STORERIGHT (UK) LIMITED

STORERIGHT (UK) LIMITED - Company Information

2022-01-012022-12-312022-12-31false02250968STORERIGHT (UK) 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Registered Number
02250968
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

STORERIGHT (UK) LIMITED

Company Information
for the year from 1 January 2022 to 31 December 2022


Director	CARTER, Geoffrey Paul


Company Secretary	CARTER, Geoffrey Paul


Registered Address	Third Floor
	10 South Parade
	Leeds
	LS1 5QS


Registered Number	02250968 (England and Wales)

STORERIGHT (UK) LIMITED

Statement of Financial Position
31 December 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Investment property	5		300,000		300,000
			300,000		300,000
Current assets
Cash at bank and on hand		100		100
		100		100
Creditors amounts falling due within one year	8	(28,009)		(30,668)
Net current assets (liabilities)			(27,909)		(30,568)
Total assets less current liabilities			272,091		269,432
Provisions for liabilities	9		(111)		(111)
Net assets			271,980		269,321
Capital and reserves
Called up share capital			100		100
Other reserves			217,207		217,207
Profit and loss account			54,673		52,014
Shareholders' funds			271,980		269,321

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 19 December 2023, and are signed on its behalf by:

CARTER, Geoffrey Paul
Director
Registered Company No. 02250968

STORERIGHT (UK) LIMITED

Notes to the Financial Statements
for the year ended 31 December 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

3.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Investment property policy
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Valuation of financial instruments policy
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

4.	Employee information


		2022		2021
	Average number of employees during the year	1		1

5.	Investment property
	The 2022 valuations were made by the director, on an open market value for existing use basis.


		£
	Fair value at 01 January 22	300,000
	At 31 December 22	300,000

6.	Description of nature of transactions and balances with related parties
	The director advanced further interest free loans to the company during the year. The balance owed by the company at 31st December 2022 was £20,534 (2021 - £26,292). This amount is interest free and repayable on demand.

7.	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors within one year

	2022	2021
	£	£
Taxation and social security	6,048	3,376
Other creditors	20,534	26,293
Accrued liabilities and deferred income	1,427	999
Total	28,009	30,668


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Provisions for liabilities

	2022	2021
	£	£
Net deferred tax liability (asset)	111	111
Total	111	111