Newark Storage Company Limited Filleted accounts for Companies House (small and micro)

NEWARK STORAGE COMPANY LIMITED - Company Information

8 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 02699144 2022-06-01 2023-05-31 02699144 2023-05-31 02699144 2022-05-31 02699144 2021-06-01 2022-05-31 02699144 2022-05-31 02699144 core:NetGoodwill 2022-06-01 2023-05-31 02699144 core:PlantMachinery 2022-06-01 2023-05-31 02699144 core:FurnitureFittings 2022-06-01 2023-05-31 02699144 core:MotorVehicles 2022-06-01 2023-05-31 02699144 bus:Director2 2022-06-01 2023-05-31 02699144 core:WithinOneYear 2023-05-31 02699144 core:WithinOneYear 2022-05-31 02699144 core:AfterOneYear 2023-05-31 02699144 core:AfterOneYear 2022-05-31 02699144 core:ShareCapital 2023-05-31 02699144 core:ShareCapital 2022-05-31 02699144 core:SharePremium 2023-05-31 02699144 core:SharePremium 2022-05-31 02699144 core:OtherReservesSubtotal 2023-05-31 02699144 core:OtherReservesSubtotal 2022-05-31 02699144 core:RetainedEarningsAccumulatedLosses 2023-05-31 02699144 core:RetainedEarningsAccumulatedLosses 2022-05-31 02699144 bus:SmallEntities 2022-06-01 2023-05-31 02699144 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02699144 bus:AbridgedAccounts 2022-06-01 2023-05-31 02699144 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 02699144 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31

COMPANY REGISTRATION NUMBER: 02699144

Newark Storage Company Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 May 2023

Newark Storage Company Limited

Abridged Statement of Financial Position

31 May 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	6		2,917,314	2,913,575

Current assets

Debtors	3,015,547	3,113,335
Cash at bank and in hand	45,965	1,740
	------------	------------
	3,061,512	3,115,075

Creditors: amounts falling due within one year	805,090		753,089
	------------		------------
Net current assets		2,256,422	2,361,986
		------------	------------
Total assets less current liabilities		5,173,736	5,275,561

Creditors: amounts falling due after more than one year		1,825,388	1,839,626

Provisions

Taxation including deferred tax	3,510	( 3,412)
	------------	------------
Net assets	3,344,838	3,439,347
	------------	------------

Capital and reserves

Called up share capital	475,514	475,514
Share premium account	1,905,221	1,905,221
Other reserves	24,490	24,490
Profit and loss account	939,613	1,034,122
	------------	------------
Shareholders funds	3,344,838	3,439,347
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Newark Storage Company Limited

Abridged Statement of Financial Position (continued)

31 May 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:

E J P Rose

Director

Company registration number: 02699144

Newark Storage Company Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bowbridge Road, Newark, Nottinghamshire, NG24 4EQ, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	25% reducing balance
Fixtures & fittings	-	25% reducing balance
Motor vehicles	-	25% straight line

No depreciation is provided on freehold buildings. The amount is not material to the accounts.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).

5. Intangible assets

	£
Cost
At 1 June 2022 and 31 May 2023	25,000
	--------
Amortisation
At 1 June 2022 and 31 May 2023	25,000
	--------
Carrying amount
At 31 May 2023	–
	--------
At 31 May 2022	–
	--------

6. Tangible assets

	£
Cost
At 1 June 2022	3,097,495
Additions	9,992
	------------
At 31 May 2023	3,107,487
	------------
Depreciation
At 1 June 2022	183,920
Charge for the year	6,253
	------------
At 31 May 2023	190,173
	------------
Carrying amount
At 31 May 2023	2,917,314
	------------
At 31 May 2022	2,913,575
	------------

7. Financial instruments

For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.

8. Controlling party

The ultimate parent company of this company is Bowbridge Holdings Ltd, a company registered in the UK.