Designed Storage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01606188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

DESIGNED STORAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C J Young

Mr N F Young

Miss M S Young

REGISTERED OFFICE:

139-141 Watling Street

Gillingham

Kent

ME7 2YY

REGISTERED NUMBER:

01606188 (England and Wales)

ACCOUNTANTS:

Stephen Hill Partnership Limited

139-141 Watling Street

Gillingham

Kent

ME7 2YY

FIXED ASSETS

Tangible assets

4

51,304

12,512

CURRENT ASSETS

Stocks

86,246

374,366

Debtors

5

586,193

329,764

Cash at bank and in hand

30,573

1,167,326

703,012

1,871,456

CREDITORS

Amounts falling due within one year

6

499,849

1,504,597

NET CURRENT ASSETS

203,163

366,859

TOTAL ASSETS LESS CURRENT LIABILITIES

254,467

379,371

CREDITORS

Amounts falling due after more than one year

7

27,380

-

NET ASSETS

227,087

379,371

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Retained earnings

225,587

377,871

SHAREHOLDERS' FUNDS

227,087

379,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 July 2019 and were signed on its behalf by:

Mr C J Young - Director

1.	STATUTORY INFORMATION

Designed Storage Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates

and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets under the cost model 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.

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Income Statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans

to related parties.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2018

6,147

47,490

53,637

Additions

-

50,566

50,566

At 31 March 2019

6,147

98,056

104,203

DEPRECIATION

At 1 April 2018

1,144

39,981

41,125

Charge for year

1,537

10,237

11,774

At 31 March 2019

2,681

50,218

52,899

NET BOOK VALUE

At 31 March 2019

3,466

47,838

51,304

At 31 March 2018

5,003

7,509

12,512

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

17,000

Additions

49,776

Transfer to ownership

(17,000

)

At 31 March 2019

49,776

DEPRECIATION

At 1 April 2018

15,586

Charge for year

7,148

Transfer to ownership

(15,586

)

At 31 March 2019

7,148

NET BOOK VALUE

At 31 March 2019

42,628

At 31 March 2018

1,414

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

532,956

288,902

Other debtors

53,237

40,862

586,193

329,764

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

12,637

1,458

Trade creditors

406,249

1,408,936

Taxation and social security

78,463

83,170

Other creditors

2,500

11,033

499,849

1,504,597

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

27,380

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mr C J Young

Balance outstanding at start of year

29,164

17,235

Amounts advanced

31,104

29,164

Amounts repaid

(40,935

)

(17,235

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,333

29,164

Mr N F Young

Balance outstanding at start of year

1,610

-

Amounts advanced

2,601

1,610

Amounts repaid

(2,210

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,001

1,610

Miss M S Young

Balance outstanding at start of year

-

-

Amounts advanced

5,654

-

Amounts repaid

(4,006

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,648

-