Company registration number 12347090 (England and Wales)
STORE FIRST SELF STORAGE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
STORE FIRST SELF STORAGE LIMITED
COMPANY INFORMATION
Directors
Mrs R Almond
Mr J M Turner
Ms S Fretwell
Mr C Parkinson
(Appointed 20 October 2024)
Company number
12347090
Registered office
Group First House
12a Mead Way
Burnley
BB12 7NG
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Group First House
12a Mead Way
Burnley
BB12 7NG
STORE FIRST SELF STORAGE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
STORE FIRST SELF STORAGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

The principal activity of the Group is the rental of self-storage units and related goods and services from the properties, such as the sale of packing materials and contents insurance.

Overall external sales increased by 26.67% in the year to £16,987,918 (2024: £13,411,675), with an operating profit of £2,055,102 (2024: loss £120,069).

Principal risks and uncertainties

The principal risks and uncertainties of the business relate to the general economic environment in the United Kingdom created by the rise in inflation. The Group continues to take substantial actions to mitigate these risks by taking tight control of cash flow and expenditure.

There is a risk to the business that the self-storage market does not grow in line with our projections and that economic growth in the UK is below expectations, which could result in falling demand and loss of income.

The Group continues to manage and mitigate this risk by: holding a prime portfolio of freehold properties, providing strong USP’s to customers, having a strong cash flow generation and high operating margins from a secure capital structure.

Development and performance

The financial position of the group is set out in the balance sheet on page 9. Net assets at 30 June 2025 were £32,133,837 (2024: Net assets of £22,271,817), an increase of 44% on the previous year.

A dividend of £nil was paid during the year (2024: £nil).

Future Performance

The strategy of growth through both organic and acquisitions allied with the review and refinement of our systems continues to be reflected in current performance. Trading to date is in line with our budget expectations.

On behalf of the board

Mr C Parkinson
Director
26 June 2026
STORE FIRST SELF STORAGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company and group continued to be that of freeholder and letting of storage property and the management and operating of commercial self storage property.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs R Almond
Mr J M Turner
Ms S Fretwell
Mr C Parkinson
(Appointed 20 October 2024)
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized group exemption.

On behalf of the board
Mr C Parkinson
Director
26 June 2026
STORE FIRST SELF STORAGE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STORE FIRST SELF STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STORE FIRST SELF STORAGE LIMITED
- 4 -
Opinion

We have audited the financial statements of Store First Self Storage Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 June 2025 and of the group's profit 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

STORE FIRST SELF STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STORE FIRST SELF STORAGE LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

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.

- We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

- Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

- We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.

- We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.

- We enquired of those charged with governance about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

STORE FIRST SELF STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STORE FIRST SELF STORAGE LIMITED
- 6 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
26 June 2026
STORE FIRST SELF STORAGE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
16,987,918
13,411,675
Cost of sales
(43,869)
(40,938)
Gross profit
16,944,049
13,370,737
Administrative expenses
(14,888,947)
(13,490,806)
Operating profit/(loss)
4
2,055,102
(120,069)
Interest payable and similar expenses
7
(400,476)
(255,536)
Fair value gains and losses on investment properties
11
11,522,147
8,295,109
Profit before taxation
13,176,773
7,919,504
Tax on profit
8
(3,314,753)
(2,073,778)
Profit for the financial year
9,862,020
5,845,726
Profit for the financial year is all attributable to the owner of the parent company.
STORE FIRST SELF STORAGE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
£
£
Profit for the year
9,862,020
5,845,726
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
9,862,020
5,845,726
Total comprehensive income for the year is all attributable to the owner of the parent company.
STORE FIRST SELF STORAGE LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
3,816,928
4,079,405
Total intangible assets
3,816,928
4,079,405
Tangible assets
10
411,722
171,121
Investment property
11
52,418,630
36,893,988
56,647,280
41,144,514
Current assets
Stocks
14
33,202
32,440
Debtors
15
13,738,019
13,996,506
Cash at bank and in hand
128,201
35,977
13,899,422
14,064,923
Creditors: amounts falling due within one year
16
(26,550,531)
(26,311,804)
Net current liabilities
(12,651,109)
(12,246,881)
Total assets less current liabilities
43,996,171
28,897,633
Creditors: amounts falling due after more than one year
17
(2,355,981)
-
0
Provisions for liabilities
Deferred tax liability
20
9,506,353
6,625,816
(9,506,353)
(6,625,816)
Net assets
32,133,837
22,271,817
Capital and reserves
Called up share capital
22
100
100
Non-distributable profits reserve
23
28,519,056
19,877,447
Distributable profit and loss reserves
3,614,681
2,394,270
Total equity
32,133,837
22,271,817

