Company registration number 10559745 (England and Wales)
SOUTH YORKSHIRE STORAGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
SOUTH YORKSHIRE STORAGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SOUTH YORKSHIRE STORAGE LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
388,051
377,050
Current assets
Debtors
5
191
20,826
Cash at bank and in hand
25,728
18,742
25,919
39,568
Creditors: amounts falling due within one year
6
(107,450)
(52,157)
Net current liabilities
(81,531)
(12,589)
Total assets less current liabilities
306,520
364,461
Creditors: amounts falling due after more than one year
7
(220,000)
(311,273)
Provisions for liabilities
(5,138)
(2,101)
Net assets
81,382
51,087
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
81,282
50,987
Total equity
81,382
51,087
SOUTH YORKSHIRE STORAGE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr Bryan Merrett
Director
Company registration number 10559745 (England and Wales)
SOUTH YORKSHIRE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
South Yorkshire Storage Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Sandall Business Park, Sandall Stones Road, Doncaster, South Yorkshire, DN3 1RW.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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 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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Freehold land and buildings
0% - Straight Line
Plant and equipment
25% - Reducing Balance
Freehold land is not depreciated.
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.
1.4
Financial instruments
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.
SOUTH YORKSHIRE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
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 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 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 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.
1.6
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
SOUTH YORKSHIRE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
4
4
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
367,500
20,507
388,007
Additions
14,616
14,616
At 31 January 2025
367,500
35,123
402,623
Depreciation and impairment
At 1 February 2024
10,957
10,957
Depreciation charged in the year
3,615
3,615
At 31 January 2025
14,572
14,572
Carrying amount
At 31 January 2025
367,500
20,551
388,051
At 31 January 2024
367,500
9,550
377,050
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
191
20,826
Other debtors of £191 (2024 - £20,826) consist of prepayment £191 (2024 - £826) and amounts due to connected company £Nil (2024 - £20,000).
SOUTH YORKSHIRE STORAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
4,165
Trade creditors
6,325
6,760
Taxation and social security
7,322
4,649
Other creditors
93,803
36,583
107,450
52,157
Other creditors of £93,803 (2024 - £36,583) consists of £7,561 (2024 - £3,751) directors loan account, £23,202 (2024 - £20,832) accruals and deferred income and £63,040 (2024 - £12,000) connected company loans.
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
48,273
Other creditors
220,000
263,000
220,000
311,273
Other creditors of £220,000 (2024 - £263,000) consists of director's current account £220,000 (2024 - £263,000).
The bank loans are secured by charges over the land and buildings at plot 1, Sandall Stone Road, Kirk Sandall Industrial Estate, Doncaster, South Yorkshire, DN3 1QR.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
10
10
10
10
Ordinary B Shares of £1 each
10
10
10
10
Ordinary C Shares of £1 each
40
40
40
40
Ordinary D Shares of £1 each
40
40
40
40
100
100
100
100