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

AYCLIFFE SELF STORAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06656237

Aycliffe Self Storage Limited

Filleted Unaudited Financial Statements

31 July 2019

Aycliffe Self Storage Limited

Financial Statements

Year ended 31 July 2019

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Aycliffe Self Storage Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Aycliffe Self Storage Limited

Year ended 31 July 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aycliffe Self Storage Limited for the year ended 31 July 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

SMITH & CO Chartered accountants

22 Whitworth Terrace Spennymoor Co Durham DL16 7LD

18 November 2019

Aycliffe Self Storage Limited

Statement of Financial Position

31 July 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	60,325	70,211

Current assets

Debtors	6	9,992	7,163

Creditors: amounts falling due within one year	7	27,711	10,714
		--------	--------
Net current liabilities		17,719	3,551
		--------	--------
Total assets less current liabilities		42,606	66,660

Creditors: amounts falling due after more than one year	8	42,475	55,217
		--------	--------
Net assets		131	11,443
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	31	11,343
	----	--------
Shareholder funds	131	11,443
	----	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 18 November 2019 , and are signed on behalf of the board by:

Mr A M Sangster
Director

Company registration number: 06656237

Aycliffe Self Storage Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 22 Whitworth Terrace, Spennymoor, Co Durham, DL16 7LD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinary	-	20% reducing balance
F & F	-	10% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2018	14,966	91,641	15,613	122,220
Additions	–	–	2,750	2,750
Disposals	( 6,600)	–	–	( 6,600)
	--------	--------	--------	---------
At 31 July 2019	8,366	91,641	18,363	118,370
	--------	--------	--------	---------
Depreciation
At 1 August 2018	6,494	41,876	3,639	52,009
Charge for the year	372	5,655	1,857	7,884
Disposals	( 1,848)	–	–	( 1,848)
	--------	--------	--------	---------
At 31 July 2019	5,018	47,531	5,496	58,045
	--------	--------	--------	---------
Carrying amount
At 31 July 2019	3,348	44,110	12,867	60,325
	--------	--------	--------	---------
At 31 July 2018	8,472	49,765	11,974	70,211
	--------	--------	--------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	2,926	–
Other debtors	7,066	7,163
	-------	-------
	9,992	7,163
	-------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	8,525	2,796
Trade creditors	230	131
Corporation tax	8,516	1,402
Social security and other taxes	2,223	2,223
Other creditors	8,217	4,162
	--------	--------
	27,711	10,714
	--------	--------

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

	2019	2018
	£	£
Bank loans and overdrafts	42,475	55,217
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A M Sangster	–	–	–	–
	----	----	----	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A M Sangster	( 617)	51,785	( 44,005)	7,163
	----	--------	--------	-------

10. Related party transactions

The company was under the control of Mr AM Sangster throughout the current and previous year from 4 July 2015. Mr Sangster is the sole director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE (effective January 2015).