BEBE_STORAGE_LIMITED - Accounts


Company registration number 12469383 (England and Wales)
BEBE STORAGE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BEBE STORAGE LIMITED
COMPANY INFORMATION
Directors
M Kurschat
S Silvester
(Appointed 17 March 2022)
J Stevenson
(Appointed 17 March 2022)
Company number
12469383
Registered office
C/O UK Storage Consultancy Limited
Wework 184 Shepherds Bush Road
London
W6 7NL
BEBE STORAGE LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2 - 3
Statement of changes in equity
4
Statement of cash flows
5
Notes to the financial statements
6 - 16
BEBE STORAGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company was that of buying and selling real estate.

Results and dividends

The results for the year are set out on .

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Kurschat
S Silvester
(Appointed 17 March 2022)
J Stevenson
(Appointed 17 March 2022)
On behalf of the board
S Silvester
Director
11 September 2023
BEBE STORAGE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
Non-current assets
Property, plant and equipment
4
10,786
6,347
Investment property
5
6,150,000
3,850,000
Deferred tax asset
11
70,407
-
6,231,193
3,856,347
Current assets
Inventories
6
2,777
2,146
Trade and other receivables
7
13,260
15,806
Cash and cash equivalents
127,498
141,086
143,535
159,038
Current liabilities
Trade and other payables
10
2,068,663
2,212,819
Current tax liabilities
8,954
8,953
2,077,617
2,221,772
Net current liabilities
(1,934,082)
(2,062,734)
Non-current liabilities
Deferred tax liabilities
11
945,660
372,702
Net assets
3,351,451
1,420,911
Equity
Called up share capital
13
100
100
Revaluation reserve
15
3,112,067
1,393,193
Retained earnings
239,284
27,618
Total equity
3,351,451
1,420,911
BEBE STORAGE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 3 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.

For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
S  Silvester
Director
Company Registration No. 12469383
BEBE STORAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2021
100
928,413
40,508
969,021
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
451,890
451,890
Transactions with owners in their capacity as owners:
Transfer to revaluation reserve
-
464,780
(464,780)
-
Balance at 31 December 2021
100
1,393,193
27,618
1,420,911
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,930,540
1,930,540
Transactions with owners in their capacity as owners:
Transfer to revaluation reserve
-
1,718,874
(1,718,874)
-
Balance at 31 December 2022
100
3,112,067
239,284
3,351,451
BEBE STORAGE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
170,051
85,221
Net cash inflow from operating activities
170,051
85,221
Investing activities
Purchase of property, plant and equipment
(6,884)
(7,285)
Purchase of investment property
(8,168)
(911,334)
Net cash used in investing activities
(15,052)
(918,619)
Financing activities
Proceeds from interco loan
-
974,484
Repayment of interco loan
(168,587)
-
0
Net cash (used in)/generated from financing activities
(168,587)
974,484
Net (decrease)/increase in cash and cash equivalents
(13,588)
141,086
Cash and cash equivalents at beginning of period
141,086
-
0
Cash and cash equivalents at end of period
127,498
141,086
BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
1
Accounting policies
Company information

Bebe Storage Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O UK Storage Consultancy Limited, Wework 184 Shepherds Bush Road, London, W6 7NL. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 £.

The financial statements have been prepared under the historical cost convention, except for the revaluation of investment property. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Bebe Storage Limited is a wholly owned subsidiary of Padlock UK Bidco 2 Limited and the results of Bebe Storage Limited are included in the consolidated financial statements of Padlock Partners UK Fund I which are available online from Sedar.com.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. There are net liabilities at the balance sheet date, however the parent company is expected to continue to support the company during the going concern period. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents amounts derived from the provision of services which fall within the Company's ordinary activities after deduction of any discounts and any applicable value added tax.

The company recognises revenue from the following major sources:

  • Rental income

  • Insurance income

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Rental income

Rental income is from tenants of properties owned and awaiting development. Rental income is recognised on a straight-line basis over the period in which it is earned.

Insurance income

Insurance income is recognised on a straight line basis over the period a customer occupies their room.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings
20% straight line
Plant and equipment
20% straight line
Computers
33% reducing balance
1.5
Investment properties

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the company, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. All leases that meet the definition of investment property are classified as investment property and measured at fair value. Investment property is measured initially at cost, including costs that are directly attributable to the acquisition of the investment property.