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
26 June 2026
Mr C Parkinson
Director
Company registration number 12347090 (England and Wales)
STORE FIRST SELF STORAGE LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,678,847
2,870,194
Tangible assets
10
23,060
93,760
Investment property
11
52,418,630
36,893,988
Investments
12
1
1
55,120,538
39,857,943
Current assets
Debtors
15
5,709,276
9,000,766
Cash at bank and in hand
17,832
1,965
5,727,108
9,002,731
Creditors: amounts falling due within one year
16
(20,996,288)
(22,733,874)
Net current liabilities
(15,269,180)
(13,731,143)
Total assets less current liabilities
39,851,358
26,126,800
Creditors: amounts falling due after more than one year
17
(2,263,897)
-
0
Provisions for liabilities
Deferred tax liability
20
9,506,353
6,625,816
(9,506,353)
(6,625,816)
Net assets
28,081,108
19,500,984
Capital and reserves
Called up share capital
22
100
100
Non-distributable profits reserve
23
28,519,056
19,877,447
Distributable profit and loss reserves
(438,048)
(376,563)
Total equity
28,081,108
19,500,984
STORE FIRST SELF STORAGE LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
30 June 2025
- 11 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £8,580,124 (2024 - £5,632,575 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
26 June 2026
Mr C Parkinson
Director
Company registration number 12347090 (England and Wales)
STORE FIRST SELF STORAGE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
100
13,656,115
2,769,876
16,426,091
Year ended 30 June 2024:
Profit and total comprehensive income
-
6,221,332
(375,606)
5,845,726
Balance at 30 June 2024
100
19,877,447
2,394,270
22,271,817
Year ended 30 June 2025:
Profit and total comprehensive income
-
8,641,609
1,220,411
9,862,020
Balance at 30 June 2025
100
28,519,056
3,614,681
32,133,837
STORE FIRST SELF STORAGE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
100
13,656,115
212,194
13,868,409
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
6,221,332
(588,757)
5,632,575
Balance at 30 June 2024
100
19,877,447
(376,563)
19,500,984
Year ended 30 June 2025:
Profit and total comprehensive income
-
8,641,609
(61,485)
8,580,124
Balance at 30 June 2025
100
28,519,056
(438,048)
28,081,108
STORE FIRST SELF STORAGE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,334,545
5,428,791
Interest paid
(400,476)
(255,536)
Income taxes paid
(116,326)
(388,442)
Net cash inflow from operating activities
2,817,743
4,784,813
Investing activities
Purchase of tangible fixed assets
(348,117)
(66,124)
Proceeds from disposal of tangible fixed assets
63,356
-
Purchase of investment property
(4,002,495)
(5,848,879)
Net cash used in investing activities
(4,287,256)
(5,915,003)
Financing activities
Repayment of bank loans
1,411,046
934,746
Payment of finance leases obligations
150,691
-
Net cash generated from financing activities
1,561,737
934,746
Net increase/(decrease) in cash and cash equivalents
92,224
(195,444)
Cash and cash equivalents at beginning of year
35,977
231,421
Cash and cash equivalents at end of year
128,201
35,977
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

Store First Self Storage Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Group First House, 12a Mead Way, Burnley, BB12 7NG.

The group consists of Store First Self Storage Limited and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Store First Self Storage Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover represents amounts receivable for the provision of property management services and is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes.

