K2 North West Storage Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12644985 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

K2 North West Storage Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Clemson

S Clemson

D Clemson

REGISTERED OFFICE:

Bull Hole Farm Well Head Road

Newchurch-In-Pendle

Burnley

Lancashire

BB12 9LP

REGISTERED NUMBER:

12644985 (England and Wales)

ACCOUNTANTS:

Egan Roberts Limited

Accountants

Citygate

Longridge Road

Preston

Lancashire

PR2 5BQ

FIXED ASSETS

Tangible assets

4

141,079

55,263

CURRENT ASSETS

Debtors

5

966,664

173,584

Cash at bank

345,534

1,231,124

1,312,198

1,404,708

CREDITORS

Amounts falling due within one year

6

387,007

578,515

NET CURRENT ASSETS

925,191

826,193

TOTAL ASSETS LESS CURRENT LIABILITIES

1,066,270

881,456

PROVISIONS FOR LIABILITIES

8

35,270

13,816

NET ASSETS

1,031,000

867,640

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,030,800

867,440

1,031,000

867,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 May 2024 and were signed on its behalf by:

N Clemson - Director

1.	STATUTORY INFORMATION

K2 North West Storage Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 15 (2022 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2023

21,795

29,271

-

Additions

-

-

573

At 31 December 2023

21,795

29,271

573

DEPRECIATION

At 1 January 2023

9,081

2,521

-

Charge for year

4,359

4,012

115

At 31 December 2023

13,440

6,533

115

NET BOOK VALUE

At 31 December 2023

8,355

22,738

458

At 31 December 2022

12,714

26,750

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2023

-

26,862

77,928

Additions

112,871

1,701

115,145

At 31 December 2023

112,871

28,563

193,073

DEPRECIATION

At 1 January 2023

-

11,063

22,665

Charge for year

11,757

9,086

29,329

At 31 December 2023

11,757

20,149

51,994

NET BOOK VALUE

At 31 December 2023

101,114

8,414

141,079

At 31 December 2022

-

15,799

55,263

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

158,675

115,920

Deposits paid

9,833

10,833

Amounts owed by associates

792,317

-

Other debtors

105

105

Prepayments

5,734

46,726

966,664

173,584

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

15,904

91,656

Amounts owed to associates

124,000

137,867

Tax

29,126

124,787

Social security and other taxes

6,786

7,778

VAT

38,582

61,726

Other creditors

2,201

2,298

Directors' current accounts

149,905

149,905

Accrued expenses

20,503

2,498

387,007

578,515

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

70,330

75,010

Between one and five years

280,278

-

350,608

75,010

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

35,270

13,816

Deferred

tax

£

Balance at 1 January 2023

13,816

Provided during year

21,454

Balance at 31 December 2023

35,270