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 2020

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

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

35,584

51,304

CURRENT ASSETS

Stocks

61,294

86,246

Debtors

5

597,912

586,193

Cash at bank and in hand

100,157

30,573

759,363

703,012

CREDITORS

Amounts falling due within one year

6

571,230

499,849

NET CURRENT ASSETS

188,133

203,163

TOTAL ASSETS LESS CURRENT LIABILITIES

223,717

254,467

CREDITORS

Amounts falling due after more than one year

7

14,743

27,380

NET ASSETS

208,974

227,087

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Retained earnings

207,474

225,587

SHAREHOLDERS' FUNDS

208,974

227,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 29 December 2020 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 5 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

6,147

98,056

104,203

DEPRECIATION

At 1 April 2019

2,681

50,218

52,899

Charge for year

1,455

14,265

15,720

At 31 March 2020

4,136

64,483

68,619

NET BOOK VALUE

At 31 March 2020

2,011

33,573

35,584

At 31 March 2019

3,466

47,838

51,304

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

Motor

vehicles

£

COST

At 1 April 2019

and 31 March 2020

49,776

DEPRECIATION

At 1 April 2019

7,148

Charge for year

12,444

At 31 March 2020

19,592

NET BOOK VALUE

At 31 March 2020

30,184

At 31 March 2019

42,628

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

554,518

532,956

Other debtors

43,394

53,237

597,912

586,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

12,637

12,637

Trade creditors

470,194

406,249

Taxation and social security

85,898

78,463

Other creditors

2,501

2,500

571,230

499,849

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

14,743

27,380

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

Mr C J Young

Balance outstanding at start of year

19,333

29,164

Amounts advanced

44,509

31,104

Amounts repaid

(31,890

)

(40,935

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,952

19,333

Mr N F Young

Balance outstanding at start of year

2,001

1,610

Amounts advanced

2,868

2,601

Amounts repaid

(3,566

)

(2,210

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,303

2,001

Miss M S Young

Balance outstanding at start of year

1,648

-

Amounts advanced

-

5,654

Amounts repaid

(1,648

)

(4,006

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,648