SELF_STORAGE_CONCIERGE_LI - Accounts
SELF_STORAGE_CONCIERGE_LI - Accounts
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BALANCE SHEET
AS AT
31 MAY 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
Tangible assets
5
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(884,647 )
(919,649 )
Net current liabilities
(716,816 )
(681,016 )
Total assets less current liabilities
(282,671 )
(241,171 )
Creditors: amounts falling due after more than one year
8
(14,667 )
(22,089 )
Net liabilities
(297,338 )
(263,260 )
Capital and reserves
Called up share capital
Profit and loss reserves
(297,438 )
(263,360 )
Total equity
(297,338 )
(263,260 )
The financial statements were approved by the board of directors and authorised for issue on 28 January 2022 and are signed on its behalf by:
Director
Company Registration No. 10811479
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 2 -
1
Accounting policies
Company information
Self Storage Concierge Limited is a private company limited by shares incorporated in England and Wales. The registered office is James Taylor House, St. Albans Road East, Hertford, Hatfield, Hertfordshire, United Kingdom, AL10 0HE.
1.1
Accounting convention
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of £297,338 (2020: £263,260) which the directors believe to be appropriate for the following reason. The company is reliant for its working capital on funds provided to it by it's parent company (and other companies within the group), which has provided the company with an undertaking that it will continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Based on this understanding the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Based on this understanding the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover relates to income earned from the provision of management services and is recognised upon the delivery of services.
1.4
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The development costs will be amortised evenly over their estimated useful life of 5 years.
The development costs will be amortised evenly over their estimated useful life of 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
At each reporting date, tangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 3 -
Depreciation has been computed to write off the cost of the tangible fixed assets over their useful expected lives using the following rates:
Plant and equipment
Fixtures and fittings
1.6
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
1.7
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by 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 only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.9
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.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Intangible fixed assets
Other
£
Cost
At 1 June 2020 and 31 May 2021
Amortisation and impairment
At 1 June 2020
Amortisation charged for the year
At 31 May 2021
Carrying amount
At 31 May 2021
At 31 May 2020
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2020
Additions
-
At 31 May 2021
Depreciation and impairment
At 1 June 2020
Depreciation charged in the year
At 31 May 2021
Carrying amount
At 31 May 2021
At 31 May 2020
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
Other debtors
117,209
82,565
Deferred tax asset
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
-
Total debtors
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Alison Nayler BSc FCA and the auditor was Azets Audit Services .
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
Between two and five years
In over five years
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 7 -
12
Ultimate parent company
The directors regard James Taylor Group Limited as the ultimate parent company. The registered office of James Taylor Group Limited is James Taylor House, St Albans Road East, Hatfield, Hertfordshire, AL10 0HE. The largest group of undertakings for which group financial statements have been drawn up is that headed by James Taylor Group Limited. Copies of the group financial statements may be obtained from Companies House.