Farnborough Storage Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05186579

Farnborough Storage Limited

Filleted Unaudited Financial Statements

31 December 2024

Farnborough Storage Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	132,129	152,960

Current assets

Stocks		350	350
Debtors	5	140,614	135,805
Cash at bank and in hand		83,177	112,030
		---------	---------
		224,141	248,185

Creditors: amounts falling due within one year	6	198,089	274,401
		---------	---------
Net current assets/(liabilities)		26,052	( 26,216)
		---------	---------
Total assets less current liabilities		158,181	126,744

Creditors: amounts falling due after more than one year	7	109,731	119,991
		---------	---------
Net assets		48,450	6,753
		---------	---------

Capital and reserves

Called up share capital	600	600
Profit and loss account	47,850	6,153
	--------	-------
Shareholders funds	48,450	6,753
	--------	-------

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 .

Farnborough Storage Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 September 2025 , and are signed on behalf of the board by:

Mr M Aldrich

Director

Company registration number: 05186579

Farnborough Storage Limited

Accounting Policies

Year ended 31 December 2024

Basis of preparation

The financial statements have been prepared on the historical cost basis and on a going concern basis on the assumption that the shareholders will continue the support the company's progress.

Revenue recognition

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold improvments	-	Over the term of the lease
Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Farnborough Storage 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 45 Maylands Avenue, Hemel Hempstead, Herts, HP2 7DF.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).

4. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	503,303	41,915	600	545,818
Additions	1,932	–	–	1,932
	---------	--------	----	---------
At 31 December 2024	505,235	41,915	600	547,750
	---------	--------	----	---------
Depreciation
At 1 January 2024	350,576	42,282	–	392,858
Charge for the year	22,763	–	–	22,763
	---------	--------	----	---------
At 31 December 2024	373,339	42,282	–	415,621
	---------	--------	----	---------
Carrying amount
At 31 December 2024	131,896	( 367)	600	132,129
	---------	--------	----	---------
At 31 December 2023	152,727	( 367)	600	152,960
	---------	--------	----	---------

5. Debtors

	2024	2023
	£	£
Trade debtors	53,308	56,708
Other debtors	87,306	79,097
	---------	---------
	140,614	135,805
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,148	9,898
Trade creditors	37,895	44,486
Corporation tax	16,500	29,972
Social security and other taxes	17,702	13,617
Other creditors	115,844	176,428
	---------	---------
	198,089	274,401
	---------	---------

Other creditors includes £Nil (2023 : £57,486) in respect of interest accrued on certain shareholder loans.

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

	2024	2023
	£	£
Bank loans and overdrafts	9,731	19,991
Other creditors	100,000	100,000
	---------	---------
	109,731	119,991
	---------	---------

Other creditors is made up of 100,000 Redeemable Preference Shares of £1 which carry a cumulative preference dividend of 6% per annum.

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	145,000	145,000
Later than 1 year and not later than 5 years	580,000	580,000
Later than 5 years	145,000	290,000
	---------	------------
	870,000	1,015,000
	---------	------------