Turnover from the rental of investment property is recognised net of VAT for the period and is recognised on a straight line basis.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
50% straight line
1.8
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:

Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance/20% straight line

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 recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 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 m ethod 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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 group’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 if, and only if, there is 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.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Management activites
13,271,773
11,992,063
Other activities
-
80,226
Rental income
3,716,145
1,339,386
16,987,918
13,411,675
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Turnover
(Continued)
- 20 -
2025
2024
£
£
Turnover analysed by geographical market
UK
16,987,918
13,411,675
4
Operating profit/(loss)
2025
2024
£
£
Operating profit/(loss) for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of tangible fixed assets
44,160
55,562
(Profit)/loss on disposal of tangible fixed assets
-
26,597
Amortisation of intangible assets
262,477
262,476
Operating lease charges
22,297
34,818
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
58
56
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,095,327
1,787,659
-
0
-
0
Social security costs
231,668
184,811
-
-
Pension costs
41,640
34,300
-
0
-
0
2,368,635
2,006,770
-
0
-
0
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
278,400
228,912
Company pension contributions to defined contribution schemes
2,642
2,640
281,042
231,552
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
165,200
135,200
Company pension contributions to defined contribution schemes
1,320
1,320
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
207,000
170,000
Other interest on financial liabilities
180,511
77,837
Interest on finance leases and hire purchase contracts
6,393
-
Other interest
6,572
7,699
Total finance costs
400,476
255,536
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
434,216
-
0
Deferred tax
Origination and reversal of timing differences
2,880,537
2,073,778
Total tax charge
3,314,753
2,073,778
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
13,176,773
7,919,504
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
3,294,193
1,979,876
Effects of:
Expenses that are not deductible in determining taxable profit
5,151
6,649
Utilisation of tax losses not previously recognised
(30,561)
-
0
Unutilised tax losses carried forward
-
0
26,336
Permanent capital allowances in excess of depreciation
(20,977)
(4,703)
Depreciation on assets not qualifying for tax allowances
1,327
-
Amortisation on assets not qualifying for tax allowances
65,620
65,620
Taxation charge in the financial statements
3,314,753
2,073,778
9
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
5,249,525
185,010
5,434,535
Amortisation and impairment
At 1 July 2024
1,170,120
185,010
1,355,130
Amortisation charged for the year
262,477
-
0
262,477
At 30 June 2025
1,432,597
185,010
1,617,607
Carrying amount
At 30 June 2025
3,816,928
-
0
3,816,928
At 30 June 2024
4,079,405
-
0
4,079,405
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Intangible fixed assets
(Continued)
- 23 -
Company
Goodwill
£
Cost
At 1 July 2024 and 30 June 2025
3,826,924
Amortisation and impairment
At 1 July 2024
956,730
Amortisation charged for the year
191,347
At 30 June 2025
1,148,077
Carrying amount
At 30 June 2025
2,678,847
At 30 June 2024
2,870,194
10
Tangible fixed assets
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2024
127,245
289,163
416,408
Additions
22,632
325,485
348,117
Disposals
-
0
(114,500)
(114,500)
At 30 June 2025
149,877
500,148
650,025
Depreciation and impairment
At 1 July 2024
70,067
175,220
245,287
Depreciation charged in the year
22,138
22,022
44,160
Eliminated in respect of disposals
-
0
(51,144)
(51,144)
At 30 June 2025
92,205
146,098
238,303
Carrying amount
At 30 June 2025
57,672
354,050
411,722
At 30 June 2024
57,178
113,943
171,121
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Tangible fixed assets
(Continued)
- 24 -
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2024
50,371
114,500
164,871
Disposals
-
0
(114,500)
(114,500)
At 30 June 2025
50,371
-
0
50,371
Depreciation and impairment
At 1 July 2024
10,521
60,590
71,111
Depreciation charged in the year
16,790
(9,446)
7,344
Eliminated in respect of disposals
-
0
(51,144)
(51,144)
At 30 June 2025
27,311
-
0
27,311
Carrying amount
At 30 June 2025
23,060
-
0
23,060
At 30 June 2024
39,850
53,910
93,760
11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024
36,893,988
36,893,988
Additions through external acquisition
4,002,495
4,002,495
Net gains or losses through fair value adjustments
11,522,147
11,522,147
At 30 June 2025
52,418,630
52,418,630

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis.

