Company No: 09004035 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	332,578		388,278
Investments	4	66,495		41,635
		399,073		429,913
Current assets
Stocks		4,603		2,499
Debtors
- due within one year	5	20,766		24,180
- due after more than one year	5	336,769		298,304
Cash at bank and in hand		128,763		93,329
		490,901		418,312
Creditors: amounts falling due within one year	6	( 241,350)		( 156,805)
Net current assets		249,551		261,507
Total assets less current liabilities		648,624		691,420
Creditors: amounts falling due after more than one year	7	( 46,088)		( 57,303)
Provision for liabilities		( 55,650)		( 60,051)
Net assets		546,886		574,066
Capital and reserves
Called-up share capital		100		100
Profit and loss account		546,786		573,966
Total shareholder's funds		546,886		574,066

For the financial year ending 30 April 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of South Hams Self Storage Limited (registered number: 09004035) were approved and authorised for issue by the Board of Directors on 17 September 2026. They were signed on its behalf by:

Mr M W Featherstone Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

South Hams Self Storage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 87 Fore Street, Salcombe, TQ8 8BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

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

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. A provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 May 2025	102,993		58,587		119,954		463,062		744,596
Additions	4,776		4,535		0		3,659		12,970
Disposals	0		0		( 27,095)		0		( 27,095)
At 30 April 2026	107,769		63,122		92,859		466,721		730,471
Accumulated depreciation
At 01 May 2025	0		26,067		41,102		289,149		356,318
Charge for the financial year	5,362		8,859		18,016		27,949		60,186
Disposals	0		0		( 18,611)		0		( 18,611)
At 30 April 2026	5,362		34,926		40,507		317,098		397,893
Net book value
At 30 April 2026	102,407		28,196		52,352		149,623		332,578
At 30 April 2025	102,993		32,520		78,852		173,913		388,278

4. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 May 2025	41,635		41,635
Additions	10,000		10,000
Movement in fair value	14,860		14,860
At 30 April 2026	66,495		66,495
Carrying value at 30 April 2026	66,495		66,495
Carrying value at 30 April 2025	41,635		41,635

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £38,747. There was an additional £10,000 investment in this period. Other investments are held at cost less impairment because their fair value cannot be measured reliably.

5. Debtors

	2026		2025
	£		£
Debtors: amounts falling due within one year
Trade debtors	6,534		3,273
Other debtors	14,232		20,907
	20,766		24,180
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings	336,769		298,304

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	4,444		4,444
Trade creditors	10,734		12,026
Accruals	127,701		45,150
Taxation and social security	91,700		77,694
Obligations under finance leases and hire purchase contracts	6,771		17,491
	241,350		156,805

The bank loans (amounts falling due within one year and in more than one year) are secured by a debenture with a fixed and floating charges over all assets and undertakings of the company. They are also secured by an omnibus guarantee with a set off arrangement between South Hams Self Storage Limited and Sheyenne Limited, the Parent Company.

Obligations under finance leases and hire purchase contracts are secured against the asset which they relate.

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

	2026		2025
	£		£
Bank loans	13,704		18,148
Obligations under finance leases and hire purchase contracts	32,384		39,155
	46,088		57,303

The bank loans and obligations under finance leases and hire purchase contracts are secured - see note 6 above

8. Financial commitments

Commitments

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

	2026		2025
	£		£
Within one year	330		330
Between one and five years	480		480
	810		810

9. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Sheyenne Limited, (Registered office: 87 Fore Street, Salcombe, TQ8 8BY, United Kingdom), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.