Subsequent to initial recognition, investment properties are measured at fair value. The fair value of investment properties is determined by certified third-party appraisers or by market evidence where available. Gains and losses from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 

Subsequent costs are capitalised to the investment property’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected. Any gain or loss arising on derecognition of the investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the investment property is derecognised.

 

Costs incurred in connection with the acquisition of an investment property are recorded as deferred acquisition costs and subsequently capitalised to the investment property once acquired.

 

Investment Properties Under Development

 

Properties under development include properties that are undergoing activities that will take a substantial period of time and effort to complete in order to prepare the property for its intended use to earn rental income. The cost of development properties includes the cost of acquiring the property and direct development costs, realty taxes and borrowing costs directly attributable to the development. Capitalisation of costs continue until all activities necessary to prepare the property for its intended use as a rental property are substantially complete. Land held for development is transferred to investment properties under development when development type of activities begin that will change the property condition.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 9 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

  •     it has been incurred principally for the purpose of repurchasing it in the near term, or

  •     on initial recognition it is part of a portfolio of identified financial instruments that the manages together and has a recent actual pattern of short-term profit taking, or

  •     it is a derivative that is not designated and effective hedging instrument.

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Valuation of Investment property

The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets (i.e. tenant profiles, future revenue streams and overall condition of the property), discount rates applicable to those assets’ cash flows, identification of comparable properties and capitalisation rates. These estimates are based on market conditions existing at the reporting date.

 

The following approach is used by management, together with the appraisals, in determination of the fair value of the investment property.

 

The Income Approach derives market value by estimating the future cash flows that will be generated by the property and then applying an appropriate capitalization rate or discount rate to those cash flows. This approach can utilize the direct capitalisation method and/or the discounted cash flow analysis.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Staff
2
2
BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
4
Property, plant and equipment
Fixtures and fittings
Plant and equipment
Computers
Total
£
£
£
£
Cost
Additions
3,802
1,586
1,897
7,285
At 31 December 2021
3,802
1,586
1,897
7,285
Additions
1,951
906
4,027
6,884
At 31 December 2022
5,753
2,492
5,924
14,169
Accumulated depreciation and impairment
Charge for the year
225
243
470
938
At 31 December 2021
225
243
470
938
Charge for the year
900
365
1,180
2,445
At 31 December 2022
1,125
608
1,650
3,383
Carrying amount
At 31 December 2022
4,628
1,884
4,274
10,786
At 31 December 2021
3,577
1,343
1,427
6,347
5
Investment property
2022
2021
£
£
Cost
At 1 January 2022
3,850,000
2,318,960
Addition through subsequent expenditure
8,168
911,334
Fair value adjustment
2,291,832
619,706
At 31 December 2022
6,150,000
3,850,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by an independent real estate company.

 

There is a charge secured over the investment property relating to a bank loan held by Padlock UK Bidco 2 Limited.

6
Inventories
2022
2021
£
£
Finished goods
2,777
2,146
BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
7
Trade and other receivables
2022
2021
£
£
Trade receivables
2,639
-
0
VAT recoverable
-
0
8,716
Prepayments
10,621
7,090
13,260
15,806
8
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

9
Market risk
Market risk management

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

 

The company only trades in sterling and is not exposed to foreign exchange risk.

 

The company does not hold any investments in listed companies or marketable securities and so is not exposed to other price risk.

 

The company does not have any loans or other forms of debt that would incur interest and so is not exposed to interest rate risk.

10
Trade and other payables
2022
2021
£
£
Trade payables
8,070
841
Amounts owed to fellow group undertakings
2,000,324
2,168,912
Accruals
5,408
5,985
Social security and other taxation
12,434
-
0
Other payables
42,427
37,081
2,068,663
2,212,819
BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
11
Deferred taxation
2022
2021
£
£
Deferred tax liabilities
945,660
372,702
Deferred tax assets
(70,407)
-
0
875,253
372,702

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Tax losses
Revaluation
Total
£
£
£
Deferred tax liability at 1 January 2021
-
0
217,776
217,776
Deferred tax movements in prior year
Charge/(credit) to profit or loss
-
154,926
154,926
Deferred tax liability at 1 January 2022
-
0
372,702
372,702
Deferred tax movements in current year
Charge/(credit) to profit or loss
(70,407)
572,958
502,551
Deferred tax liability at 31 December 2022
-
0
945,660
945,660
Deferred tax asset at 31 December 2022
(70,407)
-
0
(70,407)
12
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,757
668

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
14
Capital risk management

The company is not subject to any externally imposed capital requirements.

