Store Safe (Midlands) Limited - Period Ending 2021-09-30
Store Safe (Midlands) Limited - Period Ending 2021-09-30
Registration number:
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Store Safe (Midlands) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Store Safe (Midlands) Limited
Company Information
Director |
R M Faulkner |
Company secretary |
L Faulkner |
Registered office |
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Accountants |
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Store Safe (Midlands) Limited
(Registration number: 04287793)
Balance Sheet as at 30 September 2021
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2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Store Safe (Midlands) Limited
(Registration number: 04287793)
Balance Sheet as at 30 September 2021
Approved and authorised by the
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Director
Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Linley
Pit Lane
Talke
Stoke-on-Trent
Staffordshire
ST7 1UH
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
20% reducing balance basis |
Fixtures and fittings |
20% reducing balance basis |
Motor vehicles |
20% reducing balance basis |
Containers |
20% reducing balance basis |
Tenants improvements |
10% straight line basis |
Land and buildings |
2% straight line basis on buildings |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible assets |
Nil |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Financial instruments
Classification
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Recognition and measurement
Impairment
Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 October 2020 and at 30 September 2021 |
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Carrying amount |
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At 30 September 2020 and at 30 September 2021 |
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Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and equipment |
Containers |
Tenants improvements |
Total |
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Cost or valuation |
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At 1 October 2020 |
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Additions |
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- |
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At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
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- |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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- |
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At 30 September 2020 |
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- |
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Included within the net book value of land and buildings above is £861,561 (2020 - £865,481) in respect of freehold land and buildings.
Store Safe (Midlands) Limited
Notes to the Financial Statements for the Year Ended 30 September 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Creditors |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Directors' loan account |
59,828 |
95,533 |
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Due after one year |
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Bank borrowings |
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Finance lease liabilities |
4,178 |
9,655 |
Other borrowings |
100,000 |
100,000 |
336,186 |
433,433 |
Other borrowings
Other borrowings include a loan from Dermasave Limited (a company in which Mr R M Faulkner is a director and has control) with a carrying amount of £100,000 (2020 - £100,000). The loan is repayable upon demand and no interest has been charged.