McCarthys Storage World (Cross Gates) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 14229246

McCarthys Storage World (Cross Gates) Limited

Filleted Unaudited Financial Statements

31 December 2024

McCarthys Storage World (Cross Gates) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		3,448,193	3,253,481

Current assets

Debtors	5	147,996	130,094
Cash at bank and in hand		9,010	6,884
		---------	---------
		157,006	136,978

Creditors: amounts falling due within one year	6	208,920		117,351
		---------		---------
Net current (liabilities)/assets			( 51,914)	19,627
			------------	------------
Total assets less current liabilities			3,396,279	3,273,108

Creditors: amounts falling due after more than one year	7	3,516,304	3,262,853
		------------	------------
Net (liabilities)/assets		( 120,025)	10,255
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 120,026)	10,254
	---------	--------
Shareholders (deficit)/funds	( 120,025)	10,255
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

McCarthys Storage World (Cross Gates) Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:

Mr MJ McCarthy

Director

Company registration number: 14229246

McCarthys Storage World (Cross Gates) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McCathys of Leeds, Education Road, Leeds, LS7 2AL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The company recognises revenue on an accruals basis (net of VAT if applicable), when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the company. Revenue comprises rental income arising from investment property leased out and which is recognised in the profit and loss account on a straight line basis over the term of the lease.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	33% straight line
Fixtures and fittings	-	33% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	3,299,072	–	–	–	3,299,072
Additions	206,976	1,403	24,830	14,594	247,803
	------------	-------	--------	--------	------------
At 31 December 2024	3,506,048	1,403	24,830	14,594	3,546,875
	------------	-------	--------	--------	------------
Depreciation
At 1 January 2024	45,591	–	–	–	45,591
Charge for the year	45,591	273	4,781	2,446	53,091
	------------	-------	--------	--------	------------
At 31 December 2024	91,182	273	4,781	2,446	98,682
	------------	-------	--------	--------	------------
Carrying amount
At 31 December 2024	3,414,866	1,130	20,049	12,148	3,448,193
	------------	-------	--------	--------	------------
At 31 December 2023	3,253,481	–	–	–	3,253,481
	------------	-------	--------	--------	------------

5. Debtors

	2024	2023
	£	£
Trade debtors	102,289	101,469
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,500	–
Other debtors	44,207	28,625
	---------	---------
	147,996	130,094
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	130,699	19,690
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	10,000
Social security and other taxes	–	10,539
Other creditors	78,221	77,122
	---------	---------
	208,920	117,351
	---------	---------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	3,516,304	3,262,853
	------------	------------

The loan of £3,516,304 (2023 £3,262,853) is secured by a fixed and floating charge and negative pledge over the company's freehold property assets.

8. Controlling party

The company is wholly owned by MJ McCarthy Developments Ltd, a company incorporated in England and Wales.The directors are of the opinion that there is no overall controlling party.