BEBE STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
15
Revaluation reserve
2022
2021
£
£
At the beginning of the year
1,393,193
928,413
Transfer from retained earnings (see below)
1,718,874
464,780
At the end of the year
3,112,067
1,393,193

The transfer from retained earnings comprises of £2,291,832 revaluation gain on the investment property, offset by the deferred tax impact of £572,958.

16
Related party transactions

During the year, Bebe Storage Limited incurred purchases totalling £3,420 (2021: £6,130) from Padlock UK Bidco 2 Limited.

 

During the year, Bebe Storage Limited incurred purchases totalling £732 (2021: £nil) from Leighton Buzzard Self Storage Limited.

 

During the year, Bebe Storage incurred purchases totalling £nil (2021: £690) from Padlock Huntingdon Limited.

 

17
Controlling party

Bebe Storage Limited is a wholly owned subsidiary of Padlock UK Bidco 2 Limited and the results of Bebe Storage Limited are included in the consolidated financial statements of Padlock Partners UK Fund I which are available online from Sedar.com.

18
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
1,930,540
451,890
Adjustments for:
Taxation charged
502,551
154,926
Depreciation and impairment of property, plant and equipment
2,445
938
Other gains and losses
(2,291,832)
(619,706)
Movements in working capital:
Increase in inventories
(631)
(2,146)
Decrease in trade and other receivables
2,546
63,162
Increase in trade and other payables
24,432
36,157
Cash generated from operations
170,051
85,221
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.100M KurschatS SilvesterJ Stevenson124693832022-01-012022-12-3112469383bus:Director12022-01-012022-12-3112469383bus:Director22022-01-012022-12-3112469383bus:Director32022-01-012022-12-3112469383bus:RegisteredOffice2022-01-012022-12-31124693832022-12-31124693832021-12-3112469383core:CurrentFinancialInstruments2022-12-3112469383core:CurrentFinancialInstruments2021-12-31124693832021-12-31124693832020-12-3112469383core:TaxLossesCarry-forwardsDeferredTax2020-12-3112469383core:RevaluationPropertyPlantEquipmentDeferredTax2020-12-3112469383core:TaxLossesCarry-forwardsDeferredTax2021-12-3112469383core:RevaluationPropertyPlantEquipmentDeferredTax2021-12-3112469383core:TaxLossesCarry-forwardsDeferredTax2022-12-3112469383core:RevaluationPropertyPlantEquipmentDeferredTax2022-12-3112469383core:ShareCapital2022-12-3112469383core:ShareCapital2021-12-3112469383core:RevaluationReserve2022-12-3112469383core:RevaluationReserve2021-12-3112469383core:RetainedEarningsAccumulatedLosses2022-12-3112469383core:RetainedEarningsAccumulatedLosses2021-12-3112469383core:OtherMiscellaneousReserve2020-12-3112469383core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3112469383core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31124693832021-01-012021-12-3112469383core:RevaluationReserve2021-01-012021-12-3112469383core:RevaluationReserve2022-01-012022-12-3112469383core:FinancialInstrumentsFairValueThroughProfitOrLoss2022-01-012022-12-3112469383core:Held-to-maturityFinancialAssets2022-01-012022-12-3112469383core:Available-for-saleFinancialAssets2022-01-012022-12-3112469383core:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss2022-01-012022-12-3112469383core:FurnitureFittings2021-01-012021-12-3112469383core:PlantMachinery2021-01-012021-12-3112469383core:ComputerEquipment2021-01-012021-12-3112469383core:FurnitureFittings2022-01-012022-12-3112469383core:PlantMachinery2022-01-012022-12-3112469383core:ComputerEquipment2022-01-012022-12-3112469383core:FurnitureFittings2021-12-3112469383core:PlantMachinery2021-12-3112469383core:ComputerEquipment2021-12-3112469383core:FurnitureFittings2022-12-3112469383core:PlantMachinery2022-12-3112469383core:ComputerEquipment2022-12-3112469383bus:PrivateLimitedCompanyLtd2022-01-012022-12-3112469383bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3112469383bus:FullIFRS2022-01-012022-12-3112469383bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP