Designed Storage Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01606188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

DESIGNED STORAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C J Young

Mr N F Young

Miss M S Young

REGISTERED OFFICE:

139-141 Watling Street

Gillingham

Kent

ME7 2YY

REGISTERED NUMBER:

01606188 (England and Wales)

ACCOUNTANTS:

Stephen Hill Partnership Limited

139-141 Watling Street

Gillingham

Kent

ME7 2YY

FIXED ASSETS

Tangible assets

4

12,512

6,176

CURRENT ASSETS

Stocks

374,366

109,200

Debtors

5

329,764

258,284

Cash at bank and in hand

1,167,326

233,259

1,871,456

600,743

CREDITORS

Amounts falling due within one year

6

1,504,597

358,407

NET CURRENT ASSETS

366,859

242,336

TOTAL ASSETS LESS CURRENT LIABILITIES

379,371

248,512

CREDITORS

Amounts falling due after more than one year

7

-

1,458

NET ASSETS

379,371

247,054

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Retained earnings

377,871

245,554

SHAREHOLDERS' FUNDS

379,371

247,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 August 2018 and were signed on its behalf by:

Mr C J Young - Director

1.	STATUTORY INFORMATION

Designed Storage Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 6 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2017

783

52,540

53,323

Additions

5,364

6,495

11,859

Disposals

-

(11,545

)

(11,545

)

At 31 March 2018

6,147

47,490

53,637

DEPRECIATION

At 1 April 2017

278

46,869

47,147

Charge for year

866

4,656

5,522

Eliminated on disposal

-

(11,544

)

(11,544

)

At 31 March 2018

1,144

39,981

41,125

NET BOOK VALUE

At 31 March 2018

5,003

7,509

12,512

At 31 March 2017

505

5,671

6,176

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

17,000

DEPRECIATION

At 1 April 2017

11,336

Charge for year

4,250

At 31 March 2018

15,586

NET BOOK VALUE

At 31 March 2018

1,414

At 31 March 2017

5,664

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

288,902

230,508

Other debtors

100

-

Director's current account

30,774

17,235

Prepayments

9,988

10,541

329,764

258,284

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

1,458

3,939

Trade creditors

1,408,936

274,548

Tax

46,688

38,322

Social security and other taxes

36,482

27,806

Accrued expenses

11,033

13,792

1,504,597

358,407

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

1,458

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

Mr C J Young

Balance outstanding at start of year

17,235

11,215

Amounts advanced

29,164

26,329

Amounts repaid

(17,235

)

(20,309

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,164

17,235

Mr N F Young

Balance outstanding at start of year

-

-

Amounts advanced

1,610

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,610

-

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C J Young.