Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30As at 1 October 2023, the Company owed the directors £25,698. During the year, the Company made net payments of £258,618 on behalf of the directors. As a result as at 30 September 2024, the directors owed the Company £232,920. Interest has been charged at 2.25% and the loan which is repayable on demand and included in other debtors due within one year in note 6 to the financial statements. As at 1 October 2023, a balance of £2,200,762 was owed to a related company. During the year, the Company received further funds of £1,000,256. As a result at 30 September 2024, a balance of £3,201,018 was owed to a related company. The loan is interest free, repayable on demand and included in other creditors due within one year in note 8 to the financial statements.22264602023-10-01falseSelf-Storage22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07410211 2023-10-01 2024-09-30 07410211 2022-10-01 2023-09-30 07410211 2024-09-30 07410211 2023-09-30 07410211 c:Director1 2023-10-01 2024-09-30 07410211 c:Director2 2023-10-01 2024-09-30 07410211 c:RegisteredOffice 2023-10-01 2024-09-30 07410211 d:FreeholdInvestmentProperty 2024-09-30 07410211 d:FreeholdInvestmentProperty 2023-09-30 07410211 d:CurrentFinancialInstruments 2024-09-30 07410211 d:CurrentFinancialInstruments 2023-09-30 07410211 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 07410211 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07410211 d:ShareCapital 2024-09-30 07410211 d:ShareCapital 2023-09-30 07410211 d:InvestmentPropertiesRevaluationReserve 2024-09-30 07410211 d:InvestmentPropertiesRevaluationReserve 2023-09-30 07410211 d:OtherMiscellaneousReserve 2023-10-01 2024-09-30 07410211 d:OtherMiscellaneousReserve 2024-09-30 07410211 d:OtherMiscellaneousReserve 2023-09-30 07410211 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 07410211 d:RetainedEarningsAccumulatedLosses 2024-09-30 07410211 d:RetainedEarningsAccumulatedLosses 2023-09-30 07410211 c:OrdinaryShareClass1 2023-10-01 2024-09-30 07410211 c:OrdinaryShareClass1 2024-09-30 07410211 c:OrdinaryShareClass2 2023-10-01 2024-09-30 07410211 c:OrdinaryShareClass2 2024-09-30 07410211 c:FRS102 2023-10-01 2024-09-30 07410211 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07410211 c:FullAccounts 2023-10-01 2024-09-30 07410211 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07410211 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 07410211 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-09-30 07410211 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 07410211 2 2023-10-01 2024-09-30 07410211 4 2023-10-01 2024-09-30 07410211 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07410211









STOREIT (FAKENHAM) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
STOREIT (FAKENHAM) LIMITED
 
 
COMPANY INFORMATION


Directors
G M Cresswell 
K J Cresswell 




Registered number
07410211



Registered office
The Accommodation Centre
Holt Road

Fakenham

Norfolk

NR21 8JH




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
STOREIT (FAKENHAM) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
STOREIT (FAKENHAM) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STOREIT (FAKENHAM) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of StoreIt (Fakenham) Limited for the year ended 30 September 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of StoreIt (Fakenham) Limited, as a body, in accordance with the terms of our engagement letter dated 26 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of StoreIt (Fakenham) Limited and state those matters that we have agreed to state to the Board of directors of StoreIt (Fakenham) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than StoreIt (Fakenham) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that StoreIt (Fakenham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of StoreIt (Fakenham) Limited. You consider that StoreIt (Fakenham) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of StoreIt (Fakenham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

3 June 2025
Page 1

 
STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER: 07410211

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
1,548,500
1,548,500

  
1,548,500
1,548,500

Current assets
  

Debtors: amounts falling due within one year
 6 
240,140
109,287

Cash at bank and in hand
  
9,294,378
8,230,530

  
9,534,518
8,339,817

Creditors: amounts falling due within one year
 7 
(3,284,440)
(2,235,014)

Net current assets
  
 
 
6,250,078
 
 
6,104,803

Total assets less current liabilities
  
7,798,578
7,653,303

Provisions for liabilities
  

Deferred tax
  
(18,538)
(18,538)

  
 
 
(18,538)
 
 
(18,538)

Net assets
  
7,780,040
7,634,765


Capital and reserves
  

Called up share capital 
 8 
100
100

Investment property reserve
 9 
85,520
85,520

Other reserves
 9 
821,003
821,003

Profit and loss account
 9 
6,873,417
6,728,142

  
7,780,040
7,634,765


Page 2

 
STOREIT (FAKENHAM) LIMITED
REGISTERED NUMBER: 07410211
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.






G M Cresswell
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is The Accommodation Centre, Holt Road, Fakenham, Norfolk, NR21 8JH.
The Company's principal activity is that of the investment in and letting of residential properties.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises rental income from investment properties leased under operating lesases and is recognised on a staight-line basis over the term of the lease.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. 

Page 4

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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 Balance sheet 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
Page 5

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 6

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.12

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
1,548,500



At 30 September 2024
1,548,500

The 2024 valuations were made by the director, on an open market value for existing use basis.




Page 7

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Other debtors
232,919
101,683

Prepayments and accrued income
7,221
7,604

240,140
109,287



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
78,425
3,255

Other creditors
3,201,961
2,228,404

Accruals and deferred income
4,054
3,355

3,284,440
2,235,014


Page 8

 
STOREIT (FAKENHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



80 A Ordinary shares of £1 each
80
80
20 B Ordinary shares of £1 each
20
20

100

100



9.


Reserves

Other reserves

The capital contribution reserve comprises investment properties brought into the Company by the director at fair value.
The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss account.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.


Transactions with directors

As at 1 October 2023, the Company owed the directors £25,698
During the year, the Company made net payments of £258,618 on behalf of the directors. As a result as at 30 September 2024, the directors owed the Company 
£232,920.  Interest has been charged at 2.25% and the loan which is repayable on demand and included in other debtors due within one year in note 6 to the financial statements.  


11.


Related party transactions

As at 1 October 2023, a balance of £2,200,762 was owed to a related company.
During the year, the Company received further funds of
 £1,000,256.  As a result at 30 September 2024, a balance of £3,201,018 was owed to a related company.  The loan is interest free, repayable on demand and included in other creditors due within one year in note 8 to the financial statements.

 
Page 9