Letchworth Self Storage Limited - Accounts to registrar (filleted) - small 18.2

Letchworth Self Storage Limited - Accounts to registrar (filleted) - small 18.2

LETCHWORTH SELF STORAGE LIMITED - Company Information

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REGISTERED NUMBER: 06320605 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2018

for

LETCHWORTH SELF STORAGE LIMITED
PKW Accountancy Ltd
Second Floor
1 Church Square
Leighton Buzzard
Bedfordshire
LU7 1AE








LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)






Contents of the Financial Statements
for the Year Ended 31 March 2018




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LETCHWORTH SELF STORAGE LIMITED

Company Information
for the Year Ended 31 March 2018







Directors: M P Jefferys
S A Jefferys





Secretary: M P Jefferys





Registered office: The Glen
Plantation Road
Leighton Buzzard
Bedfordshire
LU7 3HT





Registered number: 06320605 (England and Wales)





Accountants: PKW Accountancy Ltd
Second Floor
1 Church Square
Leighton Buzzard
Bedfordshire
LU7 1AE
Page 1
LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)

Statement of Financial Position
31 March 2018

31.3.18 31.3.17
as restated
Notes £    £    £    £   
Fixed assets
Tangible assets 5 429,910 354,114
Investment property 6 2,960,000 2,960,000
3,389,910 3,314,114

Current assets
Debtors 7 31,930 -

Creditors
Amounts falling due within one year 8 459,595 334,177
Net current liabilities (427,665 ) (334,177 )
Total assets less current liabilities 2,962,245 2,979,937

Creditors
Amounts falling due after more than one
year
9
(1,931,606
)
(2,074,210
)

Provisions for liabilities (187,684 ) (180,538 )
Net assets 842,955 725,189

Capital and reserves
Called up share capital 100 100
Retained earnings 842,855 725,089
Shareholders' funds 842,955 725,189

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 notes form part of these financial statements

Page 2 continued...
LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)

Statement of Financial Position - continued
31 March 2018


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 October 2018 and were signed on its behalf by:





M P Jefferys - Director


The notes form part of these financial statements

Page 3
LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)

Notes to the Financial Statements
for the Year Ended 31 March 2018

1. Statutory information

Letchworth Self 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Plant and machinery - 10% on cost and 5% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

In accordance with SSAP 19 the company does not provide for depreciation on investment properties. This is a
departure from the Companies Act requirement.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

4. Employees and directors

The average number of employees during the year was NIL (2017 - NIL).

Page 4 continued...
LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2017 463,796
Additions 104,195
At 31 March 2018 567,991
Depreciation
At 1 April 2017 109,682
Charge for year 28,399
At 31 March 2018 138,081
Net book value
At 31 March 2018 429,910
At 31 March 2017 354,114

6. Investment property
Total
£   
Fair value
At 1 April 2017
and 31 March 2018 2,960,000
Net book value
At 31 March 2018 2,960,000
At 31 March 2017 2,960,000

Fair value at 31 March 2018 is represented by:

£   
Valuation in 2016 432,363
Valuation in 2017 400,000
Cost 2,127,637
2,960,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.3.18 31.3.17
as restated
£    £   
Cost 2,127,637 2,127,637

Investment property was valued on an open market value basis on 4 September 2017 by Jones Lang Lasalle .

The Directors believe this to be a fair value to be used at the 31 March 2018.
The investment properties have been valued on an open market value basis on 31 March 2018 by the Directors.

Page 5 continued...
LETCHWORTH SELF STORAGE LIMITED (REGISTERED NUMBER: 06320605)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

7. Debtors: amounts falling due within one year
31.3.18 31.3.17
as restated
£    £   
Other debtors 31,930 -

8. Creditors: amounts falling due within one year
31.3.18 31.3.17
as restated
£    £   
Bank loans and overdrafts 342,431 197,830
Amounts owed to group undertakings 97,895 -
Taxation and social security 10,459 7,162
Other creditors 8,810 129,185
459,595 334,177

9. Creditors: amounts falling due after more than one year
31.3.18 31.3.17
as restated
£    £   
Bank loans 1,931,606 2,074,210

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,524,060

10. Secured debts

The following secured debts are included within creditors:

31.3.18 31.3.17
as restated
£    £   
Bank loans 2,073,719 2,211,748

The bank loans are secured on the investment property owned by the company.

11. Ultimate controlling party

The company is a wholly owned subsidiary of Leighton Buzzard Self Storage Ltd and is ultimately controlled by
M & S Jefferys.

Page 6