Year Ended
Registration number:
Lane's Storage and Removals Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Lane's Storage and Removals Limited
Company Information
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Directors |
Michael Lane Sylvia Lane Mark Lane Robert Lane Maria Russell Emma Lane Sarah Hawkey Matthew Lane Alexandra Foulger - Lane |
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Company secretary |
Sarah Hawkey |
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Registered office |
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Auditors |
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Lane's Storage and Removals Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is that of removal services and storage.
Fair review of the business
The directors report a loss before tax for the year of £18k (2024 - profit of £679k). The comparative period includes a profit arising on the disposal of the Somerset site of £471k.
The company continues to experience reasonable demand, but revenue has fallen in the year to £4,892k (2024 - £5,110k). Sales volumes have declined as a whole due to the sale of the facility in Somerset, but volumes elsewhere have also struggled due to lower activity in the housing market.
A facility was purchased in Hayle during the year for self storage which will hopefully see sales grow in the next twelve months. Falmouth also has capacity having increased well in its first full twelve months.
Cost of Sales have reduced to £2,578k (2024 - £2,673k), though administrative expenses have increased from £1,641k to £2,086k.
The balance sheet has seen more debt converted to longer term borrowing following the completion of the fitout in Hayle. The company is currently trading from a net asset position of £5,078k (2024 - £5,293k). Cash and cash equivalents have also risen in the year to £769k (2024 - £520k), due to the financing of the new Hayle site.
Management have given consideration to the appropriateness of the going concern assertion with further commentary provided in note 2 to the financial statements.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Revenue |
£000's |
4,892 |
5,110 |
|
Net profit before tax (before profit on disposals) |
£000's |
(100) |
49 |
|
Net profit before tax |
£000's |
(18) |
679 |
|
Net assets |
£000's |
5,078 |
5,293 |
|
Cash generated from operations |
£000's |
701 |
905 |
Lane's Storage and Removals Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
In pursuing our strategic priorities to create value for our stakeholders, we experience risk. The Board is responsible for risk management and must ensure that the company maintains the appropriate level of risk to achieve its objectives whilst balancing the competing needs of these stakeholders.
The principal risks identified, separately or in combination, could have a material adverse effect on the implementation of the company strategy, our business, financial performance, shareholder value and returns and reputation. The principal risks identified by the Board are:
- Competition from both national and independent operators.
- Inflation and increased economic uncertainty impacting the housing market.
- Interest rate increases and impact on the housing market
- Changing legislation, such as the proposals around Minimum Energy Efficiency Standards, and impact on the rental market
Approved and authorised by the
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......................................... |
Lane's Storage and Removals Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company’s principal financial instruments comprise of bank balances, other debtors, trade creditors, other creditors and bank and other loans. The main purpose of these instruments is to raise funds for company operations.
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity risk
Liquidity risk is managed to ensure that sufficient funds are available for on going operations and future developments.
Credit risk
The Company has policies in place to ensure that appropriate credit checks are performed on potential customers before any services are rendered.
Interest rate risk
The Company maintains its level of borrowings at a manageable level, rises in interest rates are not seen as a significant threat to the Company’s viability.
Lane's Storage and Removals Limited
Directors' Report for the Year Ended 31 March 2025
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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......................................... |
Lane's Storage and Removals Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lane's Storage and Removals Limited
Independent Auditor's Report to the Members of Lane's Storage and Removals Limited
Opinion
We have audited the financial statements of Lane's Storage and Removals Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Lane's Storage and Removals Limited
Independent Auditor's Report to the Members of Lane's Storage and Removals Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Lane's Storage and Removals Limited
Independent Auditor's Report to the Members of Lane's Storage and Removals Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was consiered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements including, but not limited to the reporting framework (Companies Act 2006 and FRS 102) and the relevant tax compliance regulations in the UK. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance which may be fundamental to the company's ability to operate or to avoid a material penalty, including compliance with health and safety regulations and employment law.
Lane's Storage and Removals Limited
Independent Auditor's Report to the Members of Lane's Storage and Removals Limited
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
To address the risk of fraud through management bias and override of controls, we:
• reviewed journals and other accounting entries for appropriateness;
• evaluated the business rationale of significant transactions;
• reviewed judgements and estimates made in the accounts for any indication of bias; and
• performed analytical procedures to identify any unusual or unexpected relationships.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
Lane's Storage and Removals Limited
Statement of Income and Retained Earnings
Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
( |
( |
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Retained earnings brought forward |
3,513,462 |
3,090,109 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
3,298,152 |
3,513,462 |
Lane's Storage and Removals Limited
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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|
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Current assets |
|||
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Stocks |
|
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Debtors |
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
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Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
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Revaluation reserve |
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|
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Profit and loss account |
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Shareholders' funds |
|
|
Approved and authorised by the
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Company Registration Number: 00905182
Lane's Storage and Removals Limited
Statement of Cash Flows
Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Cash flows from operating activities |
||
|
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
||
|
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
|
|
Working capital adjustments |
||
|
(Increase)/decrease in stocks |
( |
|
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Decrease in deferred income, including government grants |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
||
|
Purchase of unlisted investments |
- |
( |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
||
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Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
|
|
Repayment of bank borrowing |
( |
- |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
768,737 |
520,159 |
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within this note.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Going concern
At the balance sheet date the company had net current liabilities of £194,345 (2024 - £1,638,888) and net assets of £5,077,735 (2024 - £5,293,045). Included in amounts due in less than one year is £162,031 (2024 - £1,416,918) which are being repaid under set installments agreed with the company's bankers.
