position of the company which is reliant upon the continued support of trueother group companies. It has been confirmed that these companies will continue to support the company and will not withdraw current loan balances to the detriment of any other creditors. On this basis it is considered appropriate to prepare the financial statements on a going concern basis.

1.3
Reporting period

The prior year financial statements relate to the 11 months from 1 May 2021 to 31 March 2022. This has been changed to align the company with other group companies with the same period end. The comparative figures in these financial statements relate to the period ended 31 March 2022 and are therefore not fully comparable.

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 10 years.

 

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.

1.6
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.

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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:

Land
Not depreciated
Leasehold improvements
10% on cost
Plant and equipment
10% on cost
Computers
33% on cost
Motor vehicles
25% 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 credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

1.8
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Financial instruments

The company 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 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 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.

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 company 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.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on 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.

1.12
Taxation

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

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 income statement, 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 when the company has 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.

1.13
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.

1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16

Debtors

Short term debtors are measured at transaction price, less any impairment.

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Employees

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

2025
2024
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
430,000
Amortisation and impairment
At 1 April 2024
139,750
Amortisation charged for the year
43,000
At 31 March 2025
182,750
Carrying amount
At 31 March 2025
247,250
At 31 March 2024
290,250
MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Land
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
5,411
138,529
2,393,199
4,264
185,087
2,726,490
Additions
130,331
-
0
442,210
8,501
-
0
581,042
Disposals
-
0
-
0
(9,375)
-
0
(57,492)
(66,867)
At 31 March 2025
135,742
138,529
2,826,034
12,765
127,595
3,240,665
Depreciation and impairment
At 1 April 2024
-
0
42,192
570,106
3,204
49,404
664,906
Depreciation charged in the year
-
0
13,853
248,659
2,219
43,876
308,607
Eliminated in respect of disposals
-
0
-
0
(3,125)
-
0
(11,977)
(15,102)
At 31 March 2025
-
0
56,045
815,640
5,423
81,303
958,411
Carrying amount
At 31 March 2025
135,742
82,484
2,010,394
7,342
46,292
2,282,254
At 31 March 2024
5,411
96,337
1,823,093
1,060
135,683
2,061,584

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and equipment
1,420,777
1,547,422
Motor vehicles
-
66,428
1,420,777
1,613,850
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
100
100

Investment relates to the 100% shareholding in Moray Self Storage Limited.

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
36,409
49,837
Amounts owed by group undertakings
58,965
3,013
Prepayments and accrued income
1,298
-
0
96,672
52,850
7
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
427,034
402,986
Other borrowings
66,667
29,167
Trade creditors
297,429
19,313
Amounts owed to group undertakings
303,283
309,796
Taxation and social security
86,321
2,184
Other creditors
14,501
67,592
Accruals and deferred income
2,600
2,470
1,197,835
833,508
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under finance leases
357,838
801,383
Other creditors
6,250
68,750
364,088
870,133

Finance lease creditors are secured over the assets to which they relate.

MONSTORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
424,525
488,220
Tax losses
(6,723)
(389,431)
Retirement benefit obligations
(18)
(23)
417,784
98,766
2025
Movements in the year:
£
Liability at 1 April 2024
98,766
Charge to profit or loss
319,018
Liability at 31 March 2025
417,784
10
Directors' transactions

During the year the directors advanced funds of £34,000 (2024 - £nil) to the company and withdrew £83,555 (2024 - £46,445).

 

At the year end the company owed the directors £80 (2024 - £49,555) which is included in other creditors due within one year.

 

Loans with the directors are repayable on demand and no interest is charged.

11
Parent company

The directors consider LSE Ltd, incorporated in the United Kingdom to be the ultimate parent company.

 

The address of the company's registered office is:

 

Lomond,

Kinloss,

Forres,

Morayshire,

United Kingdon,

IV36 2UA.

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