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No description of principal activity
2020-06-01
Sage Accounts Production Advanced 2020 - FRS102_2019
15,000
2,143
2,143
4,286
10,714
12,857
xbrli:pure
xbrli:shares
iso4217:GBP
11995695
2020-06-01
2021-05-31
11995695
2021-05-31
11995695
2020-05-31
11995695
2020-05-31
11995695
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2020-06-01
2021-05-31
11995695
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2020-06-01
2021-05-31
11995695
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2021-05-31
11995695
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2021-05-31
11995695
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2020-05-31
11995695
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2021-05-31
11995695
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2021-05-31
11995695
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2020-05-31
11995695
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2021-05-31
11995695
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2020-05-31
11995695
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2021-05-31
11995695
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2020-05-31
11995695
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2020-05-31
11995695
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2021-05-31
11995695
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bus:PrivateLimitedCompanyLtd
2020-06-01
2021-05-31
COMPANY REGISTRATION NUMBER:
11995695
|
Ideal Storage Aberystwyth Ltd |
|
|
Filleted Unaudited Financial Statements |
|
|
Ideal Storage Aberystwyth Ltd |
|
Year ended 31 May 2021
The director presents his report and the unaudited financial statements of the company for the year ended
31 May 2021
.
Director
The director who served the company during the year was as follows:
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
27 June 2022
and signed on behalf of the board by:
|
Registered office: |
|
Unit 5p Glan Yr Afon Industrial Estate |
|
Llanbadarn fawr |
|
Aberystwyth |
|
Ceredigion |
|
SY23 3JQ |
|
|
Ideal Storage Aberystwyth Ltd |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Ideal Storage Aberystwyth Ltd |
|
Year ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ideal Storage Aberystwyth Ltd for the year ended 31 May 2021, 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. This report is made solely to the director of Ideal Storage Aberystwyth Ltd in accordance with the terms of our engagement letter dated 13 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Ideal Storage Aberystwyth Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideal Storage Aberystwyth Ltd and its director for our work or for this report.
It is your duty to ensure that Ideal Storage Aberystwyth Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ideal Storage Aberystwyth Ltd. You consider that Ideal Storage Aberystwyth Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ideal Storage Aberystwyth Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
FRANCIS GRAY CHARTERED ACCOUNTANTS
Chartered accountants
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
27 June 2022
|
Ideal Storage Aberystwyth Ltd |
|
|
Statement of Financial Position |
|
31 May 2021
Fixed assets
|
Intangible assets |
4 |
10,714 |
12,857 |
|
|
|
|
Current assets
|
Cash at bank and in hand |
7,534 |
13,024 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
11,415 |
19,951 |
|
-------- |
-------- |
|
Net current liabilities |
3,881 |
6,927 |
|
-------- |
-------- |
|
Total assets less current liabilities |
6,833 |
5,930 |
|
------- |
------- |
|
Net assets |
6,833 |
5,930 |
|
------- |
------- |
|
|
|
|
Capital and reserves
|
Share premium account |
1 |
1 |
|
Profit and loss account |
6,832 |
5,929 |
|
------- |
------- |
|
Shareholders funds |
6,833 |
5,930 |
|
------- |
------- |
|
|
|
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 Section 1A of 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 comprehensive income has not been delivered.
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have 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
27 June 2022
, and are signed on behalf of the board by:
Company registration number:
11995695
|
Ideal Storage Aberystwyth Ltd |
|
|
Notes to the Financial Statements |
|
Year ended 31 May 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 5p Glan Yr Afon Industrial Estate, Llanbadarn fawr, Aberystwyth, Ceredigion, SY23 3JQ.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
14% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
|
Goodwill |
|
£ |
|
Cost |
|
|
At 1 June 2020 and 31 May 2021 |
15,000 |
|
-------- |
|
Amortisation |
|
|
At 1 June 2020 |
2,143 |
|
Charge for the year |
2,143 |
|
-------- |
|
At 31 May 2021 |
4,286 |
|
-------- |
|
Carrying amount |
|
|
At 31 May 2021 |
10,714 |
|
-------- |
|
At 31 May 2020 |
12,857 |
|
-------- |
|
|
5.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
|
Corporation tax |
2,105 |
1,391 |
|
Other creditors |
9,310 |
18,560 |
|
-------- |
-------- |
|
11,415 |
19,951 |
|
-------- |
-------- |
|
|
|