In preparing and approving these financial statements the directors have given due consideration to going concern risks, and in particular the current economic environment characterised by heightened inflation that may impact activity in the housing market. Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate.
On this basis the Directors have continued to prepare the financial statements under the going concern basis.
Revenue recognition
Revenue is recognised at the fair value of consideration received 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, volume discounts and settlement discounts.
Revenue for contracts for the provision of professional services is recognised by reference to stage of completion, when the stage of completion, costs incurred and costs to complete can be measured reliably. Revenue deferred to future periods (where services span the balance sheet date, or where deposits have been paid) is recognised within accruals.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
5% on cost |
Tangible assets
Individual freehold properties are carried at histroical value.
Other tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold Property |
2% on cost |
|
Self Store |
3.3% on cost |
|
Plant and Machinery |
20% on reducing balance or straight line |
|
Fixtures and Fittings |
20% on reducing balance |
|
Containers |
10% on reducing balance |
|
Steel containers |
4% on cost |
|
Plant and machinery in buildings |
4% on cost |
|
Motor Vehicles |
20% on cost, except for Hire Vans at 14.28% on cost |
|
Lorries |
20% on reducing balance for 5 years and then 5 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
For defined contribution schemes the amounts recognised in profit and loss is the contributions payable for the year.
Contributions that are unpaid at the balance sheet date are recognised in creditors less than one year.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Critical judgements and estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The areas where the Directors have considered estimation uncertainty are as follows:
Carrying value of fixed assets (note 10)
Management have carefully considered the amortisation and depreciation estimates applied on the intangible and tangible assets held by the Company. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset.
The carrying value of tangible fixed assets at the balance sheet date is £9,155,329 (2024 - £8,276,517), with depreciation being recognised in the year of £448,299 (2024 - £392,249).
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
597,981 |
556,615 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
(76,875) |
51,400 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from changes in tax rates and laws |
|
- |
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax increase from other short-term timing differences |
- |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Further item of tax increase/(decrease) |
|
( |
|
Total tax charge |
|
|
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Revaluations |
- |
|
|
Tax losses carried forward |
|
- |
|
Other timing differences |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Capital allowances in excess of depreciation |
- |
|
|
Revaluations |
- |
|
|
Other timing differences |
|
- |
|
|
|
The company has tax losses of £123,101 carried forward to utilise against future taxable profits as they arise.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||||
|
At 1 April 2024 |
|
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
|
Transfers |
( |
- |
( |
- |
|
- |
|
At 31 March 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 April 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
|
Transfers |
- |
- |
( |
- |
|
- |
|
At 31 March 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 March 2025 |
|
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
|
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Land and buildings at Truro are recognised at historical cost using transitional rules introduced in 2017 following a revaluation of the property undertaken in 2014, giving the property a value of £3,000,000.
The Directors have considered the carrying value at the balance sheet date and believe no increase has occurred.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
488,448 |
377,706 |
Depreciation charged of these assets amounted to £88,867 (2024 - £83,893).
|
Investments |
|
2025 |
2024 |
|
|
Other investments |
|
|
|
Unlisted investments |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 and 31 March 2025 |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
|
Stocks |
|
2025 |
2024 |
|
|
Consumables |
|
|
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Corporation tax recoverable |
|
- |
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Cash flow |
Other movements |
At 31 March 2025 |
|
|
£ |
£ |
£ |
£ |
|
|
Cash at bank and on hand |
520,159 |
248,578 |
- |
768,737 |
|
Bank overdrafts |
- |
- |
- |
- |
|
Cash and cash equivalents |
520,159 |
248,578 |
- |
768,737 |
|
Bank loans |
(2,003,869) |
1,421,809 |
(2,460,000) |
(3,042,060) |
|
Amounts due under finance lease |
(246,706) |
171,953 |
(361,911) |
(436,664) |
|
Net debt |
(1,730,416) |
1,842,340 |
(2,821,911) |
(2,709,987) |
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Corporation tax |
- |
54,497 |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
- |
|
|
|
3,161,058 |
707,356 |
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
2025 |
2024 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
The amounts shown as due under bank loans are secured by means of charges over certain properties owned by the company. Interest is charged at either 2.27% above base at a fixed rate or 2.24% above base at a variable rate.
The amounts shown as due under hire purchase are secured against the assets to which they relate.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2025 |
|
|
|
|
||
|
Reserves |
Share capital
The share capital reserve reflects the nominal value of shares issued.
Revaluation reserve
The revaluation reserve relates to historic revaluation movements on freehold property, net of associated deferred tax
Profit and loss account
This reserve reflects all current and prior profit and losses.
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
Dividends |
During the year the company paid dividends of £188,816 (2024 - £203,551) to the shareholders.
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2024 - £
The cash deposit for the purchase of the motor vehicle has been advanced prior to the balance sheet date and is included in other debtors.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Lane's Storage and Removals Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Related party transactions |
|
Transactions with directors |
During the year the company has had overdrawn loan accounts due to it from certain directors. The loans are interest free, unsecured and repayable upon demand.
In the year there were advances made to these directors of £nil (2024 - £10,000) and repayments of £2,400 (2024 - £1,800), with the company being owed £11,672 (2024 - £14,072) at the balance sheet date.
Summary of transactions with other related parties
During the year the company entered into the following transactions with related parties:
The company is a lessee of its Exeter site (Exeter and Bridgewater site in 2024) from the Lanes Executive Pension scheme. During the year rents of £136,500 (2024 - £150,344) were paid to the scheme. Contributions of £214,500 (2024 - £141,014) were made to the scheme in the year.