Economy Storage Limited - Accounts to registrar (filleted) - small 23.1.5
Economy Storage Limited - Accounts to registrar (filleted) - small 23.1.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2022 |
| for |
| Economy Storage Limited |
| Economy Storage Limited (Registered number: 01459367) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Economy Storage Limited |
| Company Information |
| for the Year Ended 31 December 2022 |
| Director: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| 10 Oak Street |
| Fakenham |
| Norfolk |
| NR21 9DY |
| Economy Storage Limited (Registered number: 01459367) |
| Balance Sheet |
| 31 December 2022 |
| 31.12.22 | 31.12.21 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings |
| Shareholders' funds |
| The director acknowledges his 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. |
| Economy Storage Limited (Registered number: 01459367) |
| Balance Sheet - continued |
| 31 December 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Economy Storage Limited (Registered number: 01459367) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | Statutory information |
| Economy Storage Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for annual depreciation, as described below. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised at the point it becomes contractually due, as adjusted for sums paid in advance or in arrears of the period of occupation. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. |
| Economy Storage Limited (Registered number: 01459367) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 2. | Accounting policies - continued |
| 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. 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 value of the asset. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost represents purchase price, together with any other costs incurred in bringing the stock to its present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Economy Storage Limited (Registered number: 01459367) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 2. | Accounting policies - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2022 |
| Depreciation |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2022 |
| Net book value |
| At 31 December 2022 |
| At 31 December 2021 |
| 5. | Debtors: amounts falling due within one year |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Economy Storage Limited (Registered number: 01459367) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 6. | Creditors: amounts falling due within one year |
| 31.12.22 | 31.12.21 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |