Aycliffe Self Storage Limited Company accounts

AYCLIFFE SELF STORAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06656237

Aycliffe Self Storage Limited

Unaudited Financial Statements

31 July 2020

Aycliffe Self Storage Limited

Financial Statements

Year ended 31 July 2020

Contents	Page

Director's report	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Aycliffe Self Storage Limited

Director's Report

Year ended 31 July 2020

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2020 .

Principal activities

The principal activity of the company during the year under review was the letting of self-storage containers.

Director

The director who served the company during the year was as follows:

Mr A M Sangster

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 13 October 2020 and signed on behalf of the board by:

Mr A M Sangster
Director

Registered office:

Unit 25a Whinbank Park

Whinbank Road

Aycliffe Business Park

Newton Aycliffe

Co Durham

England

DL5 6AY

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 2020

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 2020, which comprise the statement of income and retained earnings, 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

45-47 Cheapside Spennymoor Co Durham DL16 6QF

Aycliffe Self Storage Limited

Statement of Income and Retained Earnings

Year ended 31 July 2020

	2020	2019
Note	£	£
Turnover	75,301	78,252

Cost of sales	277	102
	--------	--------
Gross profit	75,024	78,150

Administrative expenses	43,738	46,112
Other operating income	10,000	–
	--------	--------
Operating profit	41,286	32,038

Other interest receivable and similar income		13	33
Interest payable and similar expenses		5,650	4,519
		--------	--------
Profit before taxation	5	35,649	27,552

Tax on profit	8,381	7,114
	--------	--------
Profit for the financial year and total comprehensive income	27,268	20,438
	--------	--------

Dividends paid and payable	( 27,250)	( 31,750)

Retained earnings at the start of the year	31	11,343
	--------	--------
Retained earnings at the end of the year	49	31
	--------	--------

All the activities of the company are from continuing operations.

Aycliffe Self Storage Limited

Statement of Financial Position

31 July 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	51,866	60,325

Current assets

Debtors	7	12,780	9,992
Cash at bank and in hand		4,691	–
		--------	-------
		17,471	9,992

Creditors: amounts falling due within one year	8	19,456	27,711
		--------	--------
Net current liabilities		1,985	17,719
		--------	--------
Total assets less current liabilities		49,881	42,606

Creditors: amounts falling due after more than one year	9	49,732	42,475
		--------	--------
Net assets		149	131
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	49	31
	----	----
Shareholder funds	149	131
	----	----

These financial statements have been prepared 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'.

For the year ending 31 July 2020 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 13 October 2020 , 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 2020

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 25a Whinbank Park, Whinbank Road, Aycliffe Business Park, Newton Aycliffe, Co Durham, DL5 6AY, 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.

Taxation

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2020	2019
	£	£
Depreciation of tangible assets	7,668	7,884
	-------	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2019	8,366	91,641	18,363	118,370
Disposals	–	–	( 2,500)	( 2,500)
Transfers	–	7,296	(7,296)	–
	-------	--------	--------	---------
At 31 July 2020	8,366	98,937	8,567	115,870
	-------	--------	--------	---------
Depreciation
At 1 August 2019	5,018	47,531	5,496	58,045
Charge for the year	669	5,605	1,394	7,668
Disposals	–	–	( 1,709)	( 1,709)
	-------	--------	--------	---------
At 31 July 2020	5,687	53,136	5,181	64,004
	-------	--------	--------	---------
Carrying amount
At 31 July 2020	2,679	45,801	3,386	51,866
	-------	--------	--------	---------
At 31 July 2019	3,348	44,110	12,867	60,325
	-------	--------	--------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	–	2,926
Other debtors	12,780	7,066
	--------	-------
	12,780	9,992
	--------	-------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	–	8,525
Trade creditors	149	230
Corporation tax	8,381	8,516
Social security and other taxes	2,223	2,223
Other creditors	8,703	8,217
	--------	--------
	19,456	27,711
	--------	--------

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

	2020	2019
	£	£
Bank loans and overdrafts	49,732	42,475
	--------	--------

10. Director's advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A M Sangster	7,066	2,597	9,663
	-------	-------	-------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A M Sangster	7,163	( 97)	7,066
	-------	----	-------

11. Related party transactions

The company was under the control of Mr AM Sangster throughout the current and previous year.Mr Sangster is the sole director and shareholder. During the course of the year Mr Sangster received dividends totalling £27,250 and remuneration of £6,112.