12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1
1
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
1
Carrying amount
At 30 June 2025
1
At 30 June 2024
1
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pay Store Limited
England & Wales
Ordinary
100.00
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
33,202
32,440
-
-
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,597,671
1,425,331
409,578
329,773
Unpaid share capital
100
100
100
100
Amounts owed by group undertakings
-
0
-
0
1,405,165
4,652,287
Other debtors
11,364,922
11,894,479
3,574,538
3,807,037
Prepayments and accrued income
775,326
676,596
319,895
211,569
13,738,019
13,996,506
5,709,276
9,000,766
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
345,000
1,197,851
345,000
1,197,851
Obligations under finance leases
19
58,607
-
0
-
0
-
0
Trade creditors
4,500,414
4,553,465
1,249,430
2,444,542
Amounts owed to group undertakings
-
0
-
0
11,361,086
12,984,924
Corporation tax payable
434,216
116,326
4,933
30,650
Other taxation and social security
265,263
319,669
-
0
-
0
Other creditors
16,020,616
15,128,423
5,774,303
4,345,199
Accruals and deferred income
4,926,415
4,996,070
2,261,536
1,730,708
26,550,531
26,311,804
20,996,288
22,733,874
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
2,263,897
-
0
2,263,897
-
0
Obligations under finance leases
19
92,084
-
0
-
0
-
0
2,355,981
-
2,263,897
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
894,292
-
894,292
-
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,608,897
1,197,851
2,608,897
1,197,851
Payable within one year
345,000
1,197,851
345,000
1,197,851
Payable after one year
2,263,897
-
0
2,263,897
-
0

The bank loans are secured by legal charges over the company's investment properties at Preston and Hartlepool, and a floating charge over the company's assets.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
19
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
58,607
-
0
-
0
-
0
Non-current liabilities
92,084
-
0
-
0
-
0
150,691
-
-
-
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
58,607
-
0
-
0
-
0
In two to five years
92,084
-
0
-
0
-
0
150,691
-
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Revaluations
9,506,353
6,625,816
Liabilities
Liabilities
2025
2024
Company
£
£
Revaluations
9,506,353
6,625,816
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
6,625,816
6,625,816
Charge to profit or loss
2,880,537
2,880,537
Liability at 30 June 2025
9,506,353
9,506,353
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,640
34,300

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
23
Non-distributable profits reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
19,877,447
13,656,115
19,877,447
13,656,115
Non distributable profits in the year
8,641,609
6,221,332
8,641,609
6,221,332
At the end of the year
28,519,056
19,877,447
28,519,056
19,877,447

Non-distributable reserves relates to fair value gain on investment property and deferred tax arising on those gains.

24
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
229,190
147,237
229,190
147,237
Years 2-5
625,772
717,382
625,772
717,382
After 5 years
-
136,880
-
136,880
854,962
1,001,499
854,962
1,001,499
STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
25
Events after the reporting date

There were no events after the reporting period end date which require disclosure at the balance sheet date.

26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Connected companies
7,850,792
8,242,543

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Connected companies
16,346,742
12,108,730

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Connected companies
10,928,834
10,546,686
Other information

Transactions and balances with connected companies relate to those companies which are outside the immediate group but related companies for which the shareholders and directors are also involved with.

There were no other related party transactions which require disclosure.

27
Controlling party

The ultimate controlling party is Jennifer Whittaker.

STORE FIRST SELF STORAGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
9,862,020
5,845,726
Adjustments for:
Taxation charged
3,314,753
2,073,778
Finance costs
400,476
255,536
(Gain)/loss on disposal of tangible fixed assets
-
26,597
Fair value gain on investment properties
(11,522,147)
(8,295,109)
Amortisation and impairment of intangible assets
262,477
262,476
Depreciation and impairment of tangible fixed assets
44,160
55,562
Movements in working capital:
(Increase)/decrease in stocks
(762)
2,130
Decrease/(increase) in debtors
258,487
(3,119,401)
Increase in creditors
715,081
8,321,496
Cash generated from operations
3,334,545
5,428,791
29
Analysis of changes in net debt - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
35,977
92,224
128,201
Borrowings excluding overdrafts
(1,197,851)
(1,411,046)
(2,608,897)
Payment of finance leases obligations
-
(150,691)
(150,691)
(1,161,874)
(1,469,513)
(2,631,387)
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