Company No: 10562713 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mr R S T Sturdy

SECRETARY

Mrs C L Sturdy

REGISTERED OFFICE	Bean Hill Barn
	Witham Friary
	Frome
	BA11 5HD
	United Kingdom

COMPANY NUMBER

10562713 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Hitchcock House
	Hilltop Park
	Devizes Road
	Salisbury
	Wiltshire SP3 4UF

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	90,059		90,041
		90,059		90,041
Current assets
Debtors	4	2,284		20,355
Cash at bank and in hand		8,804		5,949
		11,088		26,304
Creditors: amounts falling due within one year	5	( 13,742)		( 23,156)
Net current (liabilities)/assets		(2,654)		3,148
Total assets less current liabilities		87,405		93,189
Creditors: amounts falling due after more than one year	6	( 4,383)		( 6,059)
Provision for liabilities		( 17,111)		( 15,660)
Net assets		65,911		71,470
Capital and reserves
Called-up share capital		100		100
Profit and loss account		65,811		71,370
Total shareholder's funds		65,911		71,470

For the financial year ending 31 December 2022 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Sturdy Storage Limited (registered number: 10562713) were approved and authorised for issue by the Director on 21 April 2023. They were signed on its behalf by:

Mr R S T Sturdy Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sturdy Storage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bean Hill Barn, Witham Friary, Frome, BA11 5HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the value of rent received during the year, net of Value Added Tax and trade discounts. Where turnover is invoiced in advance, this is deferred to the extent that the rental period has not elapsed at the period end. To the extent that rent due under contract has not been received, the amount is recognised as turnover and included in debtors.

Taxation

Current tax
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 - 12 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		0

3. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 January 2022	99,155		1,149		100,304
Additions	7,635		3,583		11,218
At 31 December 2022	106,790		4,732		111,522
Accumulated depreciation
At 01 January 2022	10,201		62		10,263
Charge for the financial year	10,289		911		11,200
At 31 December 2022	20,490		973		21,463
Net book value
At 31 December 2022	86,300		3,759		90,059
At 31 December 2021	88,954		1,087		90,041

4. Debtors

	2022		2021
	£		£
Trade debtors	1,289		0
Other debtors	995		20,355
	2,284		20,355

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	1,676		1,636
Trade creditors	1,499		3,212
Corporation tax	2,300		0
Other taxation and social security	2,996		0
Other creditors	5,271		18,308
	13,742		23,156

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

	2022		2021
	£		£
Bank loans (secured)	4,383